Capital Wealth Protection – Will Writing Estate Planning

• Everyone should have a Will, however 2 out of 3 people have not yet made a Will and those that have, may not have the correct Will in place.
• If you own a business or a share of a business then your spouse/ partner and children may not inherit your share of a business
• A large proportion of any inheritance is lost in future divorce settlements, to creditors or bankruptcy and unnecessary taxation 
• An estimated 70,000 people per year have to sell their homes to pay for care

There are a number of ways in which your home, savings and business are vulnerable to attack. We’re here to safeguard these hard earned assets for you and your family, using simple but effective strategies.

Irrespective of your age or the value of your estate, making a Will and putting your affairs in order is one of the most important tasks that you are likely to undertake. We are happy to meet you in our office, or if you would prefer, we will arrange to visit you in the comfort of your own home, to assess your current situation, answer your questions and provide peace of mind for the future.

Our estate planning solutions are tailor-made to suit every set of personal circumstances and every pocket.

Looking after you, your family, and the generations to follow.

It’s never too early but often too late!

You can put off making a Will until its too late and this poses all sorts of problems for the people left behind. Not making a Will could mean that some, or all of your inheritance either goes to the wrong person, or to the state.

Making a Will enables you to plan exactly what will happen to your property (Estate) following your demise. This ensures that those you would like to benefit actually do so, in accordance with your wishes, and at the same time avoiding any possible disputes between relatives. Most importantly is the peace of mind making a Will provides.

Without a Will

• You cannot be sure those you would wish to benefit will actually do so.
• Your spouse/ civil partners will not automatically inherit ALL your estate.
• ‘Common law’ partners may not receive anything.
• Minor children could be taken in to care whilst guardians are appointed.
• There could be lengthy delays for your beneficiaries and disputes.
• You cannot prevent certain family members from benefiting.
• You will not be able to leave something to friends, colleagues or charities, which fall outside of the Rules of Intestacy.

In the time it takes to read this, someone, somewhere will have died Intestate – that is, without leaving a valid Will

For those people who have died Intestate, the government has written a standard Will, which will almost certainly contradict what their wishes would have been..

…To my Family

I hereby leave you all several months, possibly years, of financial hardship and expense, whilst you go to unnecessary lengths to sort out my affairs.

…To my Spouse/ Partner

I hereby leave you some (but probably not all) of what I own.

…To my Children

I hereby leave you the remainder of my Estate and give you the authority to enforce the sale of any part of it (including the family home) to realise your inheritance.

…To Social Services

If my children are orphaned, I give you the authority of Guardianship and the power to choose who shall look after them, including allocating them to foster parents.

…To the Tax Man

I hereby leave you all the Tax that I could have avoided and given to my family.

…To my Bank and/ or Solicitor

I hereby authorise you to charge whatever yo feel necessary, to sort out the mess that I have left behind. I realise that this could make you one of the major Beneficiaries of my Estate.

…To everyone else

I leave you nothing!

The absence of a Will can cause problems, heartbreak, financial hardship and unnecessary expense for your family, at the very worst possible time.

Making a Will is a good start but you may also want to consider the following issues:

Protecting your Children’s Inheritance

Some, or all of your children’s or grandchildren’s (bloodline’s) Inheritance could be lost without the correct “Bloodline Planning”

• The Divorce or Separation settlements of future generations.
• Creditors or Bankruptcy claims.
• Their Care costs and further Inheritance Tax Bills.

Protecting your home and assets from Care Costs

Only those who have very few assets will escape the costs of Care.

If you fail to act now:

• Your home may have to be sold to pay for your Long Term Care costs.
• Your savings and investments could be wiped out.
• Any income would be assessed and used towards the cost of your Care.
• Your children and grandchildren could lose their entire inheritance.

Protecting the family business

Naturally, you would want to ensure that your loved ones benefit fully from your business.

Without the appropriate Business Succession strategies:

• Your spouse/ partner and children may not inherit your share of a business.
• Business partners may not be able to buy out the Deceased’s share.
• The surviving spouse or children may be obliged to take over the running of the business.
• The value of the business could depreciate owing to the inexperience of any Beneficiary.
• The business may have to be sold and the proceeds become liable to Inheritance Tax.

If you have not yet made a Will, or answer yes to any of the questions below then get in touch

If you total up the value of your own and your spouse/ partner’s assets, including any Insurance Policies and Death in Service Benefits is the value above the nil rate band (currently £325,000)

Yes or No

Do you have ‘in-laws’ who you would not like to receive or even gain control of your family assets?

Yes or No

Are you concerned that future Divorces or Separations in the family may dilute the assets which you have left for your children, grandchildren and further generations?

Yes or No

Have you left money to minors in the Will which you would rather be managed by members of the family rather than a local Solicitor, or worse still the Courts with the associated costs?

Yes or No

Have you left assets to a family member who receive disabled benefits from the state or other state benefits?

Yes or No

Are you concerned that if you go into Care your assets, especially your home can be lost to pay for your Care?

Yes or No