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 Wills - We
complete Wills for single people, married couples, partners
not married and same sex partners. Currently if you die having
not made a Will your possessions will be distributed as per
the rights of succession, this may not be what you want. The
only way to ensure your wishes are fulfilled is to make a Will.
Enduring Power of Attorney - This document
sets out whom you would wish to manage your affairs and make
your financial decisions if you were unable to due to illness
or incapacity. There are various powers that can be given depending
upon your circumstances.
Family Protection Trusts - Protect your
children's financial interests until they are old enough to
inherit, various powers allowing your trustees to manage these
finances are included.
Storage - a secure location for you to keep
a range of documents, Will's, Powers of Attorney Etc ( we currently
use the Society of Will Writers for this facility).
Living Wills - An Advance Directive has
no relevance to Estate planning. However you may wish to consider
it at the time when you plan your Last Will and Testament.
Should you decide to make a 'Living Will' to express how you
should be treated should you become seriously or terminally
ill it is advisable to inform your General Practitioner that
you have done so, as he is normally the first point of contact
when medical advice is required.
Severance of Tenancy - The majority of homes
in the UK today are owned as ' Joint
Tenancy ' . This means that when
a partner dies their share of the property automatically passes
to their partner by the Will. The use of a Severance document
changes the definition of the tenancy of the property from '
Joint Tenants ' to ' Tenants
in Common ' . Your home is still
owned by you both, however its' value is now split into two
distinct and separate halves. On the death of the first partner
the trustees (remaining partner) can now choose if they so
wish to place half the value of the property in trust for the
children through the ' Will Trust ' .
The potential benefit is half the value of your home can pass
directly to your children and can therefore fall outside Inheritance
Tax.
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