With the correct planning in place you can ensure that your wealth passes to the right people at the right time and in a manner that provides protection and is efficient for tax purposes.
Through our partnership with Countrywide South East LLP we can provide our clients with bespoke estate planning services. Countrywide offers specialists in all areas of estate planning, including wills, protecting wealth using trusts, inheritance tax planning and lasting powers of attorney.
The vast majority of people put off making a Will for a variety of reasons, either believing that the people they would wish to inherit will automatically do so, or because they don't think it is relevant to them at this particular time.
The reality is that you can put off making a Will until it is too late and this poses all sorts of problems for the people left behind and could mean that some, or all of your inheritance, either goes to the wrong person or to the state.
Everyone needs to make a Will. In particular, anyone with dependant relatives must do so. Anyone who owns a property or has any type of asset which you would wish relatives, friends or charities to benefit from should also make a Will.
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 disputes between relatives.
Protecting your inheritance for future generations is commonly referred to as "Bloodline Planning".
Bloodline Planning is ensuring that your assets reach your children, grandchildren and other relatives, rather than ending up in the wrong hands!
When assets are distributed to beneficiaries "absolutely", (i.e. they receive cash, property or other assets as a direct lump sum payment) so much can be lost. These assets are then considered to be part of the beneficiary's estate and would be at risk of attack from any future divorce settlements, creditors and taxation.
The strategic use of Trusts can ensure that your children and grandchildren are able to benefit completely from the inheritance you want them to receive and at the same time, protect the family home and other assets from being lost to the costs of Long Term Care.