By Stephanie Okafo
A properly constructed Will, and a regular review of existing Will arrangements, is a vital part of your Financial Plan.
Last Will and Testament
Without a Will, or with only a basic Will in place, the wealth you have created in life can be under threat from a number of areas such as:
- Long Term Care Costs - currently Long Term Care costs between £25,000 and £43,472 a year depending on where you live, with 130,000 older people requiring long-term care each year. In 2010, over 20,000 pensioners were forced to sell their homes to fund care fees!
- Bloodline planning - if you leave assets absolutely to your children, then these assets can be attacked in the future if the children divorce, separate or go bankrupt.
- Marriage After Death - On first death all the assets become solely owned by the surviving spouse. What if the surviving spouse remarries? The inherited estate could be lost to the new spouse.
- Generational Inheritance Tax – On second death, the remaining estate is likely to be directed by the Will to the beneficiaries absolutely. This then adds to the beneficiaries’ estate and could impact on their own Inheritance tax liability.
With careful Estate Planning and the strategic use of Trusts, the family home and savings can be protected. It is also possible to ensure that any inheritance received by your children and chosen beneficiaries benefits from this same protection.
We have all worked hard to build our assets - let’s work to protect these for ourselves, our children and future generations.
I advise that you get a properly constructed will or get your Will arrangements reviewed. If you would like to get in touch, we can arrange an appointment at a time to suit you.
* Stephanie Okafo (MIFS CeMAP MARLA) is the Executive Managing Director of John Samuel Estates and can be reached:
T: 07595 476286 / 020 3601 4664