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Essential documents

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Establishing a regular review of your affairs is essential to ensure that you are aware of any legal or financial developments relevant to you and your circumstances as your life progresses. 

If you have assets worth over £325,000 you may have a liability to Inheritance Tax (IHT) after your death. This liability can be planned for and minimised if the correct advice is taken.   

If you own a business have you ensured that your estate will attract Business Property Relief after your death? This can be up to 100% of the value of your business assets. Have you planned for what will happen to your business if you lose mental capacity in future? A Lasting Power of Attorney can ensure that these circumstances are planned for.

Will your estate receive a lump sum from your life insurance, death in service or pension? Planning for lump sum payments and directing them to the beneficiaries of a pilot trust can mean a saving of 40% IHT on the value of the payment.

Putting in place a package of bespoke documents to include a will, power of attorney and a pilot trust will allow peace of mind that in the event of incapacity or death your assets will be dealt with effectively and with the minimum fuss.

Lasting Power of Attorney

A Lasting Power of Attorney is a document by which you appoint up to 4 people to act as your Attorneys and to deal with your property and affairs and/or social and healthcare decisions, in the event that you require assistance in future as a result of physical or mental incapacity.

Will

If you already have a will in place you ought to review it every 1-3 years or in the event of a change in your personal circumstances to ensure that it still accurately reflects your wishes.

If you do not currently have a will in place, then it is essential to consider making one to ensure that your wishes are carried out after your death and to secure any IHT planning opportunities available.

Pilot Trusts   

The benefit from a pilot trust is strictly dependent on the type of pension or life policy that you have. It can ensure that monies are paid out as soon as possible after your death, sometimes without the need for grant of probate. It can allow your Trustees time to consider all the circumstances after a payment has been made and to distribute or retain the trust funds as they think appropriate.  It can also lead to a saving of Inheritance Tax.

At Clarion Solicitors, we have the expertise to offer comprehensive private client advice tailored to your individual circumstances. Contact Clare King at privateclientenquiries@clarionsolicitors.com.

Disclaimer: Anything posted on this blog is for general information only and is not intended to provide legal advice on any general or specific matter. Please refer to our terms and conditions for further information. Please contact the author of the blog if you would like to discuss the issues raised.