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Wealth Protection Solutions

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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 life progresses.

Putting in place a package of bespoke documents to include a will, powers 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.

Business owners have further requirements to ensure both personal and business protection. We work in conjunction with our corporate team to review key business documents and to ensure essential documents are put in place to protect the business and maximise any reliefs to inheritance tax.

We have designed four packages that allow you to choose the protection documents that are most suitable for you depending on the value of your assets and your personal circumstances. Whilst designed for a couple, they can be tailored for an individual also at a fixed cost.

What protection do you need to consider?
 

Will
If you already have a will in place you should 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.

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

Pilot Trusts
The benefit of having a pilot trust depends 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, in accordance with your wishes. It can also lead to a saving of inheritance tax.

Protection
Succession planning is one of the most important decisions for any business. Many private businesses are owned jointly with others, whether that is through a partnership or in a company as a shareholder.  We can ensure that through effective planning, a business survives any difficulties that may arise as a result of either mental capacity issues or death of one of its key players. We work closely with our corporate team to review existing documents in place to ensure that your family benefits from the value of the share of the business, but that the business is able to continue in the ownership of the joint business owners. Appropriate documents can be prepared to maximise any relief to inheritance tax.
 

The Packages

Package 1 - Family Protection
Inclusive of:

Package 2 - Family Wealth Protection
If you have assets worth over £325,000 you may have a liability to inheritance tax (IHT) after your death. This liability can be minimised if the correct advice is taken. Package 2 is inclusive of:

Package 3 - Advanced Family Wealth Protection
Will your estate receive a lump sum from your life insurance, death in service benefit 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. Package 3 is inclusive of:

Package 4  - Family, Wealth and Business Protection
If you own a business, have you ensured that your estate will attract Business Property Relief from inheritance tax 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 the future? A Lasting Power of Attorney can ensure that these circumstances are planned for. We also review existing business documents in place to ensure that you are free to leave your shares in accordance with your wishes. Package 4 is inclusive of:

If you have any questions or would like to proceed with one of these packages please email clare.king@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.