There will always be some common threats to a property and you must be aware of these. Life Protection Ltd can help you avoid these risks.
The five threats are:
Marriage after divorce
This could be your divorce or that of any of your children. Let’s say you leave your daughter £30,000 in your will. She is married at the time, and she and her husband use the inheritance to upgrade to a bigger house. A year down the line he decides to divorce her so they sell the house. What happens to your £30,000? He gets half. While you may get on with your son in law we're sure you don’t want to leave him £15,000 to go off and spend with his future family. A basic will in which you leave assets absolutely to your daughter will not safeguard her inheritance against this threat, but the use of a trust can. For more details on this, get in touch with our team today.
Marriage after death
Estate planning can ensure your assets are placed in trust for your spouse and children, meaning that your children receive their intended inheritance and your assets are not passed down to someone else’s children. This may happen if your spouse gets remarried to someone else after you are gone.
If your assets are worth less than £14,250 at the time you are admitted to care, the local authority will pay for all your care. If their value is more than £23,250 then you will be required to pay for your own care even if this involves selling all of your assets including your family home.
Inheritance tax is a tax levied on your children after they lose both parents and is a huge 40%. With some simple estate planning with us, you can reduce or eliminate the tax due, and increase the value of the inheritance passed down to your children.
Without proper estate planning the legacy you leave to your children could be swallowed up by creditors if they get into financial difficulty. Get in touch with our team today for more information on our services.
We can also offer advice on probate, wills and more. Please get in touch
with out expert team today to discuss your requirements.