When you have worked hard to give your family a good life, it is just as important to make a difference to your loved one's lives when you are gone. The only way you can make sure this happens is by making a Will. There are many things to think about, not least is what to do with your money and assets.
If you have young children what will happen to them? Maybe you have a hobby or a cause you are passionate about and would like other people to benefit. Thinking about these things often puts people off writing a Will but it is incredibly important. This is where TWWC can help.
If you have young children what will happen to them? Maybe you have a hobby or a cause you are passionate about and would like other people to benefit. Thinking about these things often puts people off writing a Will but it is incredibly important. This is where TWWC can help.
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Inheritance tax is a tax imposed on an individual - usually the beneficiary who inherits a property or money after their relatives have died. Currently, if an individual has assets worth more than J325,000 (including cash held in deposit, savings accounts and the family home) any amount over J325,000 will be subject to 40% tax.
A lasting power of attorney is a legal document that lets you appoint one or more people (known as 'attorneys') to help you make decisions or to make decisions on your behalf. This gives you more control over what happens to you if you have an accident or an illness and can't make your own decisions (you 'lack mental capacity').
Normally, when a couple buy a property, they purchase as Joint Tenants and this means that they both own the whole of the property, and if one of them dies the property will automatically transfer to the other owner.
There are various reasons why this may not be the best option for the parties concerned and it is often the case that by severing the tenancy into defined portions, arguments are avoided and the proceeds of sale will pass Whether the intention is to protect your share for someone other than your partner or simply to define the portions in anything other than an equal share, it is essential that you sever the tenancy on the property to avoid the automatic transfer to the joint owner.
There are various reasons why this may not be the best option for the parties concerned and it is often the case that by severing the tenancy into defined portions, arguments are avoided and the proceeds of sale will pass Whether the intention is to protect your share for someone other than your partner or simply to define the portions in anything other than an equal share, it is essential that you sever the tenancy on the property to avoid the automatic transfer to the joint owner.
Upon making a Will, many couples are not aware of the potential trap that could significantly reduce the amount their children/grandchildren could inherit. This is achieved by writing your Will in such a way that it puts half the family home into a type of Trust when the first spouse or civil partner dies.
