Huge implications for your family and business partners can happen without a will or estate planning. Over 59% of UK adults have not written a will, and making a Will can be a daunting and unappealing task. Should you die however intestate (having no Will) the consequences to your family and loved ones can be detrimental.
Don't forget, even if you have a Will in place, you need to review every for to five years to make sure it's up to date. Without a will or planning you may not avoid unnecessary inheritance tax or capitals gains tax. If you are not married to your partner they will usually receive nothing from your inheritance, even a shared home may be at risk.
Don't forget, even if you have a Will in place, you need to review every for to five years to make sure it's up to date. Without a will or planning you may not avoid unnecessary inheritance tax or capitals gains tax. If you are not married to your partner they will usually receive nothing from your inheritance, even a shared home may be at risk.
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Your Will is a way of detailing to everyone what you would like to happen to your estate when you die. For example, what happens to your money, savings, property, possessions and even your cat, after you die. If you don't have a Will in place the Law decide how your estate is passed on. This may not be in line with your wishes or plans.
In the UK one person develops dementia every three minutes*. 850,000 people currently have dementia in the UK*. This figure is set to increase to 2,000,000 by 2051. Alzheimer's disease is the most common type of dementia, affecting 62% of those diagnosed*. Without a Power of Attorney, your loved ones would have to apply to the courts to enable them to look after financial and wellbeing aspects that affect you.
Trusts are a way of holding assets or property so that they are protected, they can be set up either in your lifetime or alternatively as terms within your will. Trusts are an effective way of making provisions for your family members in regards to inheritance and succession planning, they make the way to retain a measure of flexibility and control.
Probate is the term used to describe the dealing with and winding up process of a persons estate after they die. Probate deals with the distribution of a persons estate in regards to assets, debts that are owed, beneficiaries in accordance to the will and the extent of any Inheritance Tax that may be due.
What is Estate Planning? We all have an estate. You don't need to be super wealthy to fall into the category of having an estate. Your car, jewelery, artwork, home furnishings, bank account, your business if you have one and your property all make up your estate. Estate planning is working out what happens to it all when you die.
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