Protect Your Family’s Inheritance

When making a Will, most Married, Civil, and Cohabiting Partners make a Mirror Will leaving all their assets to each other. This is highly commendable and a very responsible thing to do, the alternative is to die intestate (without a Will). As you get a little older you should be aware that Wills made many years ago may not leave your hard-earned assets/savings to your children.

Commonly, people fail to plan for events following the 1^st death. The surviving partner inherits all of the estate but if they should go into care, charges will be made on assets over £23,000. If you remain in care for 5 years or more it could consume all or a large part of your children’s inheritance. (Recent studies report that 1 in 4 of us need care as we get older, and that charges are set to increase rapidly over the next 10 years).

With careful estate planning and including the right Trust within your Will, there is an affordable legal solution to protect at least 50% of your estate for your family to inherit. Also, if the surviving partner should re-marry this Trust would protect the deceased’s assets from falling into a third party’s hands, ensuring your children or other beneficiaries receive their inheritance.

Making a Will or appointing a Lasting Power of Attorney (someone you trust to look after your affairs if you become unwell or loose mental capacity) are the most responsible and thoughtful actions you are ever likely to undertake.

It is also an opportunity to review appointed Executors in your Will, are they still the best choice? Have your children now grown up and could they be your Executors? You do not always need a solicitor to act on your behalf.