WILL WRITERS IN BUCKIE

Inverness and surrounding IV postcode areas covered

• Continuing & Welfare Powers of Attorney (Enduring POA in England)
• Wills
• Inheritance Tax Planning
• Discretionary Trusts
• Property Trusts

Care & Estate Planning is based in the north of Scotland and specializes in providing advice for individuals and their families who may be in care or about to go into a Care Home.

A key element is to ensure that Continuing & Welfare Powers of Attorney are in place so that if an individual loses capacity, there affairs can be dealt with quickly and efficiently by the attorneys. Many people are concerned about the loss of capacity through dementia however; this tends to be a gradual process and if one is aware of Continuing & Welfare Powers of Attorney these can be put in place. A much greater concern are accidents and strokes where capacity may be lost in an instant and if no Continuing & Welfare Powers of Attorney are in place then an application for a Guardianship order must be applied for through the courts. This can be a lengthy, frustrating and costly process.

Raymond Cardno is a fully qualified Financial Planner and also offers advice on Inheritance Tax Planning.

The creation and retention of wealth are goals many of us aspire to however, as our objectives change, passing the wealth to successive generations and protecting it from taxation, specifically Inheritance Tax becomes more important. A good strategy should:

• be realistic – do not put tax savings as your sole motivation, your wealth exists for your benefit and enjoyment
  
  
• be flexible – make sure your arrangements are flexible as you may need to change them in the future
  
  
• keep things simple – with the complexities involved in trust and estate planning, if a simple solution can be found, it will usually be the best solution

Making Wills:

Everyone should make a will as the effect of dying intestate (dying without a valid will) can be devastating on the family. Under the rules of intestacy, assets are distributed according to a prescribed set of rules which are unlikely to reflect your intentions.
Properly drafted wills are the first stage of Inheritance Tax planning and can ensure tax liabilities are minimized and assets are passed to your intended beneficiaries.

Ensure the nil rate band is not wasted:

The first portion of ones wealth is taxed at 0% (the nil rate band) however one nil rate band is often lost if couples have reciprocal wills (leaving everything to each other). Properly drafted wills can ensure that both nil rate bands, currently £285,000, a total of £570,000 can pass to the next generation completely free of Inheritance tax. This is equivalent to a tax saving of £114,000.