Wills and Blood Line Planning Information
Why do I need a Will?
The vast majority of people put off making a Will for a variety of reasons, either believing that the people they would wish to inherit will automatically do so, or because they don’t think it is relevant to them at this particular time.The reality is that you can put off making a Will until it is too late and this poses all sorts of problems for the people left behind and could mean that some or all of your inheritance either goes to the wrong person or to the state. Making a Will gives you peace of mind enabling you to plan exactly what will happen to your property (estate) following your demise. This ensures that those you would like to benefit actually do so, in accordance with your wishes and at the same time avoiding any possible disputes between relatives.
Who needs to make a Will?
The answer is EVERYONE. In particular, anyone with dependant relatives, (children under the age of 18, elderly relatives or relatives with a disability who have special needs), anyone who owns property or has any type of asset which you would wish relatives, friends or charities to benefit from.
So what happens if I don't make a Will?
This is called dying Intestate. There are specific rules of intestacy which set out who will inherit and by how much if you do do not leave a valid will, this may not be what you would have wished and in the worst case scenarios where relatives cannot be traced, your assets will be taken by the Crown.
How can I protect my children's inheritance?
Or more commonly known as “Bloodline Planning”.
Bloodline Planning is ensuring that your assets reach your children, grandchildren and other relatives, rather than ending up in the wrong hands!
When assets are distributed to beneficiaries "absolutely", (ie. they receive cash, property or other assets as a direct lump sum payment) so much can be lost. These assets are then considered to be part of the beneficiary's estate and would be at risk of attack from any future divorce settlements, creditors and taxation.
With the strategic use of Trusts, you can ensure that your children and grandchildren are able to benefit completely from the inheritance you want them to receive and at the same time, protect the family home and other assets from being lost to the costs of Long Term Care.
Have you considered what might happen if your surviving spouse were to remarry?
How would this affect your own children if he/she later changed their will in favour of the new spouse and any subsequent children?
Or for those of you who already have children from a previous marriage how do you ensure that they would get their fair share?
What if your children are very young or have special needs? How can you ensure that they are fully provided for?
There may also be a business you have worked hard to build up. Surely you would want to protect this for your family too?
Do you really want to leave it all to chance, when with our professional help to set up the correct type of planning all these problems could be solved?
Will Writing, Trusts, Estate Planning and Inheritance Tax Planning Advice is not regulated under by the Financial Conduct Authority.