Will & Estate Planning
| Why Choose Us
Our primary aim is to provide you with a highly professional, friendly service. We aim to build long-term relationships with every client.
We are happy to visit you at home, including evenings.
We specialise in Inheritance Tax and long-term care planning. A well-structured Will can help manage the potential tax burden.
Our services are often more convenient and cost-effective than many traditional providers.
| Our Estate Planning Services
We advise and support clients with the following estate planning needs:
- Wills and Will drafting
- Tax advice relating to the preparation of a Will.
- Advice to your client concerning the use of trusts
- Will trusts
- Codicils
- Advance directives
- Powers of Attorney
- Severance of joint tenancy
- Document storage
- Funeral planning
- Pilot trusts, Property trusts, Family trusts
- Agricultural property
- Business Property
- Inheritance Tax (IHT) Planning
| Will Writing
Around 70% of the population does not have a will, leaving a very uncertain future for their families
Many people assume their spouse automatically inherits everything, but this isn’t always the case. Dying without a Will means your estate will follow intestacy laws — which may not reflect your wishes
Having a Will is the only way to have a full say in how your money, property and belongings are shared out and how your affairs are handled when you die.
Making a will ensures your hard earned possessions will go to those whom you want to benefit from them. A well-drafted Will allows you to control what happens to your estate and can help mitigate Inheritance Tax.
We offer a straight forward Will writing service and offer extensive expert help and support. Your Will is drafted and checked by experts – so you can be confident it’s correct and legally binding.
| TRUSTS
There are many situations where trusts can help protect family assets or reduce Inheritance Tax exposure. Here are some typical trusts which may be used.
Life Interest Trust
- This trust is usually used to ensure that a partner or spouse from a later relationship will not be deprived of a place to live, ensures a partner from a second marriage has a home while preserving children’s inheritance. If your surviving partner/spouse is involved in a new relationship after your death.
Discretionary Trust
- Sometimes certain circumstances mat make it difficult to ascertain how much money a beneficiary is going to need and when they are going to need it. This is particularly true when making provision for children or dependent relatives. This trust gives flexibility to Trustees to distribute funds based on needs, to a beneficiary as and when they need it.
Right of Occupation Trust
- This is similar to the life interest trust above in that they can protect assets from creditors and being passed to someone you do not want it to pass to. However the difference is that once the right to occupy the property ends, e.g. the surviving partner/spouse remarries, the trust ends, and the beneficiary has a vested interest at that point.
Family Protection Trust
- A Family Protection Trust is like your own personal safety deposit box. It is used in conjunction with your will and helps ensure your families future inheritance is preserved for their benefit.
- Works alongside your Will to reduce probate costs and help preserve your estate.
- It Make sure that your loved ones inherit at the right time for them
- Avoid passing Inheritance Tax to your children
- Avoid certain legal clams on your estate by family you wish to disinherit.
- Disclaimer: Outcomes depend on legal and financial circumstances. Seek tailored advice.
| Lasting Power of Attorney
A Lasting Power of Attorney (LPA) allows someone you trust to make decisions on your behalf if you’re unable to.
Lasting Power of Attorney is where you give someone you trust the ability to make important decisions on your behalf. They will have legal authority to handle your affairs, together with guidance and instructions on how they should act.
You can prepare Two type of LPA’s :
– Property & Financial Affairs LPA
– Health & Welfare LPA
Health and welfare lasting power of attorney
- This allows you to choose one person or more to make decisions about things like your daily routine e.g. eating and what to wear, medical care, moving into a care home and life-sustaining treatment
- This type of lasting power of attorney can only be used when you’re unable to make your own decisions.
Property and financial affairs lasting power of attorney
- This lets you choose one person or more to make decisions about money and property for you, e.g. paying bills, collecting benefits and selling your home. This type of lasting power of attorney can be used as soon as it’s registered, with your permission.
- Arranging these before you lose capacity can save hundreds of pounds, and ensure that you choose someone you trust to make decision for you. Setting this up in advance can help avoid legal delays and ensure your wishes are respected. We recommend legal advice when preparing an LPA
Disclaimer:
FINSSO is not a law firm and does not provide legal or tax advice. While we offer estate planning services, we recommend that clients seek independent legal or tax advice from a regulated professional for matters involving Wills, Trusts, LPAs, and tax implications.