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 provide a professional Will-writing service with expert support – So you can be confident it is aligned with your needs.
Please note: Tax treatment depends on individual circumstances and may be subject to change in the future.
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.
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.
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.
Family Protection Trust
- A Family Protection Trust works alongside your Will to help protect your family’s inheritance. It provides greater control over how and when your assets are passed on, ensuring your wishes are followed.
- Key Benefits:
- Reduces probate delays and costs – Assets in the trust bypass probate, streamlining the process.
- Greater control over inheritance – You can set conditions on when beneficiaries receive their inheritance.
- Potential Inheritance Tax advantages – Properly structured trusts may help reduce tax liabilities.
- Protection against unintended claims – Helps safeguard your estate from certain legal challenges.
Lasting Power of Attorney
A Lasting Power of Attorney (LPA) is a legal document that allows someone you trust to make important decisions on your behalf if you lose the capacity to do so yourself.
There are two types of LPA, each covering different aspects of your life:
- Property and Financial Affairs LPA
Allows your chosen attorney to manage bank accounts, bills, property, and other financial matters.
Health and Welfare LPA
Covers medical care, daily routines, and life-sustaining treatment decisions.
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 appoints trusted attorneys to manage your financial affairs if you lose capacity including banking, bill payments, benefits collection, property transactions. This type of LPA can be used as soon as its registered, with your permission.
- Arranging these before losing capacity can save hundreds of pounds, ensuring that you can choose someone that you trust to make decision for you. Early registration can help avoid legal delays and ensure your wishes are protected.
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.
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