A will is a legal document that outlines how you want your assets distributed after your death. It allows you to:
Control Over Your Estate: A will ensures your assets are distributed according to your wishes.
Minimize Disputes: Clear instructions can prevent family disagreements.
Protect Loved Ones: Provide for your spouse, children, and other dependents.
List Your Assets: Include property, investments, savings, and personal possessions.
Choose Executors: Select trustworthy individuals to manage your estate.
Name Beneficiaries: Specify who gets what.
Legal Advice: Consider consulting a solicitor to ensure your will is legally binding.
A trust is a legal arrangement where one person (the trustee) holds and manages assets for the benefit of another (the beneficiary).
Living Trusts: Created during your lifetime to manage your assets.
Testamentary Trusts: Established through your will and activated upon your death.
Revocable Trusts: Can be altered or revoked by the trustor.
Irrevocable Trusts: Cannot be changed once established.
Avoid Probate: Trust assets can bypass the probate process.
Privacy: Trusts are not public records.
Control and Flexibility: Set specific terms for asset distribution.
Tax Advantages: Potential reduction in estate taxes.
An LPA is a legal document allowing you to appoint someone to make decisions on your behalf if you become unable to do so.
Property and Financial Affairs LPA: Manages your finances and property.
Health and Welfare LPA: Makes decisions about your health and personal care.
Future-Proofing: Ensures your affairs are managed if you lose mental capacity.
Avoids Court Intervention: Prevents the need for a court-appointed deputy.
Peace of Mind: Know your wishes will be respected.
Choose Attorneys: Select trusted individuals.
Complete Forms: Use official forms from the Office of the Public Guardian.
Register: Submit the forms for registration.
Estate planning involves organizing your assets and finances to ensure they are managed and transferred according to your wishes upon your death.
Wills and Trusts: Fundamental tools for asset distribution.
Tax Planning: Strategies to minimize estate and inheritance taxes.
LPAs: Ensuring decisions can be made on your behalf.
Funeral Planning: Documenting your preferences to ease the burden on your family.
Inventory Your Assets: List all assets and liabilities.
Set Goals: Define your objectives for wealth distribution and protection.
Create a Plan: Develop a comprehensive plan with legal documents.
Review Regularly: Update your plan to reflect changes in your circumstances or law.
For more personalised advice and assistance with your legacy planning, please contact our expert team who can put you in touch with one of our expert advisers.
The information and/or guidance contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
Your home may be repossessed if you do not keep up repayments on your mortgage. Some forms of Buy to Let Mortgages are not regulated by the Financial Conduct Authority. A fee may be charged for mortgage advice. The exact amount will depend on your circumstance
ADAIR Financial Solutions is a trading name of Vantage Lifetime Ltd who are an appointed representative of The Right Mortgage Limited, which is authorised and regulated by the Financial Conduct Authority. Vantage Lifetime Ltd registered address: 20-22 Wenlock Road, London, England, N1 7GU. Registered in England and Wales. Company no 13772007. FCA number 989288
© 2024 adairfs.co.uk
All Rights Reserved by ADAIRFS
