Having a will is arguably one of the most important things you can do for yourself and your family. Not only can a will legally protect your spouse, children, and assets, it can also spell out exactly how you would like things handled after you have passed on. If you don’t have a will then there is no guarantee that you wishes would be met after you have passed away.
If you put things into a trust then, provided certain conditions are met, they no longer belong to you. This means that when you die their value normally won’t be counted when your Inheritance Tax bill is worked out. Instead, the cash, investments or property belong to the trust. In other words, once the property is held in trust, it’s outside of anyone’s estate for inheritance tax purposes.
Power of Attorney
A power of attorney (POA) is a document that allows you to appoint a person or organization to manage your affairs if you become unable to do so. Depending on the type of POA you have (the person who will be making decisions on your behalf) will have a different level of control.
A funeral plan is an easy way to plan ahead and beat rising funeral costs. You simply choose the funeral plan you want and pre-pay for the cost of your funeral director's services, at today's prices. A funeral plan can save your family worry and expense, and help make things easier at a difficult time.
i. Will writing, Trusts, Estate Planning and Taxation advice are not regulated by the Financial Conduct Authority.