Probate costs are much much higher than people expect and should never be underestimated, typically 3% of the value of your estate value. There is also the inconvenience and normally substantial delay in administering someones estate especially on the second death. Contact us to find out how to minimise this cost, or avoid it altogether.
If your assets are above the Nil Rate Band amount (325,000 to April 2019) you will need a carefully considered financial plan to manage your way out of it. Your life expectancy will be key in determining which solution you should choose, we can help.
If your estate is left to your partner on your death and he/she remarries, the whole estate could be left to the new partner and your own children could be disinherited. It happens. Why not leave your share in a life interest trust on first death (solving half of the problem), or alternatively put all of your assets (as a couple or individual) in a Lifetime Discretionary Trust now to protect it (and solve the whole problem in one go).
Will your children have personal problems at the time of your death? Drink, drugs, divorce or gambling maybe, the risk does exist for some! Your legacy could feed their bad habit. Avoid this by placing your assets in Trust for the benefit of your children but without being directly available to them, unless of course the trustees decide that that is what the parents would have wanted.
Another risk that could make a big hole in your estate is that1 in 3 women over 65 yrs (and 1 in 4 men) currently go into residential care either through losing physical or mental capacity. Your house and other assets, including your income are at risk of being sold/taken by the Local Authority to pay for your care if this happens. Talk to us because you can do something about it.
Dependent Relative Claims
Anyone can contest your Will under the Inheritance Act of 1975 if you fail to make reasonable provision for spouses, civil partners, dependent children and in certain circumstances, cohabitees or other dependents provided they have lived or been together for at least two years. If you are considering leaving someone out of your will that may succeed in a claim, you should consider an alternative solution such as using a Trust; talk to us, we will be pleased to help.
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