Losing a close family member to a life threatening illness may well have made you think about setting up your own Advanced Medical Decision (also know as a Living Will by its common name) which allows you to choose life sustaining treatment, or not, if you were in this dreadful situation.
May be receiving a family inheritance has taken you over the Inheritance Tax threshold? How much tax will your estate suffer unless you do something about it?
If you run a business and it is now worth a considerable sum, what will happen to it on your death or incapacity? Who will run it in your place? Will anyone want to buy it, have you put a contingency plan in place? and if you can sell it, will it bring a fair price (in your eyes that is!).
Your business could lose its inheritance tax relief if you simply leave it to someone in your Will. Have you looked at or considered the options? Talk to us
Will you reach your retirement goal to fund the lifestyle you are looking forward to enjoying when the time comes? What about taking a cash lump sum from your pension? Most couples at this point in life find their assets are not equal, particularly if one of you has had time off to raise the kids – this imbalance can cause a devastating blow if the main bread-winner suddenly dies and should make you think about how the survivor would manage?
Many of us will have cleared the mortgage, earnings will often be at their highest, so the upshot is more money available for retirement. Your demands on investment advice will be critically important now so choosing the right adviser could make a big difference so ask us to recommend one that is suitable to your situation?
So does my Will need changing again? It may. If your wealth is your home and significant investments you should upgrade the trust clauses in your Wills to ‘flexible life interest trust clauses’ to be able to protect half the investments as well as half of your property against the 6 basic problems we all face.
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Wills & Estate planning
Invest your family inheritance wisely
Advice on your investment portfolio
Pension taking options
Advanced Medical Decision (or Living Will)
Upgrade your Wills to include ‘flexible life interest trust’ clauses
Add in a ‘Discretionary Trust’ for your company shares