Putting a Will in place is a great starting point, it will clearly state who is to benefit from your estate after death, or in other words… it gets the right money to the right people at the right time.
Life is complicated enough these days, and whether you already have a property portfolio or are putting one together, the importance of having the right type of Will in place is seriously magnified.
You may (or may not) have a large estate right now, either way you should keep in mind that as the value of your properties grow over time, the debt on them will shrink with inflation. In a relatively short space of time you could find that your situation has changed dramatically, so our advice is to treat this issue as a high priority.
Most people are novices at Wills and Estate Planning, you know you need to get good advice and to get it right first time. Dont even think about a DIY Will or an Internet Will, they are not designed to be a personal fit around your circumstances, the vast majority are bland templates. You know youre not going to be simple and straight forward, so put yourself in control, look after your familys inheritance and Contact Us for advice.
Mental incapacity is the other major risk you should address right now too. Most of us will have heard of putting in place a Lasting Power of Attorney for an elderly relative, to help manage their affairs (when they cant). The Mental Capacity Act 2005 now prevents anyone (even your spouse/partner) from handling your property and financial affairs if you cannot (whatever the reason). The question is; what do you think would happen to your property portfolio if this happened to you? And, who would you want to manage it for you?
Two very important issues here for you to handle as part of your business plan. We are here to help you with these tasks without it costing normal solicitors rates.
Please now read the information on our Severance of Tenancy page