28 / 12 / 20
An introduction to our new Estate Planning services
Through our hard work as one of the United Kingdom’s leading providers of prepaid funeral plans, and our expertise in later life planning, we understand that everyone’s needs are different.
It is often the case that people are looking to secure their legacy when they begin to look ahead, and alongside the funeral itself, there are a variety of wishes and assets that need taking diligent care of.
With that said, we are delighted to announce the launch of Prosperous Estate Planning, our new platform for a range of legal services that compliment our funeral plans, helping people to plan and prepare for later life in more stringent detail.
We have put together a team of experienced consultants who are trained to help guide you through the tricky task of later life planning, ensuring that your affairs are in good order and your assets are protected for inheritance purposes.
Below you will find introductions to our four Estate Planning services, and if you have any questions, please do feel free to get in touch with us – www.prosperousestateplanning.co.uk
Everyone roughly understands the concept of a Will, but clearly defined: it’s a legal declaration of a person’s wishes in relation to their estate, after their death.
It legally specifies what should happen to a person’s assets once they pass away. It’s really important that asset distribution is summarised within a legal Will, to ensure that what you want to happen, happens.
We are often asked, ‘do I actually need a Will?’ and the simple answer is that yes, everyone should put together a basic estate planning document at the very least. Through our Estate Planning services we are here to advise you on the nature of the will that you need, based on the assets that you possess and would like to distribute.
It’s also important to remember that because Wills are legal documents there are a number of technicalities that need to be met for your instructions to be followed. If you have been considering the shape of your Will, why not discuss the simple next steps with a member of our Estate Planning team? Click here for more information.
Lasting Power of Attorney
A lasting power of attorney, or LPA, is a legal document that lets you specify one or more people who will be able to make decisions for you.
Nobody likes to think about these things, and that’s natural, but sadly there may come a time in later life where you are unable to make decisions for yourself. You may have fallen ill or had an accident, and you may lose the ‘mental capacity’ to make cognitive choices.
Should that unfortunate time come, it can be helpful to have people that you trust in control of your health, welfare, property and financial affairs – and that’s exactly what an LPA does, depending on the type that you choose. Without a confirmed attorney, doctors can make medical decisions on your behalf as your next of kin won’t have the legal right to do so.
Through our Estate Planning services we help people through the process of making and registering a lasting power of attorney. You can learn much more about this here.
Property Protection Trust
It’s only fair to yourself that you protect assets you’ve worked hard to build, so a property protection trust is also something to consider. They allow you to protect your share of your home from future care home fees, so the beneficiaries in your Will stand to receive the inheritance you have specified, as opposed to a reduced sum due to the care expenses coming out of your Estate.
Say two people jointly own a house, and sadly one of them passes away. The surviving partner would own 50% of the house while the other 50% would be held in a Property Protection Trust. That protects the 50% against residential care costs and ensures that no value is passed to any new spouse.
If you would like more information or to arrange a call, we are here to offer you all the help and support you need. You can read more about property protection trust here.
Family Asset Protection Trust
You can think of a family asset protection trust as a safety deposit box, providing the complete protection of your assets and allowing you to leave more inheritance.
Your residential home is placed into a Trust and you can continue to use your assets completely as normal, leaving you in total control of everything that you own. The Trust is kept active with annual documentation provided and any claims against the Trust can be defended. It’s a secure way of ensuring that any beneficiaries receive full inheritance specified within the legal will that you have drawn up.
Find out more about family asset protection by reading our Estate Planning page on the subject, here.