Our Wills, Trusts and Wealth Management department
can help you prepare for later life, whether that is reducing the burden of inheritance tax, taking steps to protect your share of your home from care fees, or making sure your loved ones are cared for when you die.
A will is the best way of setting out how you would like your possessions, property and other assets to be dealt with when you die. It can also contain specific instructions to those responsible for taking care of your funeral and the things you leave behind. Talk to us about making a will, or about reviewing a will you already have in place.
Your estate is everything you own. With some careful planning you can pass on your estate as beneficially as possible, before or after your death. Our Wills, Trusts and Wealth Management specialists can advise you on the best ways of maximising the value in your estate by limiting the exposure to tax.
The prospect of living longer forces us to think about how we will be cared for when we get older. Selling the family home to pay for care home fees is becoming increasingly common, but steps can be taken to protect value in the home with a little careful planning. Talk to us about your options; we will help you put in place the plans that work for you, and for those you care about.
Part of planning for the future is acknowledging that our health may deteriorate. It is also about recognising the steps we can take now to enable decisions to be made should we become mentally incapacitated. Think about making a Lasting Power of Attorney (LPA). This is a legal document which appoints somebody to take care of your affairs (financial or health and welfare) if you become unable to make decisions for yourself. You may not need to rely on your LPA, but it is good to know that you have taken steps to plan for incapacity.
Accepting our duty to pay tax is one thing; protecting assets from over-exposure is another. We can advise on the best ways of minimising any exposure to Capital Gains Tax and Inheritance Tax. With our help you could start taking the practical steps now towards a better financial future. Contact our Wills, Trusts and Wealth Management team for advice.
Creating a trust is a way of safeguarding assets for the future benefit of your family (and, in some cases, you yourself, although there are tax implications to consider). It means giving an asset to other persons (Trustees) to hold and protect until a certain amount of time passes or an event happens – for example, giving money to your child which is held on trust until you consider them old enough to access it. There may be tax benefits in using trusts as a way of passing on assets and they can enable you to retain control over when and how they are used. At Hegarty Solicitors we advise on the range of issues involved in creating, changing and implementing trusts. If you would like to talk to someone, please contact our Wills, Trusts and Wealth Management specialists.