At particular risk are children from first marriages. When one parent dies and the estate passes to the surviving parent, a re-marriage is often the furthest thing from their mind. However, over time the surviving parent may indeed re-marry and neglect to make a new Will. This could result in the family assets built up over time by the parents passing to the new spouse, leaving the children with nothing. Consequently, these are some triggers that should urge you to chat to us about your Estate Plan:
- Single person living with a partner - your partner could end up homeless as your estate could pass to your parents
- New parents who wish to appoint a Guardian to take care of their child
- Separated couples - your spouse could still inherit from your Will
- Newlyweds - Existing Wills are invalidated on your marriage
- Second marriages - you MUST make provision for your children and state what is to happen in the event the homeowner dies
- If you are the beneficiary of an estate your legacy, combined with the value of your own assets, could result in your estate being liable to pay a large Inheritance Tax levy. With prudent Estate Planning advice, this could be avoidable.
We can assist with Severance of Joint Tenancies, Protective Property Trusts, Deeds of Variation, Deeds of Retirement/ Appointment of New Trustee and general Inheritance Tax mitigation.
Contact us if you require advice.
Wills
Unfortunately, research tells us that only one in three people make a Will and only a small percentage of those bother to update their Wills regularly. This is quite astonishing when you consider how our often our circumstances change throughout our lifetime.
Those who do not make a Will are effectively leaving the rewards of their lifetime's work to be dealt with as stipulated by the Government under the rules of intestacy. Whilst this may result in your estate passing to your spouse, for others it could result in assets passing to a long distant relative or even to the State. At the moment, partners are not recognised, nor are your partner's children, even though you could have played a large part in their upbringing throughout a long-term relationship.
Plan Tomorrow Today
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T: 07584 194852
E: admin@estateplanningandprobate.co.uk
Estate Planning & Probate Ltd