There may come a time in your life when you are unable to manage your financial affairs or personal welfare. Owing to some form of incapacity. And you will need someone to act on your behalf.
Even when we are young, we can find ourselves incapacitated owing to illness or injury. It can be invaluable having a reliable person, who is able to manage your personal affairs. Removing the anxiety of having unpaid bills, at a time when you most need peace of mind.
Similarly, as we get older, the need for an attorney increases as we are more prone to illness and injuries.
A Power of Attorney in advance. Ensures that if the worst were to happen, you can rest assured that both your financial affairs and personal welfare are in safe hands.
To find out more about creating Powers of Attorney please contact Ferndown Business Network member David Booth at DB Consultancy. Call us on 01425 480954 or 07949 021118. Alternatively Email: David@dmsuk.info | Contact us via FaceTime | Skype: theoxfordwillco_1
Protecting your inheritance for future generations is commonly referred to as ‘Bloodline Planning’. Ensuring that your assets reach your children, grandchildren and other relatives, rather than other people.
Assets distributed to beneficiaries absolutely can be lost
When your assets are distributed to beneficiaries “absolutely”. They receive cash, property or other assets as a direct lump sum payment, so much of it can be lost. Your assets are then considered to be part of the beneficiary’s estate. Being at risk from any future divorce settlements, creditors and taxation.
Use Trusts to benefit your relatives
The use of Trusts can ensure that your children and grandchildren are able to benefit completely from the inheritance you want them to receive. At the same time protect the family home and other assets from being lost to the costs of Long Term Care.
To find out more about Bloodline Planning please contact Ferndown Business Network David Booth at DB Consultancy on 07949 021118. Email firstname.lastname@example.org or let’s speak via FaceTime or Skype: theoxfordwillco_1
People put off making a Will for a variety of reasons, either believing that those they would wish to inherit will automatically do so, or because they don’t think it is relevant to them at this particular time.
Life can change immediately
The reality is that life can change immediately, with no warning. The result being you put off making a Will until it’s too late, creating a complicated situation for the people left behind. It could mean that some or all of your inheritance either goes to the wrong person or to the state.
Everyone needs a Will
Everyone needs to make a Will, in particular anyone with dependants. Anyone who owns a property or has any type of asset which you would wish relatives, friends or charities to benefit from should also make a Will.
Plan what will happen to your estate
Making a Will enables you to plan exactly what will happen to your property (estate) following your demise. This ensures that those you would like to benefit actually do so in accordance with your wishes and at the same time avoiding any disputes between relatives.
Get some advice
For help and advice on creating a Will please contact Ferndown Business Network David Booth at DB Consultancy on 07949 021118. Email email@example.com or let’s speak via FaceTime or Skype: theoxfordwillco_1
Leaving assets to a single Trust is a better solution than leaving assets absolutely, but is it the best solution when there are multiple beneficiaries? Multiple Trusts provides both you and your beneficiaries with even more flexibility.
For example if all of your Trustees (who may also be beneficiaries) of a Trust cannot agree on a course of action, it may be that the funds cannot be utilised for the benefit of beneficiaries as a result, meaning the Trust can’t operate effectively.
Separate Trusts are also useful in solving those tricky ‘who gets what’ issues that can arise. Allowing different Trustees to act across a number of Trusts means that each Trust can be managed independently of others. Establishing separate Trusts for each beneficiary also means that individuals needs can be accounted for, as you are able to choose who, what and how you wish your beneficiaries to benefit.
Where the Trustees of a Trust are concerned with one family or member of the family as opposed to numerous individuals with different needs, the management of the Trust can also be simpler. A group of simple Trusts is much simpler to manage than a single Trust with many purposes, mixed assets, multiple beneficiaries and more potential for conflict amongst them.
For help and advice on creating Multiple Sibling Trusts within a Will please contact Ferndown Business Network member David Booth at DB Consultancy on 07949 021118 or email firstname.lastname@example.org or let’s speak via FaceTime or Skype: theoxfordwillco_1
Do you have a plan in place to ensure that your wealth passes to the right people at the appropriate time in a manner that provides protection and is efficient for tax purposes?
Ferndown Business Network member DB Consultancy use Asset Protection Strategies for those who wish to protect themselves and their family’s future inheritance. They use a tried and tested combination of Wills, Trusts and Powers of Attorney to cover the most common threats to wealth made up from homes, savings, investments, life assurances, pension plans & death-in-service benefits.
Wills ensure the most effective legal ownership of your home whilst setting up Trusts means that your assets are protected from the threat of:
- The financial burden of long-term care
- Future insolvency problems
- Children getting divorced
- Surviving spouse entering a new relationship
- Inheritance and other taxes
- Avoiding the delays associated with probate
- Legislation changes
David Booth, Director of DB Consultancy said: “We work closely with our clients to create a plan that suits their specific requirements. We put them in control of their financial affairs and provide them with peace of mind. Our approach also ensures that the people you choose can manage your financial and welfare affairs should you become unable to do so due to mental or physical incapacity. This important aspect of planning gives the ones you trust control of important decisions, rather than a government agency.”
DB Consultancy provide a full range of services and bespoke advice in all areas of Estate Planning including Wills, protecting wealth using Trusts, Inheritance Tax Planning and Lasting Powers of Attorney. Based in Ringwood, Hampshire we benefit from 30 years of experience in Wills and Estate Planning. We also work in association with The Countrywide Tax & Trust Corporation Ltd.
For help and advice on how best to protect your assets please contact Ferndown Business Network David Booth at DB Consultancy on 07949 021118. Email email@example.com or let’s speak via FaceTime or Skype: theoxfordwillco_1