WANT MORE INFORMATION OR NEED ADVICE?
Call: 0800 7723147 / 01344 851250
Estate Planning
Home » Our Services » Estate Planning
n 2014 the Estate Planning part of the business became so busy it warranted the creation of a new business of its own, and Ascot Estate Planning was born.
Estate Planning is ultimately the preparation of documents and mechanisms through which estates will be protected after death. The mechanisms to do this are numerous and extend to both Bloodline Planning, which is protecting the estate after death and Lifetime Planning which is protecting the estate during life in preparation for death.
On the Bloodline Planning side, we often deal with Will and Trusts, Deeds of Severance or Conveyance of properties or after death, we can assist with Probate and Deeds of Variations.
Looking at Lifetime Planning, there are a number of areas with can assist with. Inheritance Tax mitigation makes up a lot of what we do day to day, as well as setting up Care Home Planning techniques. Lasting Powers of Attorney are also a significant part of Lifetime Planning and a large percentage of our Estate Planning clients have created these – not only the older clients.
If you are interested in learning more in any of the areas, or would like a free, no obligation first meeting to learn how the options above can benefit you and your family, please do not hesitate to get in contact.
Visit our official website to find out more www.ascotep.com
You can also call our friendly, professional, Estate Planning team on 01344 851 250 or email them at enquiries@ascotep.com.
I
Get in touch with us for a no-obligation assessment.
Call us: 0800 7723147 / 01344 851250
OR
Click Here to fill out your details.
We will get in touch as soon as possible. We would love to be able to review your objectives and have a discussion with you.
W
Wills
riting a will is not always easy, but the problems and inconvenience caused by intestacy are far worse. Let us help you plan ahead to avoid unnecessary complications for your family later on and to ensure that your loved ones receive what you intended.
Included within your will:
-
A named guardian for your minor children
-
Who will sort out the estate and carry out the wishes set out in the will (Executors)
-
Your funeral wishes
-
Your wishes around medical donation
-
Any specific/monetary legacies for your chosen beneficiaries
T
rusts play an integral part in protecting your wealth, comparable to a “safe box” giving greater confidence in how assets will be used in the future. Trusts are a very useful and flexible device employed for a variety of purposes.
Death Planning:
-
The use of trusts is effective for preserving your wealth for future generations ensuring that assets are not frittered unnecessarily, avoiding generational IHT and the common (MAD – Marriage After Divorce) issues.
-
A letter of wishes sets out your instructions to your trustees as to how the trust is administered, allowing you to maintain control even on your death.
-
Bloodline planning can be put in place ensuring unborn grandchildren are accounted for in your wishes.
Lifetime Planning:
-
When placing your assets in a trust and surviving 7 years, this may mean it will not form part of the estate, guarded from future divorce, bankruptcy and inheritance tax.
-
This can be done in a variety of ways all designed to protect your assets.
Portfolio Construction
T
he costs of care are constantly rising and the years that someone requires care is also on the rise. So it is natural that you will have concerns about how you are going to manage to meet your potential care home fees. We can help you prepare yourself financially to make sure that your entire savings don’t get consumed by care home fees.
Care Home Fees
A
Lasting Power of Attorney
Lasting Power of Attorney “LPA” can be written at any time during your lifetime as long as you have the necessary capacity to do so. It allows you to nominate a person (or people) who can manage your affairs should you become incapable of doing so as a result of illness or other circumstances. As much as we would like to believe that this would not happen to us, becoming incapacitated is not just caused by old age. Accidents and illness can strike at any time, so why not prepare to be able to still have control over your estate and finances when you no longer have the capability to.
Types of Attorney:
Lasting Power of Attorney for Health and Welfare – This allows you to choose one person or more to make decisions about:
-
Your daily routine
-
Medical Care
-
Moving into care home
-
Refusing life sustaining treatment
Lasting Power of Attorney for Property and Financial Affairs – This allows you to choose one person or more to make decisions about:
-
Paying bills
-
Collecting benefits
-
Selling your home
Probate
P
robate and estate administration is the process of winding up and distributing a deceased person’s estate according to their will. This can be a particularly difficult and time consuming task, especially when dealing with a larger estate and can also carry legal liability.
If you are not sure of who you want to administer your estate, we could refer you to our partners who act as Professional Executors.
You should consider the appointment of professional executors in the following circumstances:
-
Where there are multiple assets such as: bank accounts and savings, shares, bonds and investments.
-
Where there are liabilities such as mortgages, loans or credit cards.
-
Where a property is to be sold or conveyed.
-
Where the estate is of a high value.
A
deed of variation is a useful and effective way of changing a will after death. It provides flexibility allowing the beneficiaries to alter and redirect the distribution of an Estate by varying the assets into a trust.
A deed of variation can be used when the deceased’s assets are not distributed to the best effect for the beneficiaries as a whole.
However, we always recommend that planning is put into place in advance of the settlor’s death as although it is a very effective way of changing a will after death, the rules around deeds of variation can change.