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Wills, Trusts and Inheritance Tax Planning

Whether you are making provision for your spouse and children, ensuring that those you wish to benefit from your assets do so, or whether you wish to protect assets from exposure to Inheritance Tax, it is absolutely vital that you undertake proper estate planning and make a Will.

The trouble with leaving it until it’s too late is that, with no Will, your wishes may not be fulfilled, and you could potentially land your nearest and dearest in a bit of a mess, which is the last thing they’ll want to have to think about when all their thoughts are occupied with grieving.

If you’re not married to your partner, then having a Will is even more important. Cohabiting couples don’t have the same rights as those who are married or in a civil partnership.

At 1st Financial Foundations, we can help guide you through the Will writing process in a sensitive and professional manner. You’ll be left with peace of mind, happy in the knowledge that when you die your money and possessions will be distributed as you wished and that it will be straightforward for your loved ones.

Why do I need a Will?

  • You cannot be sure those you would wish to benefit will actually do so
  • Your spouse/civil partner will not automatically inherit ALL of your Estate
  • 'Common law' partners may not receive anything
  • Minor children could be taken into care whilst guardians are appointed
  • There could be lengthy delays for your beneficiaries and disputes

The vast majority of people put off making a Will for a variety of reasons, either believing that the people they would wish to inherit will automatically do so, or because they don’t think it is relevant to them at this particular time.

The reality is that you can put off making a Will until it is too late. This poses all sorts of problems for the people left behind and could mean that some or all of your inheritance either goes to the wrong person or to the state.

Affording you peace of mind

Firstly, and most importantly, is the peace of mind making a Will provides.

Making a Will enables you to plan exactly what will happen to your property (estate) following your death. This ensures that those you would like to benefit actually do so, in accordance with your wishes and at the same time avoiding any possible disputes between relatives.

Who needs to make a Will?

The answer is everyone. In particular, anyone with dependant relatives (children under the age of 18, elderly relatives or relatives with a disability who have special needs), anyone who owns property or has any type of asset which you would wish relatives, friends or charities to benefit from.

But won’t everything go to my husband/wife/civil partner/parents/children automatically?

This is a common misconception and dependant on the size of your Estate. There are set rules which will be applied to determine who inherits and how much if you do not make a Will.

So what happens if I don’t make a Will?

This is called having 'died intestate'. There are specific rules of intestacy which set out who will inherit and by how much if you do not leave a valid Will. This may not be what you would have wished, and, in the worst case scenarios where relatives cannot be traced, your assets will be taken by the Crown.

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Inheritance Tax Planning

Wealth and personal protection is an essential must-have to secure the future for both you and your family, if an unexpected life event happens. The security and opportunity your wealth brings can be protected for generations, but there are many things to consider. Inheritance Tax, premature death, illness and loss of income to name but a few all need to be considered in an effective wealth protection planning strategy.

The subject of wealth protection can be an emotional and complex matter. By making use of lifetime planning opportunities and tailor-making Wills and trusts to your particular circumstances, you can ensure that your valuable assets are retained for future generations in the most financially prudent and effective way.

At 1st Financial Foundations, we believe the preservation and constructive transfer of wealth are primary components of a successful wealth protection strategy. While assets can grow over a lifetime, so can the need to consider a variety of products and services to protect wealth for the future. A forward-looking and integrated wealth protection strategy will help ensure a lasting legacy for you and your loved ones.

With numerous options available when structuring and preserving your assets, with our advice you can be confident of making the right decisions based on your financial and family situation to best meet your personal objectives.

1st Financial Foundations are on hand to sit down with you and discuss all your requirements and needs – advice that may prove invaluable when protecting the important things in your life.

We can help you deal with the ‘what ifs’ in life such as illness, injury or even death. By thinking about these things now, you can plan ahead and gain peace of mind that you and your family will be looked after financially.

Protect your assets.


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