Estate Planning
For over 25 years we have been assisting clients to ensure that their assets are transferred to their chosen beneficiaries efficiently and tax effectively. We also consider how your provisions will minimise financial difficulties for beneficiaries, be easy to administer, economical to maintain and preserve benefits from access by non family members such as estranged partners of your children.
It is an area that needs to be reviewed regularly as you or your family members' life circumstances change, such as re marriage, retirement, incapacity, debts, divorce or selling a business. It has been estimated that only 55% of people have a valid will when they die, though these have not always been updated to take account of family circumstances.
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Paying Funeral Expenses
Funeral expenses are a debt of the Estate and are usually paid from funds held by the deceased e.g. in a bank account. If there are no funds available then they are paid by a relative or the executor and reimbursed from assets sold following grant of Probate.
Accommodating Extended Families
Holding property as tenants in common allows the deceased’s share in such property to be bequeathed to the deceased’s children. The surviving owner still holds his or her share in his/her own right.
Holding property as joint tenants means that on the death of one owner the property automatically passes to the surviving owner and does not allow for provision for an extended family.
Power of Attorney
A Power of Attorney is a legal document that allows another person to act on your behalf.
It ensures that important matters are dealt with by someone you trust if you are unable to deal with them yourself. There are different types of powers of attorney and the powers vary. The most common powers of attorney are a General Power of Attorney and an Enduring Power of Attorney.
The main difference between them is that a General Power of Attorney ceases when you are incapable of acting in a situation yourself, while an Enduring Power of Attorney remains in force until it is revoked or death.
Granting of a Power of Attorney is complex, and while it is a very useful and sensible thing to do, there are serious risks associated with it.
