Planning your future by Planning your Estate
Estate planning
Estate Planning - Severance of Tenancy
If you own your home and the property is held as 'Joint Owners' at the land registry then you can sever the tenancy so that you still both own the property, but half each. The main benefit for this is to protect your half of the property for your beneficiaries in the event of the surviving spouse remarrying or needing long term care..
Estate Planning - Trusts
There are many different types of trusts, Children's Trusts, Property Trusts, Family Trust.... which are all designed to protect those in a vulnerable position ie. disabled or under the age of 18 years old. The most common Trust are put into your Will to provide for Children/ Grandchildren who until the age of say 25 years a legacy from you which they can only receive upon obtaining the age you determine but can apply to the Trustees for interim payments 'to further or better' their situation i.e. purchasing of educational materials, school field trip.
Estate Planning - Lasting Power of Attorney
This is an important document to have to avoid unnecessary distress to your loved ones if you lose capacity over your actions. Lasting Power of Attorney gives you peace of mind that someone can act on your behalf and in your best interest, when you can't.
Family Trusts
This is a mechanism for ensuring your property or cash, which is placed into a Trust Plan, is not counted as part of your asset ts and can't be used in the calculation in the event of care costs being applicable.