Tax, Care and Toy Boys or, future proofing your assets
Chris Dingley is a solicitor/ legal practitioner who specifically deals with Wills and probate and, in less than an hour, he worked hard making us all mindful of some of the tasks we need to do on an annual basis to ensure our ‘estate’ (or our money, property and possessions) is properly taken care of when we die. This is a complex and quite emotive subject but one which we all need to tackle head on. His ideas and suggestions were thought provoking and possibly a wake-up call for some or music to the ears of others.
He suggested putting in place a package of bespoke documents to include a Will, Trust Funds, succession planning, powers of attorney, insurances and lifetime gifts to ensure peace of mind and protection against Care Home fees. In the event of incapacity or death, your assets will be dealt with effectively, with minimum fuss and, without leaving chaos and heartache for loved ones left behind, not to mention an unnecessary tax bill.
While it’s impossible to plan for every eventuality, making a Will ensures your estate passes to those you want it to and as tax-efficiently as possible. If you die without making a Will, your estate is dealt with according to the Rules of Intestacy, so legislation decides what happens to it all. Once drawn up, it’s important to regularly review and update it as any changes in your family structure, location, status or physical and mental health can have a big impact on it.
Chris covered a number of issues relevant to us all so, if you want further information, click on this link to read more in depth detail.