Do you know what would happen if any of these events occurred:
- Disability or incapacity
- Dispute (family)
- Debt (tax bills)
These are some questions to ask yourself:
- Who would need to be protected financially if you died?
- What would you want to happen to your assets if you died?
- Is that reflected in a current will?
- Are there family members who might be disappointed by the terms of your will?
- Might those disappointed family members have a claim to make on your assets and thwart your plan?
- Is there a risk that someone else has a claim on what your heir inherits from you, through their divorce or bankruptcy for example?
- If your beneficiaries are young, does your will allow assets to be protected until they reach a suitable age?
- Have you appointed executors you can trust to carry out the instructions in your will?
- If you have a pension, have you named your beneficiary in a nomination/expression of wish form?
- If you have an employee’s death in service benefit, have you named your beneficiary in a nomination/expression of wish form?
- If you have a life policy, will it pay into your estate and your will? Is it instead written in a separate trust and who will the trustees pay it to?
- If you lost capacity to make decisions about your personal welfare and your assets, does someone have the power to step in for you?
- Can and should the process of passing on your assets begin in your lifetime and can this be done with the minimum amount of tax paid?
- Does the structure of your assets maximise inheritance tax reliefs on your death?
- Could any inheritance tax be paid on your death without assets being sold?
- Could any inheritance tax be paid on your death without your beneficiaries having less available to them?
If you would like to think about the answers to these questions, we can review your arrangements with you.
We can report to you on your current position and recommend any changes needed to give you everything you need for successful succession to your assets.
Please contact Leigh Gould to arrange no obligation and no cost meeting to discuss. We would agree costs with you before following this up with a review and report.
On September 3, 2019