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Writing a Will
Same day Will writing Service Available
We understand that writing a will can often be a difficult task and it can never seem like the right time. It is only normal putting off writing a will however, our helpful, friendly and supportive team can help you with some of the difficult and challenging decisions arising out of writing a will. We make it our mission to find out what is important to you and will guide you through the process making sure that making a Will is as simple and straightforward as possible.
Lasting Power of Attorney (LPA)
A Lasting Power of Attorney also known as an LPA is an important legal document that enables you to appoint someone to make decisions about your finances, property or welfare. Incapacity, illness or even being abroad may make it difficult for you to deal with your day to day affairs so preparing a Lasting Power of Attorney (LPA) appointing someone who is committed to acting in your best interests is an important decision.
A Lasting Power of Attorney is extremely important as your partner or family members do not automatically have legal authority to deal with your financial or personal matters. It is for this reason that we take our time in explaining these Powers of Attorney to our clients and carefully taking their instructions.
We have a detailed understanding of the relevant legislation; we also have a variety of personal and communication skills that help to guide people through the intricacies of LPA’s.
Trust
A Trust cannot be Contested – A Will Can
There are various types of trusts, (please be aware that this list is not exhaustive) each serving different purposes and offering distinct advantages.
Here’s a very brief overview of highlight of the week “Family Asset Protection Trust”
Family Asset Protection Trusts
The proven way to safeguard assets for you and your family’s future.
Keep control of your most valuable assets
Protect your property for the benefit of your loved ones
Protect your assets from bankruptcy, creditors and strangers
Save on Inheritance Tax for future generations
Use a product with a proven pedigree dating back centuries
Preserve your wealth for your family
Save on Probate Costs
Assets stay in the Bloodline through the generations
Remarriage – Sideways Disheritance No longer an issue
Here’s a very brief overview of some common types of trusts:
Choosing the right type of trust depends on individual goals, family dynamics, and financial considerations. Seeking advice from legal and financial professionals is crucial to ensure that the chosen trust aligns with specific objectives and adheres to legal requirements.
There are various types of trusts, (please be aware that this list is not exhaustive) each serving different purposes and offering distinct advantages. Here’s a very brief overview of some common types of trusts:
A Discretionary Trust
In most cases, Trusts are set up with specific terms that instruct the Trustee to distribute funds to beneficiaries on a set schedule. The terms also usually set how much should be distributed. Discretionary Trusts are unique from other types of trusts because there are no such terms. It is up to the Trustee to decide if beneficiaries should receive any distributions, how much, and when.
These Trusts are most useful when the Trustor feels that it is in the best interest of the beneficiaries. For instance, the beneficiary of a Discretionary Trust may have displayed continued irresponsible behaviour, is disabled, mentally impaired, has a gambling problem, or has a great deal of debt. The Trustee can help protect the beneficiary from themself, as well as the assets from creditors. It is under the Trustee’s discretion to determine when it is appropriate to provide funds to the beneficiary, and how much.
Beneficiaries of a Discretionary Trust do not have any legal claims over the Trust funds. The Trustee has complete control and is considered the legal owner, although they cannot benefit from the funds in any way.
Advantages Discretionary Trusts are associated with many advantages. In the examples above, you learned about a couple of specific advantages, such as protecting a child from themselves if they suffer from mental health issues or addiction. Alternatively, a Discretionary Trust can be used to benefit a child with a disability in such a way that does not disqualify them from government support.
Most Trustors create a Trust because they want to assert some type of control over their funds, even after they have passed away. Discretionary Trusts are different because there are no terms set, and ultimate discretion is given to the Trustee. This doesn’t mean that you can’t provide guidelines, however. For instance, you could set the guideline that you want the funds to help with your child’s education. The Trustee would then make their own decisions on how the funds should support the child in any educational endeavours.
Avoid difficult Decisions Making decisions about how to distribute funds amongst your loved ones isn’t easy. If you want to avoid making these decisions altogether, you can. A Discretionary Trust allows you to step away from decision-making about which property should go to which child, and so on and so forth. This can save you a lot of time and effort if you have a sizable estate.
Revocable Living Trust
Advantages Allows flexibility, avoids probate, and enables seamless asset management during incapacity.
Irrevocable Living Trust
Advantages Provides potential estate tax benefits, asset protection, and can safeguard assets from creditors.
Testamentary Trust
Advantages Offers control over the distribution of assets after death, can provide for minor beneficiaries, and may reduce estate taxes.
Charitable Remainder Trust (CRT)
Advantages Provides income to the grantor, offers potential charitable deductions, and supports philanthropic goals.
Charitable Lead Trust (CLT)
Advantages Supports charitable causes, may reduce estate taxes, and allows assets to pass to heir.
Special Needs Trust (SNT)
Advantages Ensures financial support for individuals with special needs, maintains eligibility for government benefits, and provides peace of mind for caregivers.
Irrevocable Life Insurance Trust (ILIT)
Advantages Reduces estate taxes, provides liquidity to cover taxes, and ensures tax-free proceeds for beneficiaries.
Qualified Personal Residence Trust (QPRT)
Advantages Reduces the value of the estate for tax purposes, facilitates tax-efficient transfer of a residence to heirs.
Family Limited Partnership (FLP) or Family Limited Liability Company (LLC)
Advantages Centralised management, potential tax advantages, and controlled gifting of interests to heirs.
Dynasty Trust
Advantages Preserves family wealth, allows for the efficient transfer of assets to future generations.
Choosing the right type of trust depends on individual goals, family dynamics, and financial considerations. Seeking advice from legal and financial professionals is crucial to ensure that the chosen trust aligns with specific objectives and adheres to legal requirements.
If you have any questions about estate planning or if you’re considering a will review, we are here to assist you. Please find enclosed additional information about our services, and don’t hesitate to reach out to schedule a consultation at your convenience
Lasting Power of Attorney (LPA)
Lasting Powers of Attorney (LPAs) are legal documents that grant someone the authority to make decisions on your behalf in case you become unable to do so yourself. There are two main types of LPAs: one for health and welfare decisions and another for property and financial affairs.
Health and Welfare LPA
Medical Decisions: It allows your chosen representative to make decisions about your medical treatment, living arrangements, and other healthcare matters.
Quality of Life: Ensures that your preferences for daily routines, care facilities, and treatment options are respected, maintaining your quality of life.
Property and Financial Affairs LPA
Financial Management: Grants authority over your financial matters, such as managing bank accounts, paying bills, and handling property transactions.
Business Affairs: If you own a business, your appointed representative can manage its financial aspects on your behalf.
Key Reasons for Having LPAs
LPAs are recognised legal documents, making it easier for your chosen representative to act on your behalf without unnecessary complications or delays.
In essence, LPAs empower individuals to plan for unforeseen circumstances, maintain control over their lives, and provide a structured mechanism for decision-making when they are no longer able to actively participate. These documents offer peace of mind, knowing that someone you trust will be there to make decisions that align with your values and preferences.