Having made a Will it is important to store it safely so that it remains in good condition and can be easily located when the time comes. Around half of Wills are lost or damaged before they are needed, causing endless problems for those left behind. Don’t take any chances with a document as important as your Will; make sure it is kept safe by using a storage facility like that offered by Philip Anthony Associates.
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Protecting your property if you need long term care
Every year over 70,000 homes are sold to fund long term care for the elderly, leaving the home owner with nothing to pass on to their descendants. It is illegal to transfer your own property to relatives with the aim of avoiding paying for long term care, yet it is possible to protect your property using a Protective Will Property Trust.
A property cannot be sold to fund long term care whilst a spouse or partner still lives in it. A Protective Will Property Trust structures the ownership and bequest of a property in such a way that it cannot be sold to fund long term care after one partner dies. Provision can also be made to protect your share in a property for your descendants should your partner remarry.
A Protective Will Property Trust could be included in any Will.
Protecting the value of your estate for your beneficiaries
If the value of your estate is more than the Inheritance Tax Threshold (£312k in 2008/09, £325k in 2009/10) your beneficiaries will pay tax on the value of their inheritance. For many people, the value of their property alone is above this figure – inheritance tax planning is not just a concern for the very rich.
There are a number of ways to structure your Will to minimise the amount of tax payable. Tax law is complex and changes frequently and it is therefore imperative to get expert advice if you think the value of your estate is over the threshold. Tax evasion is, of course, illegal, but there are legitimate ways to ensure that you take advantage of all the allowances available to reduce the amount of tax payable by your beneficiaries.
The position is complicated if a widow remarries, but a sophisticated Will drawn up by an expert in estate planning does allow full exploitation of all tax breaks and allowances.