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As much as it can be awkward or unpleasant to think about, after-death planning is essential for your estate and assets. Your home, savings and business are more vulnerable than you can imagine.
While you are around to oversee your affairs, making your wishes known concerning your finances is relatively straightforward. However, once you are not around to make decisions, there can be drastic and potentially devastating effects if your after-death planning relies on a traditional will, or an idea of ‘common law’.
2 out of 3 people do not have a will in place, but even if you do, depending on the type of will you have in effect, it can often not be enough to safeguard your surviving family and dependents from financial problems.
1) Inheritance Tax – Inheritance tax gets a lot of column inches paid to it, and yet many individuals remain in the dark about what tax they should be paying on inherited assets, and how your own estate can fall victim to this more than once! By law, inheritance tax only needs to be paid once. However if money that you have inherited (and have already paid tax on) passes to your beneficiaries, it will be taxed again as part of your estate. This is a problem we refer to as Generational Inheritance Tax, and with help from Protection Practitioner there are steps you can take to avoid this double taxation.
2) Remarriage and divorce – While these issues are not a walk in the park during life, they each present a mire of problems after death. Without the provision of a trust, if your spouse remarries, money left to them in your will could be incorporated into their new joint pension, ending up with their stepchildren rather than your own children upon their death! Have you bequeathed your hard-earned money to your kids? If their marriages break down, your money could end up passing to their ex-spouses in a divorce settlement. The way forward to protect your assets as well as your loved ones, is to consult with Protection Practitioner about working with a trust, to ensure that you control your finances even after your passing.
3) After death business planning – Without a valid business asset protection clause or measure, the deceased’s share of a business can be subject to the laws of intestacy, affecting who can receive the bequest. Protection Practitioner offers tailor made business estate planning for your business assets, which offer much more detailed and forward-thinking options than can be found from high street consultants.
If you want to hear more about how Protection Practitioner can protect your estate after your death, get in touch with our advisors to find out about the bespoke options we can create to plan your estate protection.