Wills, Power Of Attorney and Inheritance Tax planning
At First Service Financial we understand how important it is to have the peace of mind that your estate is organised for your family if anything were to happen to you, therefore we work with professional contacts to ensure the needs of our clients can be met. The best way to ensure your wishes are carried out is to make a will and ensure it is kept up to date.
If you die without a Will, your estate will be inherited in accordance with the rules of intestacy, which does not reflect the wishes of most people. Without a will a person’s legacy could be one of exhausting paperwork and family disputes, therefore it is best to get a will in place to ensure peace of mind.
Power Of Attorney
Thinking and talking about what would happen if we lose our mental capacity is uncomfortable. Yet it’s important to consider how much more uncomfortable the situation would be if you had a stroke, serious accident or dementia (eg, Alzheimer’s) and were unable to manage your finances or health and welfare.
If someone has difficulties that mean they can’t make decisions anymore, they will need help managing their finances. A Lasting Power of Attorney (LPA) is a legal document where someone (while they still have mental capacity) nominates a trusted friend or relative to look after their affairs if they lose capacity.
Inheritance Tax planning
Inheritance Tax (IHT) is paid if a person’s estate, including their property, money and possessions exceeds a certain threshold at death. The rules involved in inheritance tax are complex and therefore important to discuss your situation with us, as only then will you be able to understand its potential effects on you, whether your loved ones will lose out on some of their inheritance and, more importantly, what can be done to reduce or even eliminate its effects.
Please get in touch to speak with one of our local financial advisers.
Will writing and taxation are not regulated by the Financial Conduct Authority.
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