Estate Planning
Estate Planning
- including Family Trusts, Powers of Attorney & Wills
- including Family Trusts, Powers of Attorney & Wills
Did you know that that fewer than 4 in 10 adults in the UK have made a Will? It may also surprise you to hear that those wills that are already in place are unlikely to be 'fit for purpose' as they have not been written by a suitably qualified professional.
Recent studies have also shown that of people aged over 55 without a Will, 16% own a home either outright or with a mortgage.
Dying without a Will presents many challenges to bereaved families as the intestacy rules often don’t reflect the wishes of the person, and family feuds can also be avoided with the presence of a properly written Will.
So while dying 'intestate' (without having a valid will in place) can cause problems, such as close family members and relations being 'cut-out', when it comes to more complex, and higher value estates (including property and other assets), the complications become even greater. For example, houses can become unsellable while trying to track down relatives.
With more complex, and higher value estates (generally where property is involved and/or a person has more than £50,000 in assets) a more robust estate planning solution is likely to be required, instead of a will. For example, an Asset Protection Trust
may be required in order to protect ones assets, and ensure that those set to benefit from a persons estate, receive the inheritance they're entitled to, and at the appropriate time.
Something even more surprising to hear, is that recent research has indicated that around four out of five adults (78%) across the UK have not registered a Lasting Power of Attorney (LPA). This figure includes 77% of the over-55 age group.
There are two types of LPA, the first can be registered for health and welfare needs, when an individual might need someone to make decisions on their behalf around medical needs, daily routines or even decisions on moving into care. LPAs can also be registered for someone to make decisions on their behalf around property and financial needs, if that person is unable to do so individually. In most cases an LPA is set up to cater for all of the above needs.
By working in partnership with one of our national Estate Planning partner firms, you will be able to offer solutions that stand to make a real difference to the clients/consumers you serve, and also their families!
The benefits of adding these solutions to your existing suite of services are clear:
- Customer solutions with real, tangible benefits
- A value-added new revenue stream
- Future proof your business through a new, secure and long term consumer focused solutions
- Variable, simple integration methods with excellent support
With extensive experience in this sector we are able to match your business with a partner firm, once your selection criteria is known, and you can be up and running offering this new solution to your target audience within in a very short space of time.