Private wealth

Guide to property protection trust wills

A property protection trust will is a will designed to help protect your property from an assessment to long term care fees. The half share of the family home belonging to the first person to die, passes into the trust. This type of trust is also known as a life interest trust in favour of the survivor which means that they can benefit from the share of the house in the trust during his/her lifetime and on their death the trust fund passes to others, usually children of the family.

Guide to wills

Did you know that if you die without having made will then everything you own could end up going to the state rather than the people you intended to benefit? For example, if you die leaving family members who are financially dependent upon you (such as a spouse or children), it is the law that stipulates who will inherit your estate. This guide covers everything you need to know about a last will and testament.

Guide to Lasting Powers of Attorneys

Have you ever considered what would happen if you became physically and/or mentally incapable of managing your affairs? When you plan for the future it is sensible to plan for as many eventualities as possible. A Power of Attorney can help in many situations. For instance, it may come in useful if you are away from the country for long periods, or if you suffer an illness or accident which means you are not able to manage your own affairs.

Guide to inheritance tax

What is inheritance tax? Inheritance tax (IHT for short) is levied at a flat rate of 40% on the value of an estate, less certain exemptions. The most important of these exemptions is a tax-free allowance of £325,000 (known as the 'nil rate band'). A taxable estate typically includes the value of the family home. An estate is liable for tax on assets owned worldwide if the deceased was UK domiciled or deemed domiciled for IHT purposes. The government has decided that the nil rate band will be frozen at £325,000 until April 2015.

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