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A Correctly-Prepared Will

So you’ve decided it’s time to make a Will here are a few things for you to think about before you go any further;

1. Who is the right person/people to act as executor of your Will? think about what the role entails and whether they are the people best able to deal with the task in question..
2. Who would you appoint as guardians to your children? I think this is the hardest decision to be made as none of us want to think about somebody else raising our children, but all the more reason to make the right decision.
3. What is the value of your estate? If it goes above £325k or £650k for a married couple then without correct planning now your estate would be liable for inheritance tax at 40% on everything above that amount. Even with the new Residential Nil Rate band there is strict criteria to qualify. With early planning,  Inheritance tax can be minimised.
4. Who do you want to inherit the bulk of your estate? People normally want their spouse to inherit first and then their children, but if you are remarried or if your spouse remarries after your death then you need to plan to protect your children’s inheritance.
5. Do you want to make any specific gifts to friends, family or charities? Without a Will no body will know.

These are a few of the basic things to consider and discuss. We are happy to take the time to go through the whole process with you.

Whatever your circumstances and wishes, we will take time to advise you on the most appropriate Will for you and your family.

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To find out more about this service:

T: 01173 215858
E: nicola@richardsonswills.co.uk

Fill in our Enquiry Form

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Lasting Power of Attorney

Writing a will is preparation for the inevitable but Lasting Power of Attorney is more of a safety net.

If you begin to lose your mental or physical capacity and you’re no longer capable of making your own decisions, or you just need some extra help, the Lasting Power of Attorney ensures that your affairs are looked after by someone you trust.  You can nominate friends or family, or someone that you trust to act for you, should the circumstance arise.

Without a Lasting Power of Attorney, your family will need to spend time and pay significant costs to apply for a deputyship at the Court of Protection and, in the meantime, your affairs are in limbo and further, unnecessary anxiety is caused at, what is often an already difficult time.

At Richardson’s Wills we believe everyone should have a safety net. We always apply for remission or a reduction of the registration fee if you are entitled and will guide you through the whole process.

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To find out more about this service:

T: 01173 215858
E: nicola@richardsonswills.co.uk

Fill in our Enquiry Form

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Planning for Inheritance Tax

When a person dies and passes on their estate, Inheritance Tax is paid if the total exceeds £325,000 (as at April 2013).  Sometimes, if you make gifts during your lifetime, this can also incur Inheritance Tax.

The Inheritance Tax rate currently stands at 40% and so, if your chosen beneficiaries are liable for this, it takes away a significant lump sum that you would have preferred them to have.

But, don’t be dismayed, there are ways that your affairs can be organised so that you can reduce or avoid the inheritance tax which would fall due on your estate. We work in association with a specialist taxation lawyer so you can be assured of the best possible advice.

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To find out more about this service:

T: 01173 215858
E: nicola@richardsonswills.co.uk

Fill in our Enquiry Form

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Setting up Trusts

By setting up a trust, not only can it potentially reduce your liability for inheritance tax, but it will also help you ensure that the people you want to inherit do. Trusts are available for many situations from ensuring your children inherit when they reach an appropriate age, to caring for a disabled child or relative.

Discretionary Trusts can run for up to 125 years allowing money to generation skip again helping to avoid IHT liability.

Flexible Life Interest Trusts are described as the ‘modern Will’ and ring fence the first to dies assets from third party threats and allow the survivor to enjoy their life to the full as you would of wanted but should they remarry or need specialist care as they become older the trust protects your assets for your beneficiaries.

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To find out more about this service:

T: 01173 215858
E: nicola@richardsonswills.co.uk

Fill in our Enquiry Form

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Preparing for your Funeral

Although this can be a fairly morbid subject, it does make sense to plan and pay for your funeral in advance.

Your nearest and dearest will have one less thing to worry about at this difficult time, whilst allowing you the funeral you would want.

Despite not wanting to think about your funeral, it really does pay to prepare as the cost of funerals rises year on year. If you have prepaid your funeral it’s at today’s prices and not those when the unfortunate event arises.

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To find out more about this service:

T: 01173 215858
E: nicola@richardsonswills.co.uk

Fill in our Enquiry Form

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