Wills

A recent feature on ITV/STV's "This Morning" programme has again highlighted just how vulnerable most people are.


Power of attorney Glasgow
Most people expect that if you die all your assets will automatically go to your next of kin - this is wrong! Citizens Advice Bureau say "Couples...do not automatically inherit from each other unless there is a Will. The death of one partner may create some serious financial problems for the remaining partner.

"If you have children, you should make a Will to protect the children in case either one or both parents or other carers die". Do you know that any child under the age of 16 years will be placed in foster care should you die without a Guardianship Order in place?

The law changed substantially in 2007 therefore an old Will may have been right at the time but could be the wrong Will now! ILAWS provide full professional estate planning, setting in place robust protection for you and your family's home and assets.

Why should you make a Will – Did you know?

  1. A husband or wife does NOT automatically inherit 100% of each other’s estate when one dies.
  2. Partners who are unmarried inherit NOTHING from each other regardless of how long they have been together.
  3. Children under 16 years of age, who lose their parents, do NOT just go to a family member but WILL be placed in foster care unless there is a proper Guardianship Order in place.
  4. Should you end up in care; the government WILL seek to take your home to pay for care costs leaving your family with nothing.
  5. Your children may be disinherited should your spouse/partner live with or marry someone else after you have passed away.

We can ensure that proper provision is in place to accommodate any and all your estate planning needs affording you the peace of mind you deserve.

Are You Concerned About Losing Your Family Home To Pay For Care Fees?

Should you end your days in care the government will attack all your assets including your home.

Should you end your days in care the government will attack all your assets including your home. 1 in 3 women and 1 in 4 men currently go into care (source – “Help the Aged) - this is expected to double in the next 20 years and up to 70,000 family homes are sold each year to cover the owner's care fees. Parents are also seeing nest eggs built up as intended inheritances for their children decimated over short periods once they are in care. Current annual full time care cost runs at £35,000 to £36,000.

With proper planning this need not be the case. There are ways to protect the family home for the next generation. The solution is to ensure that the home is not personally owned on entry into care. The local authority's financial assessment can then legitimately and properly be completed on the basis that the home is not a capital resource of the resident.

The solution the use of a Trust and depending on your circumstances you may have several options as to the best use of this. This guarantees that the only people who will ever own your home after you have passed away are your children.

Two thirds of 45-65 year olds have made no financial plans to pay for long term care, or to protect their assets. Bearing the above in mind, this would leave our loved ones with more unnecessary pressure after we have passed away.

Lifetime trusts are often known as property protection trusts or asset protection trusts. Ilaws have consulted on, arranged and protected over £75M worth of property in Scotland.

Unlike will trusts, which come into being on death, lifetime trusts are established straight away. Your home is gifted to the trust, which allows you to carry on living in it. The rationale is that if you need residential care at some point in the future, you no longer own a house and can only be assessed on minimal assets.

© 2016 I Laws Scotland. All Rights Reserved. Website designed by Funky Fig