key-wills.com

" How am I ever going to pay these fees"

Many of us have now heard of someone going into care and losing their home to pay for that care.

Many of you have also now heard of Trusts but are not sure how Trusts can actually protect your assets against the threats and how do they work.

We are specialists and offer advice around Trusts, Wills, Powers of Attorney and Inheritance Tax & Business Planning.

                                                  FOR FAMILIES AND BUSINESSES

hOW DOES IT WORK

Step 1

Book a meeting 
so we can get to know each other 
We can arrange a quick chat on Zoom, or a face to face by appointment.

Step 2

Tell us in your own words what you would like to happen, with the proviso that you want to be able to change your mind in the future. 

Step 3

We can ensure that we have a full picture of your situation with the full flexibility need to cater for your changing needs and wishes.

Step 4

We will make a full presentation of your solution(s) and a full break-down of costs and explain the next steps.

Step 5

Your documents are now checked, bound ready for signing and we will record your Will on the National Will Registry as standard.

Commonly asked questions on Trusts

This is a question I get asked almost every time. If you can imagine that your Trust is an empty Safe – it will only have contents after you die. You leave the “Keys” with your instructions. So the answer is a big “NO”

Ok- some examples we use to explain.

Let’s say you wish to leave £20,000 to your grandson who is now age 11. You may get an option to give this at age say, 23 or 25.  But what is he developed an addiction, alcohol, drugs or gambling etc. Would it be your wishes to leave him the finances to make his life (and his parents) more miserable. What if you could ensure that he would be clean, mature enough to receive money.

If someone goes into Business and creditors knock on their door- your funds can be taken off them. Your Trust can protect this eventuality. 

If your beneficiary is assessed for care, your legacy can be taken into consideration to pay for their care.  Again- a well written Trust will protect. ‘

That’s the beauty of Discretionary Trusts in a Will.  The Will directs assets to Your Trust. You leave instructions for that asset (and all else) on how you believe TODAY that this should be distributed. Any time after, you can simply re-write the instructions with updated details- you never need to re-write the will.  

Here’s a simple example. You want to ensure you no 3 daughter is financially looked after. However, later in life, she is in receipt of Benefits. If you had left her money direct, it could affect her payments.   The solution – Properly written Trusts. 

Say you own a Farm or Business or a House and wish to leave this to your oldest son – but you have concerns as he is married.  Things can change in any marriage. Sad but true. So, any divorce settlement could affect not just your son’s fortunes but also your grandchildren’s.  This is a major concern for us as parents. 

Yes, this is a much-misunderstood terminology. When say, a husband and wife buy a house together, (or any couple) they may be offered which type of ownership they prefer.  Ownership can be Joint or Tenants in Common.  

 Joint Ownership means that husband dies- wife automatically owns 100% of the house.  And vice versa. Now, once this House is 100% owned by one person – it becomes attackable by the usual possible threats. 

Tenants in Common- means that both own a half each (for example)

So, Husband dies – he can leave his half to his chosen beneficiaries while still protecting the Partner. 

Confused?  Let’s look at where this can be of benefit. 

If someone owns all of their home and they are assessed for care, their home is now at risk (In N. Ireland if you have assets above £23,250- then you will pay for your care costs) 

However, o proper planning can save many thousands of Pounds. 

PS- Your savings are also at risk and typical Nursing Home Costs run at £1000-1500 per week...

As another example, let’s say, you are married and own your house (with or without mortgage) 

You have 2 children, and you each want your spouse to own this house until they pass it to the kids.  So, wife passes and after a few years, Hubbie meets a new love, who also as 2 children from her previous marriage. Hubbie dies and this new wife inherits the house. Who does she now leave this house to when she draws up her new will?  This is called sideways Inheritance. Not something easily discussed but the implications for your children are dire. TIC ownership with the correct Trusts can ensure that your wishes are administered exactly as you expected- with no surprises. 

OK- I don’t want to get too technical for now, but last count, about 96. 

Trusts can be Lifetime (as in exist while one is alive )  and I will discuss this separately when I meet with you.

Or on Death.as we have noted above.  

They can help with Inheritance Issues, Buy to Let properties, Cash, Property, Farms and Businesses, Bitcoin, Data …… and so on….

For simplicity- in a Will, we can either leave something ABSOLUTELY (no flexibility it must happen) or we can use the respective TRUST RESOLUTIONs (with all the flexibility of ownership and control as we discussed) 

 

Your documents are (attested) signed and then need to be stored somewhere safe (preferably not at your property). In any case, it is important that your family know of the whereabouts of your original signed Will as only the Original Signed Document is acceptable for Probate.

 

You may lose capacity – in which case it is too late to choose who you wish to nominate as your attorney.  Therefore, we recommend that e-v-e-r-y-o-n-e should have one written. It may never be needed but the implications of not having one will be explained further in this website.

                                                It would be remiss of me as a professional adviser, not to bring this to your attention. 

PS If you change your mind about your attorney or they no longer can or wish to act- we have inbuilt flexibility in your package.

Prefer the 1 Minute intro?

Trusts- What are they and how how can they protect my assets.

During the Crusades, Trusts were set up to protect Lords and Knights returning to reclaim ownership of their Castles and Lands. 

They didn’t know then that you and I could own our Homes, Farms, Factories, Businesses and Investments.

These same Trust Laws help to keep our Assets safe from grabbing hands and passing our assets safely to our next generations.  

Trusts aren’t just for the rich and famous.

EPA (N.I)

Anyone under 18 and any adult who loses Capacity will automatically come under the jurisdiction of the Court of Pro

      Meaning What Exactly ?

It means the Courts will decide who looks after your financial affairs- Not your wife/husband/daughter/business partner or whoever you believed or might have naturally assumed.

Put it in writing with an Enduring Power of Attorney Declaration (NI Version) with proper planning.

Flexible Wills- Better with Trusts?

 Some of us aren’t 100% sure of what we want to do at this time in our life right now.

  • We don’t know when we are going to die.
  • We don’t know what the Tax Laws will be at that time.
  • We don’t know if our Kids or Grandkids will be mature enough to receive our hard earned money.
  • What if they divorce? Or if they are in Business and have creditors, go into care or heaven forbid, develop gambling or alcohol/drug habits and my legacy ends up adding to their misery.
  • Can I leave these decisions until later but still make my planning today?  

News Items -

                     Some Famous Names with Stories to Tell.

You’re not alone if you have been putting it off, or even making mistakes with major consequences.

Despite many with obvious wealth, we imagine for sure, their affairs would be well arranged ….   

Find out about Benny Hill, Bob Marley, Jimi Hendrix and a few more. 

All from my era too!!