What is Estate Planning
What is Estate Planning and how is this different to writing a will? Well a will tells us how you would like your assets to be divided after your death. Whereas estate planning is the preparation for the management of your assets in the even of you becoming incapacitated and/or after your death. A will does not protect your or your assets against unexpected problems that arise throughout life, such as ill-health, divorce, bankruptcy, etc.
By taking steps now to plan your estate, you can protect your loved one’s inheritance and make sure your assets are distributed to the people YOU choose.
By taking steps now to plan your estate, you can protect your loved one’s inheritance and make sure your assets are distributed to the people YOU choose.
Long-Term Care
One of the main reasons people are forced to sell their home towards the end of their life, is because they need to go into long-term care and therefore, their assets are seized to fund the care. With our Estate Planning, our experts can help you to set up a Trust that will protect your home from being included in your financial assessment if you do need to go into long term care, in turn protecting the assets you want your loved ones to inherit after your death. This kind of trust can also make sure certain beneficiaries are protected if you or your spouse have been married before and/or have other children.
How Estate Planning can protect you and your loved one
Transferring the ownership of your home into a Trust does more than protect your home if you are taken into long-term care. In fact, it can include all sorts of special provisions designed to protect you too. Such as:
- You can retain the right to stay in the home for the rest of your life
- You can still sell the home and buy a different property of your choice
- You can sell the home and take an income from the proceeds of the sale which are placed in the Trust.
Estate Planning can save you (and the loved ones you leave behind) time and money
On your death (or the death of your widow or widowed husband if the Trust is for a married couple) the property, or the money from its sale, passes to the chosen beneficiaries without the need for probate, saving both time and money.
Probate is the judicial process in which a will is "proved" in a court of law. During this process the will is verified as being the true last will and testament of the deceased. Probate can be very straightforward, or it can be very time consuming and lengthy. Estate planning lets you work around this, so that after you do pass away, your assets are given to the beneficiaries of your choice, without them having to go through this process.
Probate is the judicial process in which a will is "proved" in a court of law. During this process the will is verified as being the true last will and testament of the deceased. Probate can be very straightforward, or it can be very time consuming and lengthy. Estate planning lets you work around this, so that after you do pass away, your assets are given to the beneficiaries of your choice, without them having to go through this process.
Estate planning with the Will Makers of the Midlands
It is important that you choose a company that specialises in estate planning if you want to be sure that the paperwork is clear, unambiguous and will serve its purpose. Doing this yourself, or choosing a cheaper, less qualified company, could lead to ambiguity in the plans, which in turn could cause issues for your loved ones in the event of your death. As the Will Makers of the West Midlands, we provide professional advice and an abundance of expertise and experience to guide you to the best solution for your particular circumstances.