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How your assets are protected
Write or update your Will
Making a Will is one of the most important actions you will ever need to take. Your Will sets out who
you want to benefit from your estate and in what way you want them to benefit.
Look at how your property is owned
However you currently own your home, in order for you tobe able to pass it on to your beneficiaries, or as much of the value of it as you can. You need to ensure that it is owned in the most effective manner. With the right planning, you can protect your home against the impact of any future divorce or bankruptcy and potentially the assessment of the costs of long term care.
Set up Trusts
Setting up Trusts now to receive your assets on death will ensure that they are not passed “absolutely” to your beneficiaries. Placing the assets in Trust for your beneficiaries means that they will not form part of their estate and therefore will be protected from any
potential dangers.
Register Powers of Attorney
At any point in your life, you may become unable to manage your own financial or medical affairs,
either physically or because of a loss of mental capacity. Registering Powers of Attorney now lets
you appoint the person(s) that you trust to make decisions on your behalf should you become
unable to do so.
