Written by Tim Mullock from Adept Asset Solutions.
Hannah was in shock. Alan, her father, had died just three weeks ago. He was in his early 70’s, and apparently healthy. With no warning, he’d suffered a fatal cardiac arrest. Naturally, Hannah, her siblings and relatives were devastated by the loss of this wonderful man. Their sense of grief was compounded by worry. For, in spite, of being nagged by his children, Alan had always put off writing a Will. ‘I’ll get round to it soon enough’, he’d laugh. ‘Are you lot trying to get rid of me?’
A large tax bill to pay
As Hannah was soon to discover, Alan’s cavalier neglect would turn out to be no laughing matter. His situation was far from straightforward.
Single at the time of his death, Alan had been twice married and divorced. There were children from each marriage, as well as one from outside the marriage. He died a wealthy man, owning several properties and with substantial savings. There would be inheritance tax to pay. To make matters even more unpleasant, there were factions within the family who didn’t get on. A long, unpleasant and costly process was inevitable.
It didn’t have to be this way
I’m a will-writer, and perhaps the most frustrating thing to see in my line of work is when someone comes to me too late – when the money he or she has worked for all their life gets eaten up by taxes or by costs such as care homes; costs that they could have protected against with forward planning.
I’m on a mission to stop this happening.
Here are some tips on how to avoid Hannah’s plight affecting your family
* Speak to your parents
Of course, be sensitive. Why not show them this article? Tell them about the peace of mind for both them and their children if they make sure their savings and possessions go to those they care about.
* Saving on Inheritance Tax
With a carefully planned Will, your parents can dramatically reduce or mitigate the potential Inheritance Tax bill. For example, by placing property or funds into trust, such taxes can be legitimately avoided altogether.
* Funeral planning
By making their funeral wishes clear in their Will, your parents can, for example, avoid any confusion as to whether they have a cremation or a burial.
Written by Tim Mullock from Adept Asset Solutions. If have any concerns about your planning and future, Tim is happy to have an informal talk with you to help you to focus on the areas that might need some attention. Contact him on 01234 713021 or [email protected] www.AdeptAssetSolutions.co.uk