legal-updates.co.uk

About Inheritance

Inheritance tax affects more and more people, as property values spiral. Unless you have proper 'Estate Planning' in process, you could end up giving most of your hard earned assets to the tax man.

Estate Planning can be divided simply into sections relating to different 'What if.' scenarios:
- what to do if you are incapacitated (and there is a claim on the cost of caring for your or your spouse or you need to adapt your house for say wheelchair access)
- what to do if you AND your spouse become incapacitated and unable to make estate related decisions
- what to do if you die and your spouse is unable to make decisions (or visa versa)
- what to do in the event of your death

Who is declared dead first, and your relative ages can seriously affect situations even when a husband and wife are say involved in a car accident, or perhaps after a boating or transport accident, when one may be declared dead, and the other reported missing.

It may surprise you to know that the decision making may not necessarily be entirely in the hands of your next of kin, so proper planning is vital.

One of the easiest mechanisms, is to consider an enduring 'power of attorney', and to consider the terms under which it can be enacted.

Another obvious element, is to make sure you have yours and your spouses will written to cover what happens if you or alternatively your spouse die first.

We can help in either situation.

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