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Wills
Concise plain English wills that tell your family what you want to
happen with your estate, are easily achieved.
The most common will is the one that appoints your spouse or partner as
executor, leaves everything to that person and if they don’t survive
you, your will leaves everything to your children equally when they
reach 20. If your children don’t survive you but have children of their
own then their share goes to those grandchildren.
This type of will is not suited to unmarried couples who intend to marry
or couples who have children from different relationships.
Life Interest Wills
This type of will leaves the income from all or some of the deceased’s
estate to one or more beneficiaries. On the death of the person with the
life interest the capital then goes to the person named in the will.
This type of will can be useful for couples who have children from other
relationships. The spouses leave a life interest to other in the income
with the respective children becoming entitled to the capital on the
death of the survivor.
This arrangement avoids the risk of one of the spouses changing their
will after the death of the survivor.
Automatic Right of Challenge
A spouse of the person who has died has the automatic right to challenge
their spouse’s will within six months of them dying, if they think that
they do not hold their legal share of the relationship property.
Trusts
Trusts have become a preferred method of estate planning in recent
years. There are a number of key reasons trusts are used.
Modern trusts provide:
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Tax planning.
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Protection for your business assets against creditors.
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Protection for your business assets against government charges
where means tested.
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Generational asset transfer.
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Protection from relationship failure.
Please refer to our
disclaimer.
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