Lifetime Planning - Questions to Ask Yourself

Before you read this guide any further, you might want to ask yourself a few questions:-

WILLS

Are you aware that:

  1. Making a Will is one of the most important tasks that you are likely to undertake and can provide peace of mind and security for yourself and family?
  2. To die intestate (without a Will) can produce untold problems for your loved ones left behind and can result in the wrong people benefiting?
  3. If you are married and have not made a Will, then your spouse and children may not inherit all of your estate?
  4. If you are not married but have a partner, then your partner may get nothing?
  5. If you are separated but not divorced, then your spouse may be able to claim all or part of your estate and will be able to claim full rights over your children and their assets?

INHERITANCE TAX

Are you aware that:

  1. If the value of your estate is over £300,000 (as at April 2007) then everything above that figure, Inheritance Tax is charged at a whopping 40% tax?
  2. There are legally valid ways of avoiding having to pay any tax at all on your estate and that we at Seatons can help advise and help you?
  3. Would you like to arrange your affairs to avoid paying 40% Inheritance Tax on your estate and thus giving more to your beneficiaries?

LASTING POWERS OF ATTORNEY

Are you aware that:

  1. If you were to become physically or mentally unable to manage your own affairs, or understand what you were doing, then your relatives would have to make an application to the Court of Protection in London to look after your assets? This is an expensive and lengthy process.
  2. A solution would be to sign what is called a Lasting Power of Attorney Deed. This will enable you to nominate a representative/attorney (usually a close relative) to act on your behalf and look after your matters in the event of you becoming mentally or physically incapable of handling them yourself.

LIVING WILL

Are you aware that:

  1. If you suffer a serious long-term illness and you are unable to express your wishes, then you could lose your right to consent or refuse medical treatment and could lose control over the type of medical treatment in the future?
  2. A Living Will/Advance Directive Deed will enable you to give advance directions to your family and GP and thus keep control and make your own decisions on your medical treatment and care.
  3. We at Seatons can advise and help solve this issue for you.

RESIDENTIAL CARE

Are you aware that:

  1. If you require residential care or nursing care you could lose almost all your assets including your home?
  2. By law the local authority has the right to claim most of your savings and home in order to pay for your care costs?
  3. Yet someone who is without savings and does not own property is eligible to receive a similar level of care for nothing?
  4. We can help you protect some or all of your assets and property from being clawed by the local authority so that if you go into care you can save your home and still have something to pass on to your loved ones?
  5. We at Seatons can advise and help solve this issue for you.