Without a will:
Not choosing a Professional Trustee could mean your beneficiaries lose out:
The points above highlight the advantages of using a Professional Trustee, so it is normally good practice to have at least one Professional Trustee amongst your other nominated trustees. The charges for professional trustees vary significantly, so it is best to get a few quotes before deciding on who to use.
Typically, most clients have a life insurance policy to cover their mortgage. You have to consider several other factors, such as covering any other debts, like credit cards, personal loans, and hire purchase agreements. In addition, in the event of your death, you may also wish to provide a lump sum for your children’s education. Life insurance policies should also be put in a trust; this will ensure that the proceeds are not subject to inheritance tax and can be paid out more quickly. A financial adviser can advise you of the correct cover for your circumstances.
In the event of your being unable to make decisions due to being incapacitated, unless you have a Lasting Power of Attorney (LPA) in place, the state would make decisions for you. This can be a very distressing situation for families.
To ensure that your loved ones can make decisions for you, you would need to have a Lasting Power of Attorney put in place. There are two situations where an LPA can be used: 1- for Health and Welfare, and 2- for Property and Financial Affairs. This would give the person you nominate the power to make decisions for you with regard to health matters, for example, which hospital to put you in or which care home to use for your long-term care. Secondly, the nominated person can also withdraw funds from your account to pay for doctors’/nursing care and make decisions about your property affairs.
If you and your Wife/Husband/partner want to protect your house and pass it on to your children, the house would need to be owned as Tenants in Common and not Joint Tenancy. In the event of one of you dying, the deceased person’s share would go into their estate, which could stipulate in the Will that it is for the children. If the remaining person goes into care, the house cannot be assessed for care fees.
One way of doing this may be by the use of an Investment Bond in Trust; it’s best to speak to an Independent Financial Adviser for more advice on how to go about it.
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