When you are no longer with your family, you want them to be provided for to the best level they can be. This is what asset protection focuses on, making sure you last wishes are carried out and that your family receive what they rightly should from your estate. Asset protection services include Will writing services, lifetime trusts, and lasting power of attorney.
Will Writing Services
Drafting a Will is an important process as a Will is a legal document which is rendered completely void if it is inaccurately drafted. A solicitor can help you ensure that your Will is completely watertight so it has the least likelihood of being contested in any way so when you are not around anymore your family have not got any stressful battles on their hands regarding your estate. Passing away intestate (without a Will) can potentially leave your family with nothing.
Each individual is different and each person may need a different lifetime trust tailored to suit them. There are a number of different options including:
– Disability trusts/special needs trusts: this will ensure that any family members that you provide care for or are dependent on you financially will get the financial support they need when you are no longer around. This may be care costs and/or living costs. You may also wish to ensure that your family member continues to receive state benefits but also can receive their rightful inheritance without it being a hindrance to them.
– Asset protection trusts: intended to prevent third parties being able to access your estate
– Care planning trusts: a fund specifically focussed on provided care fees in the future.
Lasting Power of Attorney
Lasting power of attorney is an important piece of legal documentation which grants someone the right to make decisions on your behalf should you no longer be able to make these decisions for yourself. These may be decisions regarding care, finances and more. You will choose the individual you wish to grant this responsibility before you are no longer capable of doing so. A solicitor will confirm you have the mental capacity to make the decision and that the nominee is happy to take on the responsibility.
All these services can be provided to you by legal professionals and can be beneficial in a number of ways, including eliminating or reducing inheritance tax, dealing with appropriate calculations of care home fees, ensuring your property is maintained when you are no longer capable of preventing it falling into disrepair and protecting assets if you are entering into a new and possibly risky business venture.