Benjamin Franklin famously said, “The only things certain in life are death and taxes.” Neither is an easy or popular topic of conversation, yet both need addressing.
Many of us assume that our wishes will be accounted for when we die, with or without a will, but we couldn’t be further from the truth. If we want to ensure that the ones we love, and the organisations we care about, benefit when we pass away, we need to make a will and clearly outline our wishes. But these are not the only benefits of making a will as Paul Asling of George Ide Solicitors reveals in the guest blog he has written for us to mark National Make a Will month this November:
Protecting your assets for the future
By Paul Asling, George Ide LLP
One of the most common questions we get asked regarding wills is, how can I protect the capital in my property from being eaten up by care costs later in life? Depending on your circumstances, a Trust in your will can help protect your property and assets from the impact of long term care fees. The way a trust is structured may mean the difference between seeing assets eaten up in a few years, or making a lasting difference to the quality of life of your beneficiaries.
It is perfectly legal for your partner to state in his or her will that when they die, half of their share in your property is put in trust for your children or another beneficiary instead of going straight to you. This means you can protect half of your home from being sold to pay care fees.
The Property Trust allows the surviving partner to occupy the property or to move to a different one. It also prevents the deceased partner’s share in the property being inherited by a second husband or wife if the surviving partner remarries.
By doing this you protect your share of the property from Local Authority calculations should your spouse require long term care after your death and from passing by inheritance law to a new spouse or partner.
Another common question is, how do I ensure a loved one who requires additional care gets the support they are entitled to? Providing for a loved one with complex care needs following your death is not always straightforward – you want them to have enough money to be comfortable but don’t want to affect their entitlement to state benefits, many of which are means tested.
One of the most effective ways of providing for someone in this situation is a trust within your will. As well as providing protection for the beneficiary, if set up correctly the trust can also avoid certain tax charges normally associated with trusts.
Solicitors George Ide LLP are offering supporters a fixed price will-making service and donating a part of the £95.00 (plus VAT) fee for a single will to the MS Trust. Mirror wills and property trust wills can also be arranged. For more information contact Paul Asling on 01243 831006 or firstname.lastname@example.org or email@example.com at the the MS Trust.