Writing a Will makes sure your assets pass to your loved ones after your death. When you write a Will you must appoint one or more executors to handle your affairs when you die. Administering an estate can often be simple and straightforward, therefore this is normally a job for your adult children, relatives or a friend, preferably someone you trust to administer your estate according to your wishes. Your executor can also be a beneficiary.
The Property Protection Trust is an intricate trust clause within your Will, which ensures that after you die your half of the house is held in trust to be used by a surviving spouse or partner, for the rest of their lifetime. They never actually own your half of the property and neither can they be forced out, but you do have the peace of mind knowing that whomever you leave your property to, they will actually receive it whatever happens to your spouse or partner. It enables you to ensure that your children are not disinherited after your death, for example if your spouse remarries or the property is needed to pay for long-term care costs in the event of old age or illness. If you own your house as joint tenants, as most people do, it would be necessary to complete a severance of tenancy.
The Discretionary Trust is one of the more complex of trust clauses used within Wills today, the content of which can be varied to suit a number of situations. Sometimes a Discretionary Trust is used to protect assets for a disabled beneficiary, to make significant savings on IHT for the unmarried couple or if assets other than property need to be protected from long term care or remarriage.
The Family Asset Protection Trust is the most effective way to protect your home from third party creditors. Once set up the Trust can give you the assurance that whatever circumstances life throws at you, your assets can be passed on intact, whether you are married, single, divorced or widowed. It is important that this type of planning is done early, and well before there is any foreseeable need for protection.
An LPA Property & Affairs allows you to nominate the person(s) you trust to handle your financial affairs in the event of your physical or mental incapacity, due to ill health or an accident. Anyone can become unable to manage his or her own affairs, at anytime. Should such an event occur, either through accident, severe ill health or paralysis due to a stroke etc. It would make life very difficult for a family member because no-one else has the authority to deal with your financial affairs (such as bank accounts) or property.
An LPA Personal Welfare allows you to nominate the person(s) you trust to make decisions about your personal welfare and medical treatment in the event of your physical or mental incapacity, due to ill health or an accident. This person may make any decision that you could make about your personal welfare e.g. where you live and with whom, deciding what you wear, what you eat and how you spend your day. The LPA informs the Doctors who you have entrusted with decisions regarding medical care in the final days of your life.
We all face the ultimate statistic: 100% of us will die eventually. Some people like to ensure all their affairs are in order before, and that includes pre-paying for their funeral. It's not morbid, it's to do with independence and responsibility, leaving everything in order. The Equity Guaranteed Funeral Plan gives you peace of mind knowing your family will be spared the financial and emotional burden at a very difficult time.
Having taken the vital step of protecting your estate, your most important documents must be protected and kept up to date. Many people have lost or accidentally damaged their Wills rendering them invalid. Our valuable ongoing Secure Document Storage protects your documents and we provide you with copies. We write to your executors informing them of where your Will is and we are then on hand to help guide them. The small annual fee is guaranteed never to increase and you have the facility of updating your Will as often as you need for free.
Probate is the legal process required to ascertain who has the authority and the responsibility to deal with the deceased’s affairs. Once granted the executors must pay any taxes due, close all bank accounts and sell any property, all the outstanding debts and funeral expenses are then paid with the remainder being distributed amongst the beneficiaries in the Will. Equity has a specialised team ready to assist your executors with the efficient administration of your estate.