IF YOU ARE A COUPLE AND HAVE ONLY A BASIC WILL OR A MIRROR WILLL OR NO WILL YOU MAY HAVE THE FOLLOWING RISKS TO CONSIDER;:

  • Care; 

Where a couple own their house jointly, following the first death there is the risk that; in the event the surviving spouse/partner needs care the whole estate including the family home would be assessed to pay for Care costs

 

  • Divorce;

If you children/beneficiaries were to divorce after receiving their inheritance then potentially half of the inheritance could be claimed by children’s spouse as a matrimonial asset

 

  • Creditors or Bankruptcy;

In the event of bankruptcy or creditors making a claim on on your children/beneficiaries assets, their inheritance could be seized

 

  • Generational Inheritance Tax IHT;

Where spouses have Mirror Wills the remaining estate passes to the surviving spouse and without proper planning their could be a large tax bill to pay on their death

 

  • Marriage After Death (MAD);

On first death all the assets may be passed to the surviving spouse where the intention is that the surviving spouse will pass the estate to children/beneficiaries. Where the surviving spouse remarries the assets may all be passed to the new spouse

The use of very simple Trusts can protect your beneficiaries and also ensure that your Estate minimises Tax and that your Estate goes to your intended beneficiaries and will be protected

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