Making It All Legally Correct
Legal services are another component of plans later in your life. However, this category will obviously need to be geared toward the most relevant concerns such as inheritance planning, lasting power of attorney, will writing and understanding inheritance tax. Let’s have a quick look at each of these to better understand how essential they are.
In many ways, an inheritance may be the largest financial transaction that an individual will ever make. Should you be married and if you have children, this is a topic to address. You need to make certain that your beneficiaries are named and you must know how much each will expect to inherit after any applicable taxes are paid. Specialists can clarify these and many other issues.
Lasting Power of Attorney
If you become infirmed or no longer have the mental capacity to execute basic inheritance issues, you will need to provide someone with what is known as a lasting power of attorney. This individual will be able to legally make decisions for you as well as manage your finances. This responsibility often falls to a spouse or another extremely close friend or family member.
Writing a will can be a complicated process. Remember that cheap or otherwise low-quality wills may not necessarily be legally binding. Therefore, it is important that one is supervised and written by a professional. How will your assets be liquidated and who will receive what? In addition, other factors such as who will be the executor, the time frame in which your estate will be distributed and how to mitigate the impact of inheritance tax are all other areas that must be clarified ahead of time. Silver Choices is pleased to be able to offer you a number of services that address these and many other concerns.
Inheritance Tax Planning
There may not be any legal way to avoid paying inheritance tax on an estate, but there are likely several methods to reduce its impact. This can naturally be a complicated topic and it will involve the consultation of a trained professional. Never forget that any inheritance valued at over £325,000 pounds is liable for a 40 per cent tax. However, methods such as making a gift to family or friends or leaving the entire estate to a partner are ways to lower the amount to be paid. Finally, a whole life insurance plan can be a way to offset the tax that you are responsible for.
Legal concerns may be sticky issues but they nonetheless are quite important to address. Silver Choices is able to handle these and many other concerns that you may have. Please contact us at your earliest convenience so that we can understand your specific situation and any questions that require informed answers.