YOUR WILL – The most important document you will ever possess
At Lloyd & Whyte we offer a wealth of financial planning advice. The range of financial services available to you also extends to providing advice on Wills and Estate Planning.
Our qualified advisers, working in conjunction with APS Legal & Associates will listen to your requirements, offer you advice if requested, and follow your instructions to prepare these documents for such an important area of your financial planning.
Together, Lloyd & Whyte and APS Legal & Associates form a partnership which offers you a dedicated service from two companies which are both recognised and trusted brands in the financial, professional will writing and estate planning sectors. Lloyd & Whyte hold Chartered Financial Planner status, and APS Legal & Associates are members of the Institute of Professional Will writers and its Associates will operate in accordance with the IPW Code of Practice.
Two in three people living in the UK don’t have a Will. Denial or lack of time are common reasons for not writing a Will, but ignoring the need for a Will leaves our wishes unwritten for after we’re gone.*
Some are convinced they can live without a Will. Technically, they can. The problem presents itself after death, in the form of inheritance planning, nameless possessions and unspoken funeral wishes. If you own a house or have people who depend on you, a Will is crucial. Realising this is the simple part, but finding the right guidance for writing a Will can take time and trust.
The thought of creating a Will can be an emotive and daunting process and it is easy to push it further down your to-do list. However, it is very important to have a Will professionally drafted so that you can be sure your wishes are legally valid in the event of your death.
There are different types of Will available ranging from a Standard Will to those which include Trusts. Also, if you have young children you may want to consider appointing a Guardian who will look after them should you die before they reach the age of 18.
The benefit of letting us, Lloyd & Whyte Financial Services Ltd, to help you write your Will is that we are professionally trained when it comes to protecting your assets from the government and local authorities. You have worked so hard to build your assets and sometimes a Standard Will may not be enough to protect those assets sufficiently.
There are many Trusts which can be incorporated into your Will to help protect your assets. A list of these can be found below and we are very happy to talk through the different options available to you, and the benefits of each.
- Wills to include Discretionary Trusts
- Wills to include Property Protection Trusts
- Wills to include Flexible Life Interest Trusts
- Wills to include Inheritance Tax Savings Strategies
- Wills to include Pilot Trusts
- Wills to include Business Property Trusts
- Asset Protection Lifetime Trusts
Many people feel it is unjust for the government to levy an inheritance tax on your assets in the event of your death. Our professional advisers can help you assess your personal wealth situation and advise on how it is best to reduce or even eliminate your exposure to inheritance tax.
Everyone has a tax free allowance, but for some, if your assets reach a certain threshold your inheritance tax can be levied at a staggering 40%.
Our advisers will use legally tried and trusted strategies to help reduce your inheritance tax bill with the aim of ensuring that your beneficiaries will inherit more of your estate instead of the Government. Evasion of paying tax is illegal and Lloyd & Whyte Financial Services Ltd will ensure that your affairs are permitted and lawful.
Lasting Powers of Attorney
There are two kinds of Lasting Powers of Attorney (LPA) documents that enable you to give legal authority to people whom you trust to manage your affairs on your behalf.
In the unfortunate event that you should suffer a stroke, be involved in an accident or be affected by the onset of dementia, for example, these trusted person/persons (Attorneys) will deal with:
- Property & Financial Affairs LPA
- Health & Welfare LPA
The Property & Financial Affairs LPA will enable your chosen Attorneys to do things like pay your bills, sell your property on your behalf, and even draw your pension. This is of particular importance when you are using the drawdown facility to receive your income from your pension as no changes to this can be completed without an LPA.
The Health and Welfare LPA will allow your Attorneys to make decisions related to your health and personal welfare in the event that you lose mental capacity.
It is important to note that both LPA agreements must be registered by the Office of the Public Guardian, before they can be used by your Attorneys. This is a process which we are able to carry out for you.
We appreciate that considering the topics of Wills and Lasting Powers of Attorney can be an emotive process and we would like to reassure you that our advisers are trained to maintain a sympathetic and professional relationship at all times.
Guidance Note Document
Property Protection Trust Facts Sheet
Why you should have a lasting power of attorney
Things to consider before your LPA meeting
Things to consider before your Will meeting
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