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Protecting your estate can involve a variety of measures, depending on your specific circumstances and goals. The team at Swansea Legal Solutions would like to share these guidelines to ensure you have everything in place to ensure your estate is protected and that your loved ones benefit from it once you have passed away.
Measures to Protect your Estate
You should start by making a will which is a legal document that outlines your wishes for the distribution of your assets after your death. Without a will, your estate may be distributed according to the laws of intestacy, which may not reflect your wishes.
If you own property, you should also consider setting up a trust. A property trust is a legal arrangement where you transfer your assets to a trustee to manage on behalf of your beneficiaries. Setting up a trust can help protect your assets and ensure that they are distributed according to your wishes.
It’s also a good idea to use lifetime gifts. You can give away assets during your lifetime to reduce the value of your estate and minimize the amount of inheritance tax your beneficiaries will have to pay.
You should also make use of inheritance tax exemptions: Inheritance tax is based on the value of your estate after your death. There are several exemptions and reliefs available that can reduce the amount of tax your beneficiaries will have to pay.
When putting in place to protect your estate, you should always seek professional advice to help you navigate the complex laws and regulations surrounding estate planning in the UK.
Lasting Power of Attorney
Of particular importance it comes to protecting yourself and your estate is to set up an Lasting Power of Attorney (LPA).
An LPA is a legal document that allows you to appoint someone you trust to make decisions on your behalf if you become unable to do so yourself, due to illness or incapacity.
There are two main types of LPA:
- Property and Financial Affairs LPA: This allows your chosen attorney to make decisions about your property, bank accounts, investments, and other financial matters. By appointing someone you trust as your attorney, you can ensure that your financial affairs are managed in accordance with your wishes.
- Health and Welfare LPA: This allows your chosen attorney to make decisions about your health and welfare, including medical treatment and living arrangements. By appointing someone you trust as your attorney, you can ensure that your wishes regarding your care and treatment are respected if you are unable to make decisions for yourself.
Having an LPA in place can help to protect your estate by ensuring that your affairs are managed by someone you trust if you are unable to do so yourself. This can help to prevent disputes and ensure that your assets are managed in accordance with your wishes. However, it is important to note that an LPA does not provide complete protection for your estate, and you should consider other estate planning measures, such as those mentioned above to ensure that your estate is fully protected.
Swansea Legal Solutions
At Swansea Legal Solutions we have an experienced team who work with clients to help protect their individual estates as much as possible. During April 2023, we are offering 15% off all property trusts taken out before the end of the month; and a free will when you take out an LPA. Book an appointment to discuss your specific requirements today on 01792 420844.
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