Inheritance planning now more important than ever

On 4th January 2021 Prime Minister Boris Johnson announced that the Country would be thrust into Lockdown for the third time. With shops, restaurants and schools closed; people on furlough and socialising back to Zoom quizzes, it would be easy for one to assume that society has gone on hold. However, as we are sat at home there is no better time for us to reflect, review and most importantly plan our lives ahead no matter how unpredictable they can be.

Many of us work tirelessly throughout our careers to buy a home and build up our savings for retirement and to be able to leave a legacy for our children and grandchildren to allow them to take a further step on in life once we pass away. Unfortunately, the cost of care homes and the price of inheritance can often diminish your hard-earned money and assets from the control of your chosen beneficiaries and instead diverted to the government coffers.

There is no need to sit and accept this financial penalty, instead there is action you can take to ensure that you are not charged extortionate care home fees and protect you from inheritance tax. Here at Ackroyd Legal, our specialist solicitors regularly consult clients from a range of financial positions in order to protect their interests.

Through the writing of a will and the setting up of a trust, our expert solicitors are able to help our clients save from the care home fees and ensure that their beneficiaries are able to receive the greatest legacy possible. It is an unfortunate and exciting reality that we do not know where life will take us apart from one universal certainty, death. In our experience, many people leave will writing late and it has to be done in a haste. When you acquire a home, have dependents or have savings, it is important to write a will in order to ensure, your children are looked after, and your money and assets secured. It is best to write a will early and then you can live with your mind at ease that your wishes are noted, and you can revert back and amend it with ease, eliminating the unforeseen family disputes that too often arise.

The words ‘power of attorney’ appears archaic and esoteric, only seen as a last resort which many families only seek to ascertain it upon a sudden diagnosis or as a loved one reaches the final stages in life. Waiting until then or even later is often too late, and unbeknown to most that instead you have to become a ‘Deputy’ for this loved one. This process involves going to court for a trial and is a very expensive process, often costing in excess of £5000. This is an incredible stressful drawn out process, made worse with the COVID inflicted court delays and add a lot of stress to an incredible stressful period. Therefore, our advice would be to arrange this as early as possible to put it at the back of your mind as a security and avoid the substantial economic cost and emotional stress of Deputising.

We understand that making these important decisions is often difficult and sad. However, our highly experienced specialist solicitors are here to guide you through all your legal needs, from Wills and Probate, Power of Attorney through to property and International Mergers & Acquisitions.

To speak to our team please call: 020 3058 3363