What Is Estate Planning and who needs it?

If you have money or assets, like a house or a business that you want to give to someone when you die, you need an estate planner, like me.

If you own a house and wonder what will happen to the equity in it, in the future, you need to speak to me.

I will look at your assets and show you who is likely end up with them on your death. If you already have a Will, I can show you where your money is actually going to end up, and it frequently is not with the person you named in the Will.

What do we do about that?

Ideally when we hand money over, we want our loved ones to enjoy it. But, if we do that, then it is at risk. Other people can take it. Divorce or death can mean it ends up in the hands of someone else. So, instead we put it in a trust. Imagine a treasure chest. This is where we put your money. But if it’s locked in there, how do we get at it? Well, we use a trustee (someone you choose) who has the key to the chest. In this case, I would like my daughter Eileen to be a trustee, to look after the money and the house in that treasure chest, so I give her the key. I give another key to a professional trustee, if I want to.

I also want her to benefit from the trust, so I name her and her children as beneficiaries. Then, each of them will have access to the money and assets, but they can leave the money in there until they need it.

These trusts have very complex rules, taxes and fees attached and we make arrangements to minimise these. It entirely depends on your wishes and family situation which ones are best for you.

If you need more information, call me …

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