Wills

 Inheritance Tax

 Blood Line Planning

 Care Provision

 Power of Attorney

We may not like to think about it, but none of us will live forever, and unfortunately, no one can guarantee when they will die.

Whilst we work long and hard to protect and care for our families during our lifetime, too many of us are failing to consider or plan for what will happen when we die, whenever that may be.

Ensuring you have a valid legal will is only part of the solution; on its own it is not sufficient to protect your estate in a comprehensive manner. To do this you need to take into account additional factors such as Care Provision, Lasting Power of Attorney (LPA), Inheritance Tax (IHT) and Blood Line Planning.

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Here are some of the key facts that you need to be aware of:

Wills

 70% of people in the UK die without having a valid legal Will.
 Of those that make a will, most are either invalid, or out of date and no longer reflect their wishes.
 Most people assume that if they die, their estate will automatically pass to their spouse - this is not the case.

IHT

 £3.6 billion was paid in the UK on Inheritance Tax last year. (2006/2007)
 Over £1billion of this is estimated to have been unnecessary.
 Your family could be left with an avoidable tax bill of hundreds of thousands of pounds.

Blood Line Planning

 Without adequate planning, your children / grandchildren may never benefit from your estate. e.g. If your spouse
      re-marries, their new partner may have a claim on your estate.
 Anything left to your children could also be lost should they divorce in the future.

Care

 In 2002, (the last time figures were published) 70,000 homes were sold by the government to pay for long term care.
 Under the terms of the Community Care Act (1990), if you have assets of over £20,000 including the value of your home
      and savings, you have to pay for all your Residential Care Fees.

Power of Attorney

 Enables you to decide who you want to look after your affairs if you are no longer able to.

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At Choice Financial Solutions, we are aware that you work very hard for your money. Our aim is to make your money work as hard for you, both during your lifetime, and after.

Forward planning with careful and detailed individual advice from a specialist is the only way you can make sure your assets end up where you want them to.

For further advice on this, or any other aspects of financial planning, please contact us.