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Estate Preservation Service
The three most frequent questions asked of us concerning estate preservation are:
1. Is there a way of lowering my liability towards Inheritance Tax?
(Currently 40% after the first £300.000)
2. Can I protect my share of my property from being used to pay for my spouses/partners care costs?
3. Is it possible to ensure that my children will inherit my share of my property, even if my spouse/partner re-marries after my death?
Our Estate Preservation Service protects all these situations.
This is achieved by one of two methods:
1. Severance Of Tenancy (With a lifetime interest to your spouse/partner)
We will write a new Will for each of you. We will produce the relevant documentation and deal with the legal aspects that are required to alter your property deeds from Joint Tenants (When one dies the survivor becomes the sole owner) to Tenants In Common (Each owner has their own individual share thus reducing each person’s share by fifty per cent of the value of your home). We then produce the documents required to give each other a Lifetime Interest in your home and produce a Tenancy Severance Agreement. This means that the surviving spouse/partner has the right to live in your home until his/her death. After this event your share will be divided according to your Will, thus ensuring that your choice of beneficiaries receive your share of your home.
2. Discretionary Will Trust
We will write a new Will for each of you, which will include a Discretionary Will Trust with your spouse being the main beneficiary. This gives to your Trustees part of your estate equal to the current Inheritance Tax exemption level effectively doubling the amount that can be passed to your ultimate beneficiaries before tax is due. This form of Discretionary Trust also can prevent government agencies seizing the assets of your spouse should they become dependant on long-term care. It also guarantees that your chosen beneficiaries will receive your share of the estate after your death, payable by your Trustees on the death of your spouse, without reducing their standard of living whilst they are alive. We will produce the relevant documentation and deal with the legal aspects that are required to alter your property deeds from Joint Tenants (When one dies the survivor becomes the sole owner) to Tenants In Common (Each owner has their own individual share thus reducing each person’s share by fifty per cent of the value of your home) and produce a Tenancy Severance Agreement.
With Government Agencies becoming more active in raising funds from other sources,
protecting your estate has probably never been more important. With an entry level of
£300.000 for Inheritance Tax Liability our fixed price of £450.00 offers a potential saving of
thousands of pounds and may save your beneficiaries a great deal of stress.
This represents great value.
This service is subject to future changes in legislation and Inheritance Tax Rules.
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