Inheritance Tax & Estate Planning Advisors in Northern Ireland
What does all this mean? Well, it’s the tools used to protect your estate against creditors or bankruptcy, future or generational taxes on your estate, care home fees, marriage after death and divorce.
Wills, Trusts & IHT Advice
We now offer this new service to help our clients protect their assets for many generations, not just one lifetime.
Effective taxation planning can clear up your queries in relation to issues that could arise around your estate, including –
- Nursing Home Fee planning,
- death duties,
- lifetime gifts,
- trust arrangements,
- civil partnerships,
- capital taxes,
- IHT liability,
- powers of attorney & trust set up.
Remember, don’t leave today what you may not be able to do tomorrow.
Setting up A Trust in Northern Ireland
You can view a full range of estate planning videos explaining all of the above by clicking the link below.
Important Things To Consider When Writing Your Will.
When it comes to creating a will, most people are afraid of doing so and end up putting it off for the longest time, citing reasons such as being too busy to do it, and that it will take a lot of their time. This is because many people are afraid to face their mortality and spend most of their lives worrying about the now but forgetting about the what-ifs. Dying without a will can cause strife, especially if one has left children behind with no legal guardian. The last thing one needs is their relatives fighting on who will raise the children. A will is without a doubt, paramount, and below are some of the things to consider when writing one.
It is crucial for one to list down all the types of debts that they have and the particular amount owed. Examples are; student loans, credit cards, mortgages, personal obligations, outstanding medical bills and even car loans, among others. You need to note down if there is enough money in the bank to cover all the debts. If that is not the case, then one needs to note down the assets that they would like the executor of the will to sell first, to cover all the debt, starting with the estate’s outstanding debts. After all this, you should also note down all the money that is owed to you by others and if you want them forgotten or not.
All the assets that one owns should be noted down. You should list all of your real estate, investment accounts, bank and retirement accounts and any valuable property that you may have such as antiques and artwork. You should also note any property that you own which may be of sentimental value such as photographs, jewellery or inherited items that you may have. Anything else that may have a personal meaning that is beyond its economic worth should also be noted. As for all these items, you should note down if you would like to leave it to one of the heirs or have it sold to increase the estate’s cash value.
The main beneficiaries are normally people you know such as your spouse, children, relatives or your close friends. If you are married, your assets will most likely go to your spouse when you die. But, it is essential to plan for the unexpected, such as if you get remarried or maybe if you both die at the same time. You may prefer to have your assets from the other marriage to go to the children and not the new spouse, hence putting this in writing will ensure that your wishes are known once you pass on. Your beneficiaries can also include organisations that may have contributed positively in your life or those that you may want to support. It is crucial to list in specifics what a beneficiary should get to avoid confusion.
When one parent passes on, the other automatically gets the custody of the minor children. But in cases where one parent is unfit, or they both die at the same time, the court will look into your will when deciding who will become the guardian of the children. If you do not write these details, then a decision may be made that is out of your control. To ensure this does not happen, it is important to state who the guardian will be in your will. You should give a first and second choice in case the other is not there. In the will, you should explain why you believe that adult will offer the best care to your children, their relationship with them and the adult’s moral fitness to take care of the children. Before naming people in your will, it is essential to discuss the decision with them so that they are aware of that responsibility. Aside from the Guardian, you should also name the executor to your will, be it a family member, a trusted banker or a dear friend.
Before writing a will, ensure that you are of sound mind by knowing what a will is and what you own. With all the tips above, you can start the tax planning process to avoid issues in the family after your death.