Severn Estate Planning

A Property Protection Trust helps protect your share of your home’s value in the future. You can also ensure that your estate will pass onto your loved ones, exactly as you wish.

Although a Will makes your wishes known, it may not provide protection for your assets. Your half of your home’s value may be at risk of being passed to another family after remarriage (sideways disinheritance), or used to fund your partner’s care costs.

Property Protection Trusts are usually set up by married couples and civil partners who own their home jointly. The ownership of the home is split to ‘tenants in common’, so each partner has 50% of the property. Each half is then left to the Trust, rather than to each other.

With a Property Protection Trust, you and your family can enjoy many benefits:

✔ Complete control of your assets

✔ Your estate will be distributed to your exact wishes

✔ Protection from care costs

Severn Estate Planning can even include a Will when you take out a Trust, to ensure your estate is securely protected.

You will also still be able to move home. The Trust is simply altered, and your new home will be covered and protected.

A Family Protection Trust is a legal way to make sure that your wishes are carried out exactly as you intend. Working alongside your Will, the Trust holds your assets and saves your family the delays and expense of probate. You can protect your home, cash, investments and bank deposits in your Trust.

A Family Protection Trust gives you peace of mind that your wishes will be respected and your family will be provided for as you wish.

• There’s no need for probate, saving your family time and money
• Sideways disinheritance is prevented, so your loved ones are guaranteed their inheritance
• Children can inherit at a time right for them
• Your family will find it easier to plan for any Inheritance Tax issues
• A Trust is much harder to challenge than a Will, if there are any claims
• May offer protection against care home fees

A Family Protection Trust acts as a safety deposit box for your assets, which you can access at any time. As you control the Trust, you will be able to make as many changes you want. Just as you choose who benefits from your Will, you can also decide who will inherit from your Trust.

Probate is the legal progress of dealing with your estate after you pass away. Through probate, assets will be distributed to your beneficiaries, according to your Will. It can be a long and stressful process for your loved ones, taking around six to nine months to complete. We can help prevent these problems with our Probate Plans.

Probate could be required for assets as little as £5,000. It can be time-consuming and costly — typically up to 5% of the value of your estate goes to your Solicitor. By planning ahead and paying for your Probate now, you will:

✔ Avoid future price increases

✔ Reduce worry for your family

✔ Pay less than a Solicitor’s fees calculated as a percentage of your estate’s value

Paying a fixed fee at today’s prices makes things easier in the future. There won’t be anything to pay when the time comes, minimising the stress on your family and friends at an emotional time. Prices start from only £1,800, and your financial savings vary depending on the current value of your estate. You can choose from a range of payment options for ease and flexibility.

A Funeral Plan allows you to organise and pay for your funeral in advance, saving you and your family stress and money. The prospect of planning your own funeral might be daunting. But, if you don’t make preparations in advance, it can leave an emotional and financial challenge for your loved ones.

• Have income the Court of Protection believes to need the appointment of a Deputy
• Have property to be sold or bought
• Be at risk of decisions not being made in their best interests
• The Deputy must be trustworthy. They are usually a close friend or relative.

A Lasting Power of Attorney is a legal document that allows you to appoint people to manage your affairs when you no longer can. Independent of a Will, a Lasting Power of Attorney gives you peace of mind that your future is in safe hands.

There are two types of Lasting Power of Attorney (LPA) to choose from. Depending on your wishes, you may choose one or both. As long as they are over 18, you can choose anyone to act as your attorney. They could be your partner, or a trusted friend. But for a Property and Affairs LPA, your attorney cannot be bankrupt.

Health and Welfare

This allows your attorney to make decisions based on your healthcare, consent to medical treatment and accommodation. It can only be used if you are unable to make your own decisions.

Property and Financial Affairs

This covers decisions surrounding your bills, finances and property. It can include collecting a pension or benefits, and even selling your home if necessary.

You can choose when you would like your attorney to have power, now or in the future.

Writing a Will ensures the smooth transition of your estate to your loved ones. It makes sure your final wishes are met and means your assets will be left in the right hands. Severn Estate Planning makes every step of the process as clear as possible. We also:

• Minimise Inheritance Tax
• Mitigate care home fees and probate costs
• Avoid sideways disinheritance