Protect Your Beneficiaries
Protecting your beneficiaries can be just as important as protecting your estate.
You can help keep your loved one's inheritance safe from potential loss for many years AFTER they receive it.
Doing everything you can to minimise any loss from your Estate before it is distributed to your beneficiaries is a prudent thing to do.
But, your spouse, children, and grandchildren can still be vulnerable to potential loss to others from their inheritance (e.g. through divorce, bankruptcy, authorities, etc) even for some considerable time after they receive it.
We can help you Legally Protect your loved one's inheritance from potential loss for many years after they receive it.
Protect Your Young Beneficiaries
A child can legally inherit everything when they reach their 18th birthday: it is then totally theirs to spend as they wish. Many thousands of pounds at 18 years old could become a huge problem; expensive cars, lavish holidays with friends and all gone in no time!
However, with the Right Will and Planning in place you can have more control and protection over their inheritance
YOU can nominate the person(s) YOU want to raise your young children and to manage their inheritance if both parents were no longer here.
You can give authority that their inheritance is managed wisely and used for their benefit before they reach 18 years (e.g. school fees, special trips, medical fees, college fees etc).
You may even want to restrict the age your children fully inherit to, say, 21 or even 25 years of age when you feel that maturity and the brain may have finally caught up with each other!!
Protect Your Spouse
On your passing, your spouse could be put in the position of having to sell the family home.
Today, it is not uncommon for inheritance values to be substantial which can result in demands for “my share” to be released now.
This can sometimes be driven by the demanding spouse of your beneficiary child emphasising “We need that money now!”
This could result in your spouse feeling pressured to sell the family home to meet such a demand.
Protect Your Beneficiaries... they may well need it!
Protect Your Adult Beneficiaries
Imagine this: Your married Son or Daughter receives a generous amount from your estate. Sadly, some time later, they get divorced.
Your child's spouse could even be the cause of the divorce and, yet, your son/ daughter-in law could claim a substantial part of that inheritance because it is deemed an asset in the divorce settlement...how would that affect family feelings?
TAX: The Inheritance you leave to your adult child may be very much appreciated. BUT, as a result of receiving this inheritance, this added wealth now puts THEIR estate into the Inheritance Tax bracket.
This could mean that your grandchildren may inherit a reduced amount from their parent’s future estate because, when that time comes, the Tax Office might like to get their hands on a sizable chunk of their parent’s estate first.