Lloyd Dowson

Wills and Trusts

Why make a Will? 

When you die your property and affairs must be dealt with. Making a Will lets you decide what happens to your money, property and possessions after your death and it ensures that any specific intentions you have are carried out.

A Will is particularly important when you need to do the following:

  • Provide for Children especially if you are separated or unmarried 
  • Minimise tax liability                                                           
  • Minimise administration costs

What if I do not make a Will?

If you die without having made a valid Will – referred to as dying 'intestate' – the law will determine what happens to your estate and who will receive your money, property and possessions. This may result in your affairs being handled in a way you would not have otherwise wished. This could lead, for example, to:

  • Your spouse /civil partner only receiving a fraction of your assets
  • Increased tax liabilities
  •  Increased costs of administering your estate

 

At Lloyd Dowson we can give you the confidence that your Will correctly expresses your wishes. In addition, we can also give you advice on related matters such as inheritance law and taxation.

For further information contact Phil on 01262 602456 or 01723 361039

TRUSTS

What is a Trust?

A Trust is a form of gift given via a Trustee to a beneficiary, with the Trustee legally responsible for managing it. Trustees may be appointed to hold money or assets in trust for young children or others.

It is important Trustees are given special powers to avoid any statutory restrictions, for example:

  • When buying a house                                                                                                            
  • To distribute capital
  • For investment purposes                                                                                                                                                                         

Why have a Trust?

A Trust will help you to protect your assets. Beneficiaries can receive the income produced or alternatively have use of the asset itself, but the Trustees retain control. Assets are protected from divorce/separation proceedings and bankruptcy. There are significant Tax savings if you have a trust for example:

  • Inheritance Tax (IHT) savings of 40% on the value of the assets put into Trust
  • Income tax savings of up to 45% annually on income received
  • Capital Gains Tax (CGT) savings of up to 28% on a transfer of assets to family members
     

For further information contact Phil on 01262 602456 or 01723 361039

 

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