Plan now to protect your loved ones financially in the future
By taking action now you can safeguard assets or property
We cannot plan when our time will come, but we can plan what we leave behind.As well as a plethora of fond memories, we can also give our families some financial security when we depart. And, sometimes, that is one of the biggest gestures we can gift our loved ones.
Although we will not be around to see our sons, daughters and grandchildren benefit from what we have left them, we can rest assured that it will make a huge difference to their lives – as, for many, it will give financial protection to future generations.
With escalating energy costs and rocketing mortgage interest rates, it’s no wonder young generations are struggling. Many of our sons and daughters are finding it increasingly harder to gain a footing on the property ladder but it will not always be this way if they inherit an estate.
Have you thought about how you will safeguard your loved ones’ future? Have you written a Will or considered a Protected Property Trust or Transfer? A Will ensures your wishes are carried out when you are gone, while a trust or transfer is clever way of protecting your assets and/or property from being used to pay for care home fees. ILAWS Scotland, estate planning experts with offices across Scotland, has a mission to ensure that everyone, regardless of their financial situation, is aware of all the legal documents they need. ILAWS also strives to make arranging these essential legal documents – whether it is writing a Will, arranging a Power of Attorney (POA) or setting up a Protected Property Trust (PPT) – as affordable as possible.
So, with prices of Wills and Trusts/ Transfers frozen until the end of the year – and a special discount for those who wish to set up POA – there is no better time to contact ILAWS.
Most people assume that if they write a Will, and state they wish to leave their home to their two children, that this is set in stone
– but it might not happen if you, or
property would be swallowed up in just four years.You cannot withhold money from the local authority to pay for care home fees, but there are legitimate ways to prevent your property from being sold to fund care costs.
“The two options available to homeowners in Scotland is a trust or transfer.About 90% of our clients who enquire about this can do something.”
Trusts and transfers are important considerations for those who wish to protect their children’s inheritance, and you don’t need to worry about Inheritance Tax or the so-called seven-year rule.And there are several benefits of putting a trust or transfer in place. Tony explains more: “If you decided to put your property into a trust or transfer, then the sevenyear rule does not apply if you are under the Inheritance Tax threshold – which the vast majority of us are.”
As well as those who have already lost a spouse, married couples who have paid off their mortgage could benefit too. It is definitely worth investigating by contacting ILAWS.