'Certainty? In this world nothing is certain but death and taxes'
Benjamin Franklin
He was right. We can do little to prevent either of these events happening, but can go a long way towards reducing the impact either event will have on our family's future and financial wellbeing.
In short, your instructions as to who gets what when you die. A written, legal document which states your wishes as to the disbursement of your wealth and possessions but also to address issues such as to 'who will look after the children'.
Less than a quarter of adults in the UK have made a Will, which means that over 75% of us are happy for the State to decide what happens with our wealth and possessions and also who will look after the children.
That's around 34 million adults in the UK who have made no plans or instructions to distribute their assets when they die.
Put simply, a tool that is used to disperse wealth, assets and possessions in the most time and tax efficient manner.
When considering policies such as Life assurance, Trusts are there to ensure the Right Money is paid to the Right People at the Right Time.
The passing on and disbursement of wealth, utilising tools such as Wills and Trusts, is encompassed overall by estate planning.
This essentially puts strategies and plans in place to protect income, investments, property for example for partners and future beneficiaries.
This is not only in the event of death, but also to address and/ or protect against the potential costs of convalescence or long term care.
Assists and liaises with professionals already appointed at this most delicate time in life to ensure the future is planned and protected. Particularly effective if employed prior to the loss allowing partners to consider together how they wish life to proceed when only one of them remains.
Making the most of tax efficient modes of passing on wealth and developing income streams provides the widow with an almost automated future life plan to help them cope with such a loss.
We may refer you to our specialists partners and linked professionals in addressing such complex areas of financial structure.
Source: Coop Legal Services Press Release 06/01/2009 and Gorvins Solicitors 12/02/2009