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Estate Planning

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Planning Your Estate

Estate planning can be a confusing business, so Galleon Wealth Management aims to help people across Rushmere St Andrew, Ipswich and Suffolk to get to grips with their plans. Contact us today to learn more.

Trusts

Absolute Trust

An Absolute Trust offers trustees the clarity on who is to benefit from the trust where they do not require any access to the trust fund. The transfer of the asset would be a potentially exempt transfer (PET) for inheritance tax purposes as the trust excludes the settlor from benefiting under the arrangement.

Discounted Gift

A Discounted Gift Trust can be used to provide for potential beneficiaries while also allowing trustees access to their assets by way of regular withdrawals from the trust during their lifetime(s). It provides the opportunity for capital growth to be passed from the settlor to the beneficiaries, free from IHT and can often provide a choice of bare and discretionary trusts.

Discretionary Trust

An Absolute Trust offers trustees the clarity on who is to benefit from the trust where they do not require any access to the trust fund. The transfer of the asset would be a potentially exempt transfer (PET) for inheritance tax purposes as the trust excludes the settlor from benefiting under the arrangement.

Spousal Bypass Trust

A Spousal Bypass Trust is designed to address a potential problem if a client dies before taking retirement benefits. Its key objective is to remove the value of the pension from the estate of the surviving spouse or civil partner for inheritance tax purposes.

Wills

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Why do i
need a will?

Making a will ensures your estate goes to who you want it to go to. If you don’t make a will, you die intestate and the state will decide how your estate is distributed.

What happens if I haven't made a will?

  • If you have no will, the laws of intestacy apply and the courts will decide where your assets go.
  • You cannot be sure those you would wish to benefit will actually do so.
  • Your partner will not automatically inherit ALL of your estate.
  • Common law partners may not receive anything.
  • Minors could be taken into care while guardians are appointed
  • There could be lengthy delays for your beneficiaries and disputes.

What would happen to my children if my husband and I died?

Makes a will gives you the opportunity to say who you would like to bring up your children in the event of your death. In a will, the people you appoint to do this are referred to as a guardians.

I have a will but I’m getting married soon – is my will still valid?

Getting married invalidates a will so once you are married, your existing will is no longer valid. You need to make a new will ASAP or your estate will be subject to intestacy rules.

What makes a will valid?

  • It must be made by a person who is 18 years old or over.
  • It must be made by a person who is of sound mind. (This means the person must be fully aware of the nature of the document being written or signed and aware of the property and the identity of the people who may inherit.)
  • It must be made voluntarily and without pressure from any other person.
  • It must be signed by the person making the will in the presence of two witnesses; and signed by the two witnesses, in the presence of the person making the will.

A witness or the married partner of a witness cannot benefit from a will. If a witness is a beneficiary (or the married partner or civil partner of a beneficiary) the will is still valid but the beneficiary will not be able to inherit under the will.

Lasting Powers of Attorney

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HELPING YOU MAKE DECISIONS

A lasting power of attorney (LPA) is a legal document that lets you (the ‘donor’) appoint one or more people (known as ‘attorneys’) to help you make decisions or to make decisions on your behalf.



This gives you more control over what happens to you if you have an accident or an illness and cannot make your own decisions (you ‘lack mental capacity’).

You must be 18 or over and have mental capacity (the ability to make your own decisions) when you make your LPA. You do not need to live in the UK or be a British citizen.

There are 2 types of LPA:
• Health and Welfare
• Property and Financial affairs

Health and welfare lasting power of attorney

Use this LPA to give an attorney the power to make decisions about things like:
• your daily routine, for example washing, dressing, eating
• medical care
• moving into a care home
• life-sustaining treatment

It can only be used when you’re unable to make your own decisions.

Property and financial affairs lasting power of attorney

Use this LPA to give an attorney the power to make decisions about money and property for you, for example:
• managing a bank or building society account
• paying bills
• collecting benefits or a pension
• selling your home

It can be used as soon as it’s registered, with your permission.

You can choose to make one type or both.