Planning for your Future
Planning for your future
It is both amazing and worrying to think that around 2/3 of adults in England and Wales do not have a Will. Making a Will need not be complicated or expensive. Although you can make a Will yourself, using a pack bought from the high street, we would strongly suggest you see a solicitor to have it drawn up professionally. We like to compare it to do-it-yourself dentistry – whilst it may be possible it is probably not a good idea for most people!
If you have any asset worth over £5,000, any stocks and shares or a property then your executors will usually need to apply for probate. If you don’t make a Will, they need to apply for Letters of Administration instead, which is very similar. Unless your assets are all owned jointly with someone else and pass to them automatically, you will need a Grant of Probate before your estate can be paid out.We can provide detailed advice about this if you need it.
Inheritance Tax (IHT) is payable on death at the rate of 40%* on the value of your net assets over £325,000*. The first £325,000* is called the “Nil Rate Band” because although it is taxable to Inheritance Tax, it is currently taxed at 0%.
Whenever ownership of assets is transferred from one person to someone else to look after and use to benefit a third person, that is a trust.Trusts are very common and play a key role in many aspects of everyday life. For example, most company pension schemes are structured as trusts. Or think about the National Trust.
As people live longer, more and more of us face the possibility of going into residential care accommodation. This costs around £450 per week which means that the money you’ve worked so hard for can soon be eaten away. There are ways to preserve your assets and that’s where we can help.
Going into care
The decision to go into care can be a difficult one. Leaving your home can be traumatic and people often feel rushed or pressured into making a quick decision.That decision will affect the rest of your life, and at Banner Jones we believe in offering you the help and guidance you need to make sure the decision is right for you.
Whether you are a carer for a loved one, or the person being cared for, we can help. We understand that no-one wants to leave their home and move into special accommodation unless they have to. We at Banner Jones work closely with the elderly and disabled and their carers. Our team of advisers can help make sure you stay in your own home for as long as possible and receive all the support you need and are entitled to.