Succession Planning

By: AM Legal Services   31/07/2014
Keywords: trusts

Succession Planning is ensuring that your assets reach your children, grandchildren and other relatives, rather than ending up in the wrong hands! When assets are distributed to beneficiaries “absolutely”, (i.e. they receive cash, property or other assets as a direct lump sum payment) so much can be lost. These assets are then considered to be part of the beneficiary’s estate and would be at risk of attack from any future divorce settlements, creditors and taxation. With the strategic use of Trusts, you can ensure that your children and grandchildren are able to benefit completely from the inheritance you want them to receive and at the same time, protect the family home and other assets from being lost to the costs of Long Term Care. Have you considered what may happen if your surviving spouse were to remarry? How would this affect your own children if he/she later changed their will in favour of the new spouse and any subsequent children? Or for those of you who already have children from a previous marriage how do you ensure that they would get their fair share? What if your children are very young or have special needs? How can you ensure that they are fully provided for? There may also be a business you have worked hard to build up. Surely you would want to protect this for your family too? Family circumstances can also be a concern. It may be that there are some family members you would wish to benefit and some that you wouldn’t. A classic scenario would be an individual who has married into the family but you wouldn’t want to benefit from your estate. Family disputes do occur and divorce and / or remarriage can greatly influence who inherits and by how much. Subsequently, if on inheriting monies, an individual then divorces that same inheritance is at risk. Similarly, if an individual inherits assets but then is later subject to bankruptcy proceedings, or has creditors liabilities, then the whole inheritance could be at risk. Do you really want to leave it all to chance, when with our professional help to set up the correct type of planning all these problems could be solved? Our expertise will ensure that your assets are both fully protected from attack and immediately available to your loved ones after you are gone.

Keywords: trusts

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