Estate Planning
Protecting your tomorrow, today
There are many points in our life when we need to plan for the future and as such the unknown. At Silvergate we have a wide range of products and services which can give you the peace of mind that whatever the future brings we can ensure what you want to happen does. We can’t stop the future, but we can help to make it less scary than it needs to be.
From a simple Will outlining who you would like as guardians of your children, through to complex Trust work helping to protect your estate and assets from non-bloodline relatives, to plans to ensure your family home is protected from care home fees, we really do cover it all.
Whether it is for financial reasons or just to ensure your loved ones don’t have the stress after you’ve gone, please get in touch and don’t put off until “tomorrow”.
Our Services:
Lasting Power
Of Attorney
An LPA is a legal document allowing you to appoint someone to make decisions on your behalf if you become unable to do so. There are two types of LPA: Health & Welfare, and Property & Finance
Benefits:
Limitations:
Decision Making Assurance
Ensure someone you trust manages your affairs.
Financial and Health Alternatives
You can choose different people to handle health care choices and financial matters.
Setup Complexity
Professional advice is essential to navigate legal requirements
Trust Requirement
The appointed person must act in your best interest.
Frequently Asked Questions:
What is the difference between an LPA and a will?
An LPA operates during your lifetime if you're incapacitated; a will takes effect after death
Can I cancel an LPA?
Yes, as long as you have mental capacity, you can revoke it at any time.
Basic Wills
A will is a legal document that outlines how your assets should be distributed after your death. It ensures your wishes are respected and can appoint guardians for children (under 18).
Benefits:
Limitations:
Clarity and Control
Specifies who inherits your assets, reducing potential disputes.
Regular Updates Needed
Life changes (e.g., marriage, divorce, births) require will updates.
Guardianship
Allows you to designate guardians for your children.
Probate Process
Wills must go through probate, which can be time-consuming.
Tax Efficiency
Proper planning can help minimise inheritance tax liabilities.
Frequently Asked Questions:
What happens if I don't have a will?
Without a will, your estate is distributed according to intestacy laws, which may not align with your wishes.
Can I write my own will?
Yes, but it's advisable to seek legal advice to ensure it's valid and comprehensive.
Family Asset
Protection Trusts
These trusts aim to protect various family assets, not just property, ensuring they're preserved for future generations.
Benefits:
Limitations:
Comprehensive Protection
Covers multiple asset types.
Tax Planning Opportunities
Can assist in managing inheritance tax liabilities.
Legal Complexity
Professional advice is essential to navigate legal requirements
Situational Conditions Apply
You must meet certain criteria (e.g. over 55) to create a FAPT
Frequently Asked Questions:
Can I add assets to the trust over time?
Yes, depending on the trust's terms, additional assets can be included
Are assets in the trust safe from creditors?
Generally, yes, but there are exceptions, especially if debts were anticipated.
Protective Property Trusts
These trusts are designed to protect your property, ensuring it's passed to your chosen beneficiaries, often used to safeguard assets from care home fees or remarriage situations.
Benefits:
Limitations:
Asset Protection
Shields property from certain claims or fees.
Controlled Distribution
Specifies how and when beneficiaries receive assets.
Legal Complexity
Requires professional setup and ongoing management.
Potential Tax Implications
May have inheritance tax considerations.
Frequently Asked Questions:
Can I still live in my property if it's in a trust?
Yes, typically you retain the right to reside in the property.
Will this protect my home from all care fees?
Not necessarily; regulations are complex, and deliberate deprivation rules may apply.
Probate
Probate is the legal process of administering a deceased person's estate, ensuring assets are distributed according to their will or intestacy laws.
Benefits:
Limitations:
Legal Authority
Shields property from certain claims or fees.
Debt Settlement
Specifies how and when beneficiaries receive assets.
Time Consuming
Requires professional setup and ongoing management.
Detail Specific
Incorrectly filed probate forms can cause expensive and time consuming issues.
Frequently Asked Questions:
Is probate always required?
Not always; small estates or jointly owned assets may bypass probate.
How long does probate take?
It varies on complexities but typically ranges from a few months to over a year.
Advanced Directives
Also known as a living will, this document records your preferences for medical treatment if you're unable to communicate them yourself.
Benefits:
Limitations:
Autonomy
Ensures your medical treatment preferences are known and respected.
Relieves Family Burden
Guides loved ones during difficult decisions.
Scope
Not all medical situations can be anticipated.
Legal Recognition
Must meet specific criteria to be legally binding.
Frequently Asked Questions:
Is an advanced directive legally binding?
Yes, if it meets legal requirements and is applicable to the situation.
Can I change my directive?
Absolutely, you can update it as your preferences evolve.