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As part of our Estate Planning Service, we recommend that you consider implementing some simple measures to mitigate against future problems. We also recommend that you take independent financial advice in planning for your future and confirm that we would be happy to arrange this, should you so require.
We have summarised below our main estate planning services but for further more detailed advice, please contact us to arrange an appointment to discuss your individual requirements.
Wills
We strongly recommend the preparation of a Will and a Living Will. A Will enables you to state how your estate will be dealt with after your death, whereas a Living Will is a written statement of the health care you wish to receive if you become unable to make a decision about your medical treatment. Please visit our Wills page for further information.
Declaration of Trust
If you own property jointly with other people, e.g. your house, it is often advisable to prepare a Trust Deed to declare in what proportions you own the property. Where property is jointly owned, it is usually held under a joint tenancy. The effect of this is that neither party has a distinct share in the property and upon the death of one of the owners, the whole property is automatically vested in the other owner. It would not have been possible for the owner who has died to leave their share in the property to anyone under their Will.
However, it is possible to change the way in which a property is owned so that each owner is able to gift their interest in the property via their will. You can also to set out in a Trust Deed each owner's entitlement to and obligations in respect of the property. This is particularly relevant for example, where the parties are not married or where one party has contributed more to the purchase price. Please contact us for further information.
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