The Importance of Estate Planning
Don’t Wait Until It’s Too Late – Why Planning Ahead Has Never Been More Important
When Mr and Mrs Carter bought their family home over 30 years ago, they never imagined that a simple decision made at the time of purchase could affect how their estate would pass to their children.
Like many couples, they owned their home as joint tenants. They had also never made Wills or Lasting Powers of Attorney (LPAs), believing there would be plenty of time to deal with these matters later.
Then the unexpected happened.
Following Mr Carter’s sudden illness, important financial decisions had to be made. Without a registered Lasting Power of Attorney, Mrs Carter discovered she could not automatically manage all aspects of her husband’s finances. The family also learned that, because they owned their property as joint tenants, Mr Carter’s share of the home would automatically pass to his wife on his death, regardless of what he may have wanted to happen in the future.
Fortunately, the family sought legal advice before it was too late.
By preparing comprehensive Wills, putting LPAs in place, and severing the joint tenancy so the property could be held as tenants in common, they were able to create a plan that reflected their wishes, protected their children’s inheritance, and provided greater flexibility for future estate planning.
The experience reminded them that estate planning isn’t just about preparing for death—it’s about protecting yourself and your loved ones during your lifetime as well.
There has also been an important change affecting families dealing with the loss of a loved one. The fee for applying for a Grant of Probate has increased, adding to the overall cost of administering an estate. While probate is often unavoidable, careful estate planning and early legal advice can help families understand the process, avoid unnecessary delays, and prepare for the costs involved.
Our Private Client Team can help you with:
• Professionally drafted Wills
• Lasting Powers of Attorney for Property & Financial Affairs and Health & Welfare
• Severance of Joint Tenancy
• Probate and Estate Administration
• Trusts and Estate Planning
• Inheritance Tax Planning
No one knows what tomorrow will bring, but planning today can provide certainty for the future.
Whether you’re making your first Will, protecting your home, appointing trusted attorneys, or administering the estate of a loved one, our experienced Private Client Team is here to help.
Contact us today for expert, compassionate advice and take the first step towards securing your family’s future.
Expert Legal Support…
With three conveniently located offices, Thomas Boyd Whyte Solicitors specialises in delivering expert legal advice across a range of practice areas, including Criminal Defence Residential and Leasehold Property Transactions, Wills & Probate, Tax Planning, Lasting Powers of Attorney, and all aspects of Family Law, including Divorce and Separation.
Community Offices…
Our offices are easily accessible, situated along local bus routes, within a five minute walk of Bexleyheath Station, and with nearby car parking facilities.
We invite you to contact us to discuss how we can provide tailored, high quality legal solutions to meet your needs.
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