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Key Features & Benefits 101

 

Death Planning Solution for:

  • Married Couples

  • Civil Patrners

  • Under  2 X Nil Rate Bands (NRB)

  • Non-Married Couples

Typical Estate Planning

Client 1

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Leaves everything to spouse/partner on 1st death

Basic Mirror Will

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Family Home

(Held Jointly)

Savings & Other Assets

Client 2

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Basic Mirror Will

Leaves everything to spouse/partner on 1st death

WHERE THERE IS NO WILL, OR COUPLES HAVE ONLY A BASIC WILL OR MIRROR WILLS IN PLACE, YOUR ASSETS ARE EXPOSED TO THE FOLLOWING RISKS:

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Care Costs

Following first death, should the surviving spouse/ partner need Care then the whole estate including the family home would be assessed to pay for the cost of that Care.

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Creditors or Bankruptcy

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Marriage After Death (MAD)

On first death all the assets are then solely owned by the surviving spouse/partner. What if the surviving spouse/partner marries? The inherited estate could be lost to the spouse, disinheriting your children.

If the surviving spouse/partner were to be subject to Creditor Claim or Bankruptcy then the inherited estate is fully at risk.

ON SECOND DEATH THERE ARE FURTHER RISKS TO THE ESTATE YOU WISHED YOUR LOVED ONES TO BENEFIT FROM:

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Divorce

If your children/chosen Beneficiaries are subject to Divorce proceedings then half of what you intended them to receive is at risk of Divorce settlements.

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Generational Inheritance Tax (IHT)

On second death the remaining estate is likely to be directed by the Will to the Beneficiaries. This then adds to the Beneficiaries’ estates and could impact their own Inheritance Tax. (See Key Features and Benefits Sheet 6: Generational IHT).

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Their Own Future Care Costs

If the inheritance has been passed to your chosen Beneficiaries, these assets could later be assessed for their own Care Costs.

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Creditors or Bankruptcy

Similarly, if any of your Beneficiaries are subject to Creditor Claims or Bankruptcy then the inherited estate is fully at risk.