You may have concerns about what happens to your assets in certain situations e.g. prior to or after entering into a marriage or a civil partnership. You may wish to enter into a cohabitation, pre-nuptial or post-nuptial agreement.
Did you know that, once married, all assets can become matrimonial assets? A pre-nuptial agreement is a document which anyone contemplating marriage should consider entering into. It records the division of assets in the event of there being a divorce at some future date. As a result of the Supreme Court case of Radmacher v Granatino, the court has recorded for the first time that pre-nuptial agreements are now enforceable. It is important that parties receive professional and specialist advice before entering into such an agreement.
You may also be concerned about inheritance tax. More and more people are finding that inheritance tax (IHT) will be payable on their estates in the event of death. If a person leaves more that £325,000 on their death, there is a potential IHT liability to pay tax at 40% on the excess. Married couples or civil partners can double up their tax allowance on the second person`s death. However, this does not assist clients who are not married. We can explore with you and other professionals including your accountant and financial advisor numerous ways to reduce inheritance liability including:-
Most people would prefer to remain and receive care in their own home irrespective of any physical or mental infirmity. This is a principle of community care. It maybe the case that care either at home or in a nursing or care home has to be funded. Legal issues relating to care are expanding and are becoming more and more complex. Care can be funded by the NHS and early advice is recommended. You may need advice on such matters as:-
You may not be aware that within two years of the date of death, the provisions of a Will or intestacy can be varied by means of a Deed of Variation to preserve assets in the estate.
Have you thought about what would happen if you suffered an accident, stroke or senile dementia? In these situations a Lasting power of Attorney will help someone else manage your affairs if you become incapable of doing so. These are issues which people find difficult to confront.
Milwyn Jenkins & Jenkins can advise you in all of these areas. If you require further specialist advice, we are also able to signpost you to other professionals such as accountants, financial advisers and tax specialists in the areas of taxation, accountancy and finance.
Chartered Legal Executive
Probate Practitioner and
Conveyancing Practicioner
