AdvisingFamilies

Advice and information from STEP to help families plan for their futures

[AdvisingFamilies @AdvisingFamily]

What are digital wills? ✍️

Changes have been proposed in the UK to introduce electronically executed wills.

An electronic will is made, signed and stored in digital form, such as on a computer, smartphone or secure online system. This doesn’t just mean typing a will in Word or emailing it.

📖Read more in our article: https://t.co/y38gloktpm

📞Speak to an estate planning specialist: https://t.co/xx9nyPfAN5

#EstatePlanning #Wills

[AdvisingFamilies @AdvisingFamily]

How do you set up a Lasting Power of Attorney (LPA)?

A LPA allows you to nominate someone you trust to make decisions on your behalf if you are unable to do so yourself.

Watch this video to find out more about how to create a LPA.

📖Read more about LPAs in our article: https://t.co/e8rHf0FN1N

📞Speak to an estate planning specialist: https://t.co/xx9nyPfAN5

#EstatePlanning #PowerOfAttorney

[AdvisingFamilies @AdvisingFamily]

What do you need to consider when making gifts? 🤔

Many people decide they would like to make gifts, usually to a family member, friend or charity, at some point in their lives, gifts can be money or objects with financial or personal value.

Before gifting, it is good to learn more about the different types of gifts and the possible consequences of gifting.

📖Learn more about gifts in our article: https://t.co/XW4jATNd7Z

📞Speak to an estate planning specialist: https://t.co/xx9nyPfAN5

#Gifts #EstatePlanning

[AdvisingFamilies @AdvisingFamily]

What do you need to consider when helping your child buy a home? 🤔

It is common for parents to provide help when young adults need assistance to get started with their first home.

Before you hand over the money, there are some important legal and tax issues to consider.

📖Read more in our article: https://t.co/bfgn1bAnvZ

📞Speak to an estate planning specialist: https://t.co/xx9nyPfAN5

#EstatePlanning #BuyingAHome

[AdvisingFamilies @AdvisingFamily]

Are you concerned about how to manage care home fees? 🤔

A Care Annuity, also known as Care Fee Annuity or Care Home Annuity might be a useful long-term solution for you or your loved ones.

Find out more in our video!

📖Read more in our article: https://t.co/rVn4KbEzkC

📞Speak to an estate planning specialist: https://t.co/xx9nyPfAN5

#CareFees #CareAnnuity

[AdvisingFamilies @AdvisingFamily]

The grit and determination that often drive family-business founders to success can, paradoxically, become obstacles when it comes time to transition leadership.

Many founders struggle with letting go, whether due to a sense of irreplaceability, a reluctance to face the unknown, or simply the deeply personal attachment they have to the business.

👉Read more in our article about transitioning your business and letting go and moving forward: https://t.co/sQjbdED2eh

📞Speak to an estate planning specialist: https://t.co/xx9nyPfAN5

#FamilyBusiness #PlanningAhead

[AdvisingFamilies @AdvisingFamily]

What is a 'living will'? ✍️

The term ‘living will’ is often used to refer to what’s known as an ‘advance directive’ in Scotland, or an ‘advance decision’ in England, Wales and Northern Ireland.

It is a written record of medical treatment that you may or may not wish to receive in the future. It only comes in to effect if you lose mental capacity or otherwise lose the ability to communicate your wishes.

📖Read more in our article: https://t.co/3f1OMyy6oJ

📞Speak to an estate planning specialist: https://t.co/xx9nyPfAN5

#Will #LivingWill

[AdvisingFamilies @AdvisingFamily]

Are you considering investing in cryptocurrency?

Cryptocurrencies, including Bitcoin, Ethereum and Ripple are a type of non-tangible asset.

These currencies are digital in nature, are not formally issued by any central bank, and can be traded or used as payment globally.

📖Read more in our article about investing in cryptocurrency and the tax implications: https://t.co/yGDYESDzqw

📞Speak to an estate planning specialist: https://t.co/xx9nyPfAN5

#EstatePlanning #Cryptocurrency

[AdvisingFamilies @AdvisingFamily]

How can you avoid probate delays? 🤔

Many people experience significant delays in receiving probate in England and Wales.

In this video you can find out what steps to take to avoid probate delays.

📖Learn more in our article about probate: https://t.co/hofmIczUXT

📞Speak to an estate planning specialist: https://t.co/xx9nyPfAN5

#Probate #EstatePlanning

[AdvisingFamilies @AdvisingFamily]

If you’re thinking about setting up a trust, either to take effect in your lifetime or after your death, you need to take care when choosing a trustee.

In setting up a trust, you are giving up ownership of the assets, and signing them over to the trustee.

How do you choose a trustee?

📖Read more in our article about choosing a trustee: https://t.co/uJl1HpmWYb

📞Speak to an estate planning specialist: https://t.co/xx9nyPfAN5

#Trusts #Trustees

[AdvisingFamilies @AdvisingFamily]

We have been busy today talking to BBC Breakfast and BBC Radio 4's Moneybox about how a lack of estate planning and communication within families is fuelling a significant rise in inheritance disputes, with blended families at most risk of conflict.

👉 Watch Helen Tonks MBE talk about the impact of her husband's near fatal crash on her blended family. Skip to 1:22:55 to watch the interview: https://t.co/sauFWfnND7

👉 Once today's Moneybox programme is available to listen again, you can hear the story right at the start of the programme: https://t.co/5a08hFzeOy

👉 Read our handy guide for the public and anyone who needs to get started with having these conversations: https://t.co/oMuwyzaLUp

#Wills #GetStarted

[AdvisingFamilies @AdvisingFamily]

If you don’t usually pay for financial or legal advice, it can be easy to assume that a low-cost online will is the best value option.

However, there are some important factors to consider, including:

👉The complexity of your estate
👉The small print of online wills
👉A professional will does not have to be expensive

📖Read more about online wills in our article: https://t.co/Ww3kZahDYW

📞Speak to an estate planning specialist: https://t.co/xx9nyPfAN5

#Wills #EstatePlanning

[AdvisingFamilies @AdvisingFamily]

Do you have questions about Lasting Powers of Attorney (LPAs)? 🤔

A LPA is a legal document that allows you to nominate someone you trust to make decisions on your behalf if you are unable to do so yourself.

The legal term for this is ‘losing capacity’. This means that someone cannot make their own decisions about their health or money because of illness, injury or other reasons.

Find out more about LPAs in this video!

📖Learn more about LPAs: https://t.co/SJqRdjI57C

📞Speak to an estate planning specialist: https://t.co/xx9nyPfAN5

#EstatePlanning #LPA

[AdvisingFamilies @AdvisingFamily]

Prepare your family business for the unexpected by creating an Emergency Board Plan.

Many family business owners in the UK underestimate the immediate impact that their sudden absence, due to death or incapacity.

An Emergency Board Plan provides guidance on managing the business in the event of a sudden absence, outlining short term key roles and responsibilities.

📖Read more in the article: https://t.co/7C4k97xCE4

📞Speak to an estate planning specialist: https://t.co/xx9nyPfAN5

#FamilyBusiness #EmergencyBoardPlan

[AdvisingFamilies @AdvisingFamily]

Should you own your home as joint tenants or tenants-in-common? 🏚️

In England and Wales, when you buy a home with a second person you need to let the Land Registry know how you would like to own it.

There are two common ways in which you can own the property – as ‘joint tenants’ or ‘tenants-in-common’ – and you should choose the way that is most appropriate for your situation.

📖Find out more about the different options in our article: https://t.co/zKsqhKTLmd

📞Speak to an estate planning specialist: https://t.co/xx9nyPfAN5

#Property #EstatePlanning

[AdvisingFamilies @AdvisingFamily]

What are the STEP Standard Provisions? 🤔

If you have a will, there is a high chance that it will mention the ‘STEP Standard Provisions’.

The Provisions are a set of ready-made clauses that can be inserted into a will and provide protections and powers that enable the executors or trustees to effectively deal with the estate.

📖Learn more about the STEP Standard Provisions: https://t.co/yObkjOcWcd

📞Speak to an estate planning specialist: https://t.co/xx9nyPfAN5

#Wills #EstatePlanning

[AdvisingFamilies @AdvisingFamily]

How can you manage care fees? 🤔

Some providers will promise that by setting up a trust you can exclude assets from means-testing for care fees. While these schemes may sound convincing, you should be very wary of them.

Watch this video to find out more about managing care fees!

📖Read more in our article about managing care fees: https://t.co/cHgUa0cxgO

📞Speak to an estate planning specialist: https://t.co/xx9nyPfAN5

#CareFees #EstatePlanning

[AdvisingFamilies @AdvisingFamily]

Do you know how to choose who writes your will? ✍️

It is essential to think carefully about this decision and there are some simple steps that you can take, including:

☑️Check their credentials
☑️Shop around
☑️Know the red flags

📖Learn more in our article about choosing a will writer: https://t.co/JE5fvDXAtA

📞Speak to an estate planning specialist: https://t.co/xx9nyPfAN5

#Wills #EstatePlanning

[AdvisingFamilies @AdvisingFamily]

What is a prenuptial or postnuptial agreement? And do you need one? 🤔

Prenuptial agreements are contracts entered into before marriage and they have long been normal practice in many countries across the world

Postnuptial agreements are made at any point during a marriage.

By determining who gets what in advance, nuptial agreements allow couples to avoid protracted and acrimonious litigation in the event of divorce.

📖Read more in our article: https://t.co/liWOquMCZH

📞Speak to an estate planning specialist: https://t.co/xx9nyPfAN5

#Marriage #Prenup

[AdvisingFamilies @AdvisingFamily]

What is an electronic will? ✍️

The Law Commission, an independent organisation that reviews laws in England and Wales, has proposed a major update to wills: allowing wills to be made and signed electronically.

The proposed reforms to wills would allow electronic wills to be valid, but only if strict security requirements are met.

📖Learn more in our article about electronic wills: https://t.co/mmIHPxFDka

📞Speak to an estate planning specialist: https://t.co/xx9nyPfAN5

#Wills #EstatePlanning