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ADVICE<br />
25<br />
Asset Protection - Plan for<br />
a Clear & Protected Future<br />
Asset protection is a vital factor in proper Will making & can provide much needed security for family assets<br />
including property, when future events present unexpected risks.<br />
Remarriage of a surviving spouse, business failure or other financial hardships,<br />
together with the consequences of ill health & old age, can all deliver<br />
unexpected threats to family assets.<br />
In circumstances such as these, hard earned family assets need not be lost or<br />
threatened & can be specifically guarded against by well-prepared Wills. There<br />
are many different Will planning methods designed not only to protect assets<br />
from unforeseen claims on them, such as the cost of future care, but also to take<br />
maximum advantage of changes to Inheritance Tax law.<br />
Wills made in different economic times could potentially be out of date & in<br />
urgent need of review. Recent years have seen stocks & shares roller coaster &<br />
residential property values fall. Gifts contained in Wills intended to fairly distribute<br />
assets, may now produce a result dramatically different to that intended. For<br />
example, a gift in a Will made some years ago, of some cottage worth £150,000 to<br />
one child, & 50 acres of good agricultural land to another, might have delivered<br />
fairly equal results in terms of value to each child. In the current economic climate,<br />
with smaller residential values & significantly improved agricultural values the<br />
results might well be very different.<br />
Okells Francis Law has considerable experience of providing clients with<br />
flexible arrangements in their Wills which take advantage of opportunities to save<br />
Inheritance Tax & recognise that the future is never certain. Properly structured<br />
Wills cope with changing circumstances & the Wills & Probate team would be<br />
pleased to assist you in reviewing your Will provisions. This will ensure that you<br />
marry together your current financial circumstances with the methods available, to<br />
help you to leave the maximum value of assets to your family or chosen beneficiaries,<br />
& protect those assets from the risks outlined previously.<br />
For further information or advice please contact: Okells Francis Law on 01989<br />
762009/01594 842242 or email office@okells-law.co.uk<br />
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