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Wholelife Estate Planning

This is an in depth service that works behind the making of your Will. It looks at whether all your needs are covered with the aim of avoiding forseeable failure of your Will.  It is particularly useful when more than a standard Will is required. It looks at your whole life as it stands now and as needs may change over time.  This allows for a clear Will reducing the possibility of it being vague or contested as well as considering how best to protect those you care about.  A safe effective Will is great insurance for limiting conflict and loss of assets after you have gone. The cost of a standard Will is currently £99 and you pay for the clauses you choose to put in your Will, thereby retaining control.  After we've taken your instructions you will be advised what is required but you choose what you would like to do.

You may be thinking about children, a parent or your own future.  You may be remarrying and blending families or have members of the family with certain needs that need protection or simply have a favourite nephew.  You may own more than one property, own a business and be seeking advice in inheritance and tax.  The scenarious are as unique as you are.

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​A wholelife view is taken to ensure the best advice is given to you to ensure a Will that covers as many eventualities as we can to ensure your Will does not fail in whole or in part. 

For example,  options surrounding care planning and your preferences, whether it is looming or a long way off may have practical and financial implications.  You may be contemplating options for multigenerational living such as selling and/or extending homes, how to gain maximum IHT savings when blending property and possible CGT consequences or a best way to organise gifts in your lifetime and via your will.

This may also include plans for minors and how to have your funds managed until they reach 18;  who will be the guardians and trustees and what powers you would like them to have. 

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There may be special circumstances in your family which require a longer term view of how you will protect or provide for a family member or a person you care for.  There are many and varied situations that are particular to your circumstances which can be planned for.

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Consider this scenario :  Mum or Dad are now living on their own in the family home.  A child, Peter,  and Josie are married and have three children.  Discussions are taking place about whether they should combine resources to provide care for both Mum/Dad, or simply keep an eye, but also to have someone around to help babysit the children sometimes.  There is talk of selling one (or both) of the homes to combine assets, and buy a home with an annexe or build one.  Can the families save money on care and put some safely aside in case it is needed for care in the future?  What are the implications on the families of Inheritance Tax?  What are the implications of Capital Gains Tax?  Can some of the assets or property also be kept and  distributed amongst Peter's other two siblings?  How would that be managed?  With planning and foresight, care for all generations can be catered for, protections of assets and property too, with investment and savings plans put in place for needs as they may arise. 

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Planning is something to start as soon as you are able.  You develop and adapt your planning with your life to protect yourself and your family from life's inevitable challenges.

We encapsulate all the expertise you will require to put your planning in place.  This will include a thorough and modern Will, any other documents you may need to prepare for your future too.  Expertise covering a wide range to provide an unbiased professional service.

 

The first meeting and taking instructions (to 55 mins) are included free in the Wills price.  The cost of specific documents are listed under Costs.

(Once you have made your Will with us, simple amendments to an existing Will incur a lesser fee, eg a change of address.  You cannot actually amend an existing Will as its a binding legal document.  You therefore need to redo & resign your Will for any minor amendments such as a change of address).  You must be very careful not to make any changes, or handwritten amendments, to your Will and expect that to stand.  This can and does lead the courts to invalidate your whole Will.  Always seek professional help to have it done properly.  Reregistering your new Will with the NWR this may incur an additional charge with NWR.

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Note :  You may be wondering why certain information is not suggested to be in your Will.  It may be recorded in a Letter of Wishes or even a side note.  This is because once a Will comes into effect it becomes a public document, therefore its contents may be seen by anyone.  You may therefore wish to keep certain information, reasons and choices, as private.

Are you starting out on your planning or investment journey to prepare for your future?  Or do you have high value property and assets to manage? 

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Tipi Wills planning services will combine with experts in financial planning, investing, insurance, trust law and tax planning.  We provide a complete life and estate planning service through our network of experts that work together on your behalf. 

Expert Tax Accountant

Financial Advisor

Investment Planning

Insurances

Trust Lawyer

Probate Lawyer

Dispute Resolution

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This team will give an expert service to provide a complete solution to your property, asset and healthcare planning needs.

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You are never too young to start.  Don't wait until its too late.  Contact me today to start your planning journey.

Your Will and planning is likely to be concerned with ensuring the practical and financial protection of those you care for.  However, you may also wish protect yourself in your lifetime regarding your health and finances.  You may simply wish to ensure your assets only go to the person you wish not forgetting you should conisder substitute beneficiaries.

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Planning will also consider how you may use Inheritance tax advantages should you need it, and perhaps employ mechanisms to reduce or spread the tax burdens.  Often Capital Gains Tax comes into play as well as Inheritance Tax where there are decisions around financial planning, so further expertise may be required to complete your plans. 

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You can see why deeper consideration may be required to meet your current and future needs as they stand now.  It may also result in further documents, now or in the future, such as:

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Advance Care Plan

Lasting Power of Attorney for health or finances

Care Plan documents for lifetime care and/or serious or terminal illness

Living Will

Lifetime trusts

Letter of Wishes

Specific clauses in your will

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Thinking about your will and future will often mean you think through various possibilities and options, sometimes for the first time.  It may help you make decisions about investing in the future.  This may be about funding care, young children, education or special needs within the family, illness and even the right to die on your terms.  In amongst this, your decisions may require further financial advice including on IHT and CGT tax planning.  We can organise to put this all in place.

Your Will and planning will be kept under review.  As the Government changes tax thresholds and brings in change such as social reform, particularly in these times where austerity measures have been followed by political changes followed by a pandemic followed by tax changes and so on.  The law also continues to evolve and it is likely your life and your beneficiaries' lives will change also.   Life feels quite uncertain at times, so why not be as certain and in control as you can.

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It is recommended to review your Will every three to five years.  However, it can be amended at any time, and should be as life changes occur, so simply contact us to organise whether an amendment, codicil or new will should be made.

It's not "just a Will".  Planning and using a Will with all that it can now do, gives your a great deal of law and control within your power.  Combine with other planning documents and services for a continuous life plan.

 

As such, it can be seen as a fluid planning document that becomes a  reflection of changing needs throughout your life.  It can provide a number of services for a number of situations. 

 

It is rare that a one off document, created in a snapshot of your life, will cover the rest of your life, as it is rare for a life not to change.

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Keep your planning up to date and under review.

PLEASE CALL FOR A FREE DISCUSSION  You may email beforehand with details too if you wish info@tipiwills.co.uk).

Be in control.  Be Certain

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