Many of us will be aware of the recent storyline on Emmerdale where vicar, Ashley Thomas, was diagnosed with vascular Dementia and later died.
This storyline highlights the importance of getting family affairs into good order to ensure that your loved ones are provided for, should the worst happen. This includes making Wills and putting in place Lasting Powers of Attorney, as well as looking at any estate planning opportunities available.
Ashley was married to Laurel and they had two young children together, Arthur and Dotty. Ashley also had a teenage daughter, Gabby, from a previous marriage. Complex family relationships like this are not uncommon, so it is vital that you take the necessary steps to protect your wealth for your future generations, whilst you are in good mental health.
For example, if Ashley died without making a Will, his assets would be distributed in accordance with the intestacy rules. Therefore, depending on the value of Ashley’s estate, this could mean his estate will pass entirely to his wife Laurel, meaning his children would receive nothing. Naturally, for people like Ashley who have children from a previous marriage, this could be very worrying, especially if Laurel were to meet someone new in the future. She may well feel less loyalty to her stepdaughter Gabby as time passes.
We regularly talk to clients with complex family dynamics about the Asset Protection Will options available to help them achieve their goal of providing for their spouse for the rest of their life, whilst also ensuring that they have made ultimate provision for their children. Taking detailed advice is crucial to ensure that you have peace of mind that you have provided for your loved ones after you have gone.
The best way to prepare for the future is to take care of the present!