A Married Couple’s Estate Plan is a comprehensive legal arrangement designed to manage a couple’s assets, ensuring they are distributed effectively after both partners pass away. This type of plan typically includes wills, trusts, and other legal tools to protect your estate and ensure that your assets are passed on to your chosen beneficiaries, such as children or other loved ones.
Mirror wills are commonly used in a Married Couple’s Estate Plan. These are almost identical wills where each partner leaves everything to the other. After both pass away, their estate is passed on to chosen beneficiaries, usually children or other family members. Mirror wills offer a simple, effective solution for couples with shared wishes for their estate.
A property trust can be included to protect your home. It allows you to ensure that your share of the property is passed to your children or other beneficiaries while allowing your spouse to continue living in the home. This can also help protect the property from being used to pay for care home fees.
A Married Couple’s Estate Plan often includes inheritance tax planning to minimise the tax burden on your estate. By using exemptions and allowances available to married couples, such as the spousal exemption and transferable tax allowances, your estate can be passed on to your beneficiaries with less tax impact.
Accidents or illness can strike at any age, so it’s wise to set up Lasting Powers of Attorney (LPA) early. An LPA lets you choose who will manage your affairs if you’re unable to do so. Without one, no one can access your finances or make health decisions on your behalf without a costly, time-consuming Court of Protection application, which may result in a Deputy you wouldn't have chosen.
An estate plan helps ensure that both spouses are protected and that their assets are passed on according to their wishes. It can provide financial security for your spouse, help avoid unnecessary taxes, and protect your estate for future generations.
It’s never too soon to start planning for what you want to happen with your estate after you die. Nobody likes to think about it, but it’s best to just face the music and get it sorted. We’re here to make it easy and hassle-free. Here are some of the questions we get asked a lot. If you’d like to find out more about estate planning, please get in touch.
Estate planning is managing your assets – your property, savings, shares and so on – in a proactive way. Effective estate planning often means that you can leave more of your estate to your family or other beneficiaries by transferring assets in a tax-efficient way.
Your estate is the total of everything you own. From large assets, such as your home or other properties, to personal possessions such as furniture, jewellery, musical instruments, cars – and everything else.
Inheritance tax is calculated based on the value of your estate. Depending on the value of your assets and who your beneficiaries are, your estate may or may not be liable for inheritance tax. We can advise you on your personal circumstances and how to make sure your beneficiaries receive the maximum amount possible under the law.
Planning for the future is crucial to ensuring your estate is managed according to your wishes. Contact us today to learn more about how a Married Couple’s Estate Plan can provide security and peace of mind for you and your loved ones.
We’re looking forward to helping you get your estate planning sorted.
Don’t worry if you’re not sure where to start. We’re here to guide you through the process.
The guidance and/or information contained within this website is subject to the regulatory regime of England and Wales and is therefore targeted at consumers based in the England and Wales only.
Customer service email address: admin@lamond-wills.co.uk.
Return policy: You have a right to cancel any agreement within 14 days by emailing the company using our customer service email address above.
© 2024 Lamond Wills Ltd Registered in England & Wales, No. 12618945.
Registered Office: 85 Great Portland Street, First Floor, London, England, W1W 7LT.
The guidance and/or information contained within this website is subject to the regulatory regime of England and Wales and is therefore targeted at consumers based in the England and Wales only.
Customer service email address: admin@lamond-wills.co.uk.
Return policy: You have a right to cancel any agreement within 14 days by emailing the company using our customer service email address above.
© 2024 Lamond Wills Ltd Registered in England & Wales, No. 12618945.
Registered Office: 85 Great Portland Street, First Floor, London, England, W1W 7LT.
