Independent Financial Life Planners Bishop's Stortford: Inheritance disputes

Tuesday, 26 May 2015

Inheritance disputes

Enable’s IFAs in Bishop’s Stortford know there is nothing nice about inheritance disputes any more than divorce disputes but sadly the number of families disputing who an inheritance is left to has risen in recent times. DIY will writing kits are full of danger and your financial estate may not go to your intended beneficiaries if you have made mistakes, so making a will with professionals and sorting out any power of attorney issues to make sure your finances are looked after is a wise move.

With house prices continuing to rise and with the increasing complications of the modern family with second marriages and estranged children becoming more common not having an up-to-date will, or failing to plan for your old age or illness, can spark some terrible arguments. The way to ensure your finances are looked after in the way you want is to write a will and take out a lasting power of attorney. Planning ahead it allows you to legally appoint the people you trust most to make decisions on your behalf, should you no longer wish to do so or if you become unable to make the decisions yourself.

Some of the KEY TERMS for estate planning that are important to understand are:

Administrator: The person who deals with the estate of anyone who doesn’t leave a will.
Beneficiary: any person, charity or organisation that is entitled to receive a gift from your estate.
Estate: the total sum of all assets (minus any debts) after a person dies.
Executors: The people (up to four) you name in a will to get probate and handle your estate.
Intestate: the term used when the deceased has not made a valid will.
Legacy: A gift you leave in your will, usually money.
Probate: the term used when applying for the right to deal with a deceased person’s estate.
Trust: A legal arrangement to hold money or property for someone else, usually a child.

Issued by: Enable Independent Financial Life Planners  25c North Street, Bishops Stortford, Herts CM23 2LD Telephone: 01279 755950 - Fax: 01279 657339  Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE

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IFA Bishop's Stortford

At Enable Independent we know that our clients trust us and rely on our advice to help them to plan a better, more secure financial future. This is a responsibility that we take very seriously especially because we know that many clients have chosen us on the recommendation of friends and family. Each one of our advisers has deep expertise in their area of specialist knowledge and, as a team, we hold some of the highest qualifications available in the financial advice industry.

Our job satisfaction comes from using our skills to find workable, affordable and flexible solutions to meet our clients needs. Whether we are planning for known future funding requirements such as house purchase, school fees or income in retirement - or for the unforeseen such as job loss, long-term illness or early death, our independence from any product provider enables us to view the marketplace impartially. Our training permits us to look beyond a product's marketing hype and select on the basis of its fitness for purpose.