CFS Wills offers a range of products to protect you, your loved ones and your assets. These include a Will, Lasting Powers of Attorney and Funeral Plans.
A simple Will, or simple mirror Will for couples can, take care of basic wishes. However, everybody’s needs, and circumstances are different and that is why we are here to ensure you have a Will tailored to your exact needs and wishes, CFS Wills is committed to achieving this.
More complex Wills usually involve the creation of Trusts, the two most common being a Life Interest and a Discretionary Trust.
Your Will is an important document, CFS Wills is committed to ensuring its safekeeping and availability when the end arises. We offer a number of options to achieve this.
A Life Interest Trust
A Life Interest Trust is used to protect a share in property whilst respecting and protecting a surviving partner’s interest or use of it.
Couple’s traditionally owned property jointly which automatically passes to the survivor outside of any Will. This situation has its merits but doesn’t allow for shares to pass separately i.e. direct to your children. This is especially relevant with blended families where parents want to protect their own children’s inheritance.
A Will including a Life Interest Trust enables the surviving owner to continue to benefit but protects the intended final beneficiaries from a change of Will by the survivor or any subsequent remarriage disinheriting them.
It also removes that part of the estate from consideration in respect of care home fees should the need arise for the surviving partner.
A Discretionary Trust is often used to protect beneficiaries from inheriting to their detriment, or where the amount required cannot be established i.e. for vulnerable beneficiaries with complex needs.
In this type of trust the gift is allocated to a number of beneficiaries under the control of people specified in your Will, known as Trustees. A Discretionary Trust is usually accompanied by a Letter of Wishes providing guidance to the Trustees on the intended use of the funds.
As the trust is discretionary and not guaranteed this offers some protection from divorce settlements, bankruptcy issues or consideration for means tested benefits.
Lasting Powers of Attorneys (LPA)
Most understand the importance of writing a Will, a Lasting Power of Attorney (LPA) is equally if not more important.
An LPA is a legal document that enables you to appoint one or more to make decisions on your behalf regarding your Finances and Health & Welfare. An LPA must be completed whilst you have mental capacity, many leave this too late and rue the decision.
There are two types of LPA namely; Property & Financial Affairs which may be used once registered and whilst you still have mental capacity; AND Health & Welfare which can only be used once mental capacity is lost and you are unable to make decision for yourself.
Without an LPA any loss of mental capacity, however brief, may result in your family encountering difficulties in terms of the day to day running of your finances and lack of input in terms of your treatment and care. It also provides opportunity for you to express your own wishes and for them to be known in advance.
CFS Wills are delighted to work in partnership with two of the leading Funeral Planning providers, both approved by the Funeral Planning Authority (FPA) to provide Prepaid Funeral Plans.
Any bereavement is a time of great emotional stress for the people around you, the last thing they need is the added worry, expense and hassle of arranging a funeral. A Prepaid Funeral Plan enables you to plan your own funeral, make your preferences clear and alleviate the worry for those left behind.
We love to talk, so please simply fill in the form to the right and we will call you back to discuss your needs and what CFS Wills can do to help.