Even if you do have a Will in place, assets left directly to your beneficiaries may be open to "attack"
Paul & Kate are married and have two children, Charlotte & Jessica.....
MARRIAGE AFTER DEATH
Paul dies and leaves everything to Kate. Kate remarries Mr X but later gets divorced.
Without a strategy in place, 50% or even 100% of Kate’s beneficiaries’ inheritance could be lost.
DIVORCE & BANKRUPTCY
Both Paul & Kate have died, all assets passing to Charlotte & Jessica.
Without a strategy in place, their beneficiaries would own assets “absolutely” and could potentially lose them in any future divorce or bankruptcy settlements.
Paul has died and left everything to Kate, who needs to consider the cost of her future care.
Without a strategy in place, certain assets will be assessed in determining whether the local authority will provide care at their cost, or make a contribution towards any private care arrangements. This is likely to mean Kate’s home will be included in any assessment and she may have to pay all care costs herself, or give up control and some or all of the value of her home.
POWERS OF ATTORNEY
Paul has lost his mental capacity and cannot make decisions about his financial or health matters.
Without a strategy in place, the family cannot make key decisions on his behalf or manage his affairs for him - This is true even between husband and wife on assets and/or accounts held individually and on medical issues.