Strata Financial

Wills and Trusts

It can be a common belief that making a will and arranging a Lasting Power of Attorney (LPA) is something that only affects us later in life. The reality is that accidents, critical illnesses and even death can strike at any time. Being prepared and securing your family's financial future can make things easier for all involved.

A will is a legal document that sets your wishes regarding the distribution of your property (and the care of any minor children).

Failing to make a Will could see your assets divided according to intestacy rules, making a Will is critical in Inheritance Tax (IHT) planning and it is important to make sure it is well written and planned.

Making the most of the tax reliefs available and ensuring your assets go where you want them a carefully drafted Will can help plan your IHT appropriately.

It is important to regularly review your will to make sure it is kept relevant to your changing circumstances and to store it securely (which we can arrange for you).

We can take your will instructions and ensure that your will is drawn up to ensure the maximum protection for your beneficiaries.




Powers of Attorney

A will may protect the interests of your beneficiaries in the event of your death, but who will look after your interests if you are unable to take decisions for yourself?

A Lasting Power of Attorney can protect your interests by vesting authority in those you trust to make decisions on your behalf. Lasting Powers of Attorneys can be Welfare Attorneys, chosen to make decisions concerning your care if you are incapacitated, or Property and Affairs Attorneys, chosen to help you manage your financial affairs.




Trusts

A trust is a way of managing assets (money, investments, land or buildings) for people. There are different types of trusts and they are taxed differently.

A Trust's main value can be to keep your estate out of probate after your death and remains an agreement between an owner of assets and the chosen trustees. The trustees legally own the assets of the trust, but are not allowed to benefit themselves (unless they have also been named as beneficiaries).

Trust planning can provide significant tax planning opportunities, as well as protect your beneficiaries from a range of future risks to their finances.

We can advise on a broad range of trust planning, that can protect your needs and the needs of your beneficiaries.

The Financial Conduct Authority do not regulate advice on wills, Powers of Attorney or trusts.