Sam and Siobhan, small business owners and both in their mid-sixties, came to us recently to make some changes to their wills, as their circumstances had changed since they last did their wills over twenty years ago. With recent growth in their business and a couple of properties, along with other assets, they wanted to ensure their wills were drafted for the best possible outcome for their wishes.
We were able to advise them in a way that would provide asset protection and maximise the benefit of such an inheritance by providing flexibility, catering for each individual beneficiary’s circumstances (foreseen and unforeseen).
We were also able to support them in creating discretionary trusts for tax-effective income streaming and asset protection.
Part of our consultation was to discuss whether an EPA (Enduring Power of Attorney) and EPG (Enduring Power of Guardianship) were required. We were able to assist them with an EPA to plan for the future and ensure a trusted person was able to make financial decisions in their best interests, if they were to lose the capacity, mentally or physically to manage their own finances. They also decided on an EPG to ensure they had a trusted person to manage their lifestyle and treatment decisions if something occurred where they couldn’t make those decisions for themselves.
We were pleased to be able to give Sam and Siobhan some peace of mind, going forward, knowing they no longer had to worry about their wills and estate planning.