Advice and information from STEP to help families plan for their futures

United Kingdom
Joined February 2017
How can you talk to loved ones about their wills and future planning? Talking about death can be difficult, particularly when the conversation turns to what will happen to our finances, possessions and personal affairs after we’re gone. It’s understandable, then, that conversations about wills and future planning are often put off or avoided altogether. In this article, we share practical advice and guidance to help you approach these important conversations with loved ones. 📖Learn more in our article: bit.ly/4ylfRgc 📞Speak to an estate planning specialist: advisingfamilies.org/uk/find… #Wills #EstatePlanning
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What is probate? How much does probate cost? 🤔 Find out more about probate by watching this video! 📖Learn more in our article: bit.ly/4eMtkGn 📞Speak to an estate planning specialist: advisingfamilies.org/uk/find… #EstatePlanning #Probate
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What are the STEP Standard Provisions? 🤔 If you have a will, there is a high chance that it will mention the ‘STEP Standard Provisions’. The Provisions are a set of ready-made clauses that can be inserted into a will and provide protections and powers that enable the executors or trustees to effectively deal with the estate. 📖Learn more about the STEP Standard Provisions: bit.ly/493l2az 📞Speak to an estate planning specialist: advisingfamilies.org/uk/find… #Wills #EstatePlanning
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Did you know that the Bank of Mum and Dad (sometimes referred to as BOMAD) is the UK’s ninth biggest lender? It has become common for young adults to need help to get started with their first home. However, there are some important legal and tax issues to consider before you hand over the money. 💡Learn more about helping your child buy a house: bit.ly/4g0YbA4 📞Speak to an estate planning specialist: advisingfamilies.org/uk/find… #EstatePlanning #BuyingProperty
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Should you own your home as joint tenants or tenants-in-common? 🏚️ In England and Wales, when you buy a home with a second person you need to let the Land Registry know how you would like to own it. There are two common ways in which you can own the property – as ‘joint tenants’ or ‘tenants-in-common’ – and you should choose the way that is most appropriate for your situation. Find out more in our video! 📖Read more in our article: bit.ly/4zuqr55 📞Speak to an estate planning specialist: advisingfamilies.org/uk/find… #BuyingAHome #JointTenants
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From 6 April 2027, most unused pension funds and pension death benefits will be brought within the scope of inheritance tax in the UK. For many years, unused pension funds have generally sat outside a person’s taxable estate, making pensions an attractive way to pass wealth to future generations. The reforms will significantly change that position. 💡Learn more about the changes in our article: bit.ly/4e9o3Zd 📞Speak to an estate planning specialist: advisingfamilies.org/uk/find… #EstatePlanning #Pensions
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How can you talk to loved ones about their wills and future planning? Most of us find it difficult to talk about death, including what happens to our finances, possessions and personal affairs when we’re gone. As a result, discussions about wills are often delayed or avoided altogether. In this article we share some advice and guidance on how to have these difficult conversations. 📖Learn more in our article: bit.ly/4ylfRgc 📞Speak to an estate planning specialist: advisingfamilies.org/uk/find… #Wills #EstatePlanning
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Do you have questions about trusts? Find out more about trusts in this explainer video, including what a trust is and who a trust is for. 📖Read more in our article: bit.ly/3VnWIw3 📞Speak to an estate planning specialist: advisingfamilies.org/uk/find… #EstatePlanning #Trusts
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After someone dies, it can be a very difficult time. Yet there is complex and sometimes urgent legal paperwork, sometimes called ‘sadmin’, to deal with. In our guide, we explain the legal steps that you will need to take and explain what some of the commonly used terms mean. 👉Read more in our article: bit.ly/47kj1Wd 📞Speak to an estate planning specialist: advisingfamilies.org/uk/find… #EstatePlanning #Sadmin
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What is a 'living will'? ✍️ A 'living will' is a written record of medical treatment that you may or may not wish to receive in the future. It only comes in to effect if you lose mental capacity or otherwise lose the ability to communicate your wishes. It is also known as an ‘advance directive’ in Scotland, or an ‘advance decision’ in England, Wales and Northern Ireland. 📖Read more in our article: bit.ly/4wPBYLD 📞Speak to an estate planning specialist: advisingfamilies.org/uk/find… #Will #LivingWill
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What is probate? How much does probate cost? 🤔 Find out more about probate in this explainer video! 👉Read more about probate in our article: bit.ly/4rGEUbw 📞Speak to an estate planning specialist: advisingfamilies.org/uk/find… #EstatePlanning #Probate
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What should you consider before setting up a discretionary trust? If you already have, or are considering, a discretionary trust within your will, it is vital that you understand the impact of this. The first step is thinking carefully about what you are trying to achieve and why you think you may need a discretionary trust. 👉Read more in our article: bit.ly/4z6MkaB 📞Speak to an estate planning specialist: advisingfamilies.org/uk/find… #EstatePlanning #Trusts
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What are Asset Protection Trusts and why do you need to be wary of these? An Asset Protection Trust – sometimes also called a ‘Family Protection Trust’ or ‘Care Fees Trust’– is a trust where people transfer assets (usually their home) into the trust during their lifetime, to keep them outside means-tested assessments on their estate. This is particularly relevant for both local authority-funded care fees and private care fees. Do Asset Protection Trusts help to avoid care fees? The short answer is: no. The core issue with these trusts is the deliberate deprivation of assets. If a Local Authority decides that you have deliberately deprived yourself of an asset to avoid care fees, assets in the trust will still be considered for means testing for care fees. 👉Read more in our article: bit.ly/472PGiV 📞Speak to an estate planning specialist: advisingfamilies.org/uk/find… #EstatePlanning #Trusts
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How do you change a joint tenancy to become tenants-in-common? 🏠 In England and Wales, when you buy a home with a second person you need to let the Land Registry know how you would like to own it, as joint tenants or tenants-in-common. Learn more about how to change a joint tenancy to tenants-in-common in this video. 📖Learn more about the difference between the two arrangements in our article: bit.ly/4roqAEg 📞Speak to an estate planning specialist: advisingfamilies.org/uk/find… #EstatePlanning #JointTenancy
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Can you use life insurance to pay an inheritance tax? 🤔 In this article by estate planning specialist Robin Melley TEP from @matrixcapital you can learn more about: 💡How life insurance can help with inheritance tax 💡Types of arrangement – whole of life cover and seven-year term policies for gifts 💡Things to consider – pros and cons of the different options 👉Read more in the article: bit.ly/4vrqQEe 📞Speak to an estate planning specialist: advisingfamilies.org/uk/find… #EstatePlanning #InheritanceTax
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What are the benefits of creating a trust? A trust is a way for someone who owns assets, such as money, a house or shares, to transfer them to someone else. Watch this video to find out more about the benefits of creating one. 📖Learn more about trusts: bit.ly/4rdJSw0 📞Speak to an estate planning specialist: advisingfamilies.org/uk/find… #EstatePlanning #Trusts
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If you're getting re-married, you may be wondering if your children will still inherit. Today is Step Family Day in the US and it is a good opportunity to think about estate planning for blended families. Many people don’t know that when you get re-married your existing will becomes null and void, so you will need to make a new one if you wish to ensure your loved ones are provided for if you die. If you have children from your first marriage, then you will probably want to make sure that your children and your new spouse and perhaps any step children are provided for in the event of your death. 📖Learn more about re-marriage and estate planning: bit.ly/3UVhByh 📞Speak to an estate planning specialist: advisingfamilies.org/uk/find… #StepFamilyDay #Marriage
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Did you know that marriage revokes a will? The succession rules of England and Wales may surprise you. Getting married or registering a civil partnership revokes any prior will you may have. There is an exception to this rule. You can do your will in advance, and state that the will is ‘in contemplation’ of the marriage/civil partnership. 📖Learn more about marriage and wills: bit.ly/4AhVrGS 📞Speak to an estate planning specialist: advisingfamilies.org/uk/find… #Marriage #Wedding
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What happens if you become unable to manage your own affairs tomorrow? One morning, you’re driving to work, walking the dog or dropping the children at school. That afternoon, an unexpected accident or serious illness leaves you unable to make decisions or communicate your wishes. Or it may happen gradually because of dementia or another progressive condition. In legal terms, this is called ‘losing capacity’. 📖Read more about what happens if you are unable to manage your affairs and how to plan ahead: bit.ly/4gO59sO 📞Speak to an estate planning specialist: advisingfamilies.org/uk/find… #EstatePlanning #PowerOfAttorney
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What are Asset Protection Trusts and why do you need to be wary of these? An Asset Protection Trust – sometimes also called a ‘Family Protection Trust’ or ‘Care Fees Trust’– is a trust where people transfer assets (usually their home) into the trust during their lifetime, to keep them outside means-tested assessments on their estate. This is particularly relevant for both local authority-funded care fees and private care fees. The core issue with these trusts is the deliberate deprivation of assets. If a Local Authority decides that you have deliberately deprived yourself of an asset to avoid care fees, assets in the trust will still be considered for means testing for care fees. 📖Read more in our article: bit.ly/4gEbqak 📞Speak to an estate planning specialist: advisingfamilies.org/uk/find… #EstatePlanning #Trusts
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