A swingeing ‘death tax’ which was set to hit grieving families with bills of up to…
As a member of the UK Institute of Professional Will Writers as well as being a Fellow of the Institute of Chartered Accountants in England & Wales, I am told some remarkable human stories, in confidence of course. It’s a fascinating profession and a very satisfying one when I help my clients resolve complex issues. Speaking from experience, it’s so much better to plan ahead and, with a bit of foresight, nip any potential issues in the bud -before they become fraught, and invariably expensive.
With that in mind I share some scenarios with you that I often come across. And how they can be avoided at minimal cost.
Wayne Barnett FCA MIPW, Managing Director, Maplebrook Services’ Cyprus Office
Are you making this expensive mistake right now?
You may be very surprised at what happens if you lose mental capacity with no legal protection in place.
It’s not nice to think about but we are often talking something sudden and unexpected: a stroke, a car accident or early onset dementia.
This is what happens:
- Your bank accounts will be frozen, even joint accounts, locking out your spouse from their own financial resources.
- Not even close family will be able to make medical decisions or advise on your wishes.
- To regain control, your loved ones will have to spend thousands of pounds, and many trying months at the Court of Protection.
And all while they are trying to process what is happening to you.
A simple (and affordable) solution, if you plan in advance
A Lasting Power of Attorney (LPA) is the legal remedy for UK assets and care. You can start setting one up today and with some sage advice it only costs a few hundred euros – not thousands. There are two types: one that covers health and welfare, and another covering property and finance.
Once in place, the people you trust will have the framework to make decisions and access resources on your behalf, with safeguards in place.
“I can’t let HIM have it”
Do you know who’d benefit from your estate (your assets after your death) when you pass away?
If you have a properly prepared and up-to-date Will, then the answer should be “Yes!”. If you haven’t, then your assets can easily end up in unwelcome places:
They could end up with:
- Relatives whom you would rather not benefit, such as estranged siblings, thanks to intestacy rules.
- The tax man unnecessarily, when a bit of planning could legally keep him at bay.
- Care providers, if your surviving spouse requires long-term care.
- Creditors of your beneficiaries if they become subject to bankruptcy.
- In-laws who later choose to divorce your children.
A Will gives you clarity and control
A Will is not always the complete answer to these issues, but it’s an important first step that clears up much of the uncertainty.
You may currently live in Cyprus, but you really need a UK Will if you have assets in the UK or plan to return there before you die. It’s thought that 90% of Brits living in Cyprus will return to the UK before death and become UK domiciled. The top reasons are losing a partner, suffering ill health and wanting to be close to loved ones.
Find out more today
Wayne Barnett FCA is the managing director of Maplebrook Services’ Cyprus office. Maplebrook advise on and prepare UK Wills and Lasting Power of Attorney documents for ex pats and UK-based clients.
Our advisers are trained to the highest industry standards. We always meet you in person and there’s no obligation to proceed.We offer all this at a fraction of the cost of a typical UK high street solicitor. To make a free initial appointment, please call Wayne on 99147650 or 26600780.