• Basic Wills from £150.00
    Basic Wills from £150.00
    Without a valid Last Will and Testament any assets you leave on death will be distributed according to the Rules of Intestacy. These rules lay down a rigid method of estate distribution and make no account of your wishes. Click the image to read more...
  • We realise that most people haven’t experienced probate before. Probate is the administration of a deceased’s Estate by the appointed “executors” in the Will, usually family members. At an already difficult and emotional time, the complexities of executing a Will and establishing any appropriate Trusts can be an arduous task. Click the image to the left to read more...
  • Inheritance Tax is simply a tax on money or possessions you leave behind when you pass on.It can also apply to some “gifts” you make during your lifetime. It is therefore vital that you receive professional Inheritance Tax Advice on your position to minimise the impact and tax paid should the worst happen, ensuring that your loved ones receive as much of your money as possible. Click the image to the left to read more...
  • Without a valid Last Will and Testament any assets you leave on death will be distributed according to the Rules of Intestacy. These rules lay down a rigid method of estate distribution and make no account of your wishes, unless you write a will. Click the image to the left to read more...
  • Lasting Powers of Attorney from £195
    Lasting Powers of Attorney from £195
    Often serious illness or accidents strike without warning. Last year, for example, approximately 130000 people suffered strokes. Without a Lasting Power of Attorney being available this is when it becomes difficult... Click the image to the left to read more...

A Hidden Asset

To prepare for writing a Will it is usual to estimate the value of all the assets which form part of the persons estate. this is done for various purposes including that of considering whether or not any Inheritance Tax may be payable on the total.

Many employed people usually think that their home and savings is the total extent of their estate

However one asset which is often overlooked is the possible proceeds from a ‘Death in Service’ life assurance which is usually included with most pension schemes. This normally provides for a lump sum payable to the estate of the employee if death occurs before retirement age is reached. It is often calculated as a multiple of annual salary. Just imagine how 2/3 times annual salary in a lump sum would increase the value of your estate!

There are ways to ensure that such sum can be redirected to beneficiaries and not form part of your estate and it is most important to discuss the matter with your employer and pension provider. After all a hidden asset does not want to incur a hidden liability as well!