Nine Essential Things You Must Do To Protect Your WealthBy Richard Boyd, North Yorkshire Law Solicitors

Introduction

Over the past 35 years as a specialist solicitor helping clients to protect their personal wealth, I have seen a lot of mistakes made by individuals which reduced or completely lost the family wealth forever. In all cases, this situation could have been avoided by getting advice from a specialist at an early stage.

This guide is intended to show you some of the risks to your wealth (some of which you may never have thought of) and what you need to do to ensure your wealth ends up where you intend when you die or become incapacitated in some way.

Safeguard against Fraud

Consider the situation of the brother and sister who have just lost their mother, only to discover that their sister had taken all her mother’s money before she died. They trusted their sister to look after their mother’s affairs. They will never recover the money. At a time when they are grieving for their mother, they have the added anguish of knowing that their mother was not properly cared for and that their sister has deceived them. Specialist advice at the outset could have prevented such a thing happening.

Deal with Family Problems

Consider the children who have been disinherited by the actions of a step family. Marrying again after divorce, a couple plan their future together. They each have children from a former relationship. On the death of one, the children discover that all that their parent worked for has passed to their step parent, who has now become less friendly and in the end, leaves all her estate to her own children. The right legal advice could have avoided the situation and the potential for expensive legal disputes.

Protect the Vulnerable:

Ill health and confusion can lead to great financial loss. Consider the case of the elderly couple who live some distance from their children. A neighbour has gained their trust and control of their money. Seeking early advice on how to protect control of their money as they get older would have provided protection.

Take advice and avoid poor planning

Your estate could pay hundreds of thousands of pounds in death duty when in fact Inheritance Tax is a voluntary tax. You can take action to avoid it. But consider the example of a lady who tried to save money but not taking advice and her relatives signed a cheque for £1million Inheritance Tax when she died.

Beware the homemade solution

You cannot afford to wait until a problem occurs - it may be too late. Nor can you do it alone - it is not a question of intelligence or capability. Advice from experts like us provides a level of expertise and knowledge beyond what any non-lawyer could be expected to provide, backed by a dedicated team, with the benefit of £2 million insurance.

Nine out of ten homemade wills I have seen, have an error or contradiction which incurs legal expense to remedy. Sometimes the error is so significant that there is in effect no will. In one case, the ultimate beneficiary was somebody who had been included many years before in a previous will, who had lost contact with the deceased. The result was not what the deceased would have wanted. The one to whom he intended to give his money was not pleased but could do nothing…too late.

Avoid the cheap solution:

A widow, convinced that any legal advice would be too expensive, trusted a neighbour and might have had her affairs wound up according to the terms of a will which was made fraudulently with a DIY pack entirely for the benefit of the neighbour. What a sad end but for the want of expert advice.

Avoid Do it Yourself

There is help on the internet for those who seek a little knowledge. But consider this: your parents die and you administer the estate yourself to save the legal fees. Has proper account been made for all the money? Do you know for sure that all that needs to be done has been done? Is there a guarantee if it is not done properly? In one case, a sibling who took it all on to save legal fees was very secretive and awkward and refused to make proper account. Our straight- forward legal advice and assistance at the beginning could have saved such ill feeling and worry amongst the family.

Choose an Expert Professional

A will prepared by a solicitor who normally did divorce work followed the deceased’s instructions to the letter. The estate was to be divided between 4 people. But because one of the 4 had predeceased and the lawyer did not add an appropriate clause, one quarter share passed according to the rules of intestacy. Much expense has been incurred in tracing the family tree of the deceased to find the beneficiaries and most of the beneficiaries never met the deceased. The Executor of the will, who was a close personal friend, has commented that the deceased would have been very upset to know what had happened. It is better to consult an expert to ensure your will operates in the way you intend.

Act now

In another case, the deceased did not review his affairs regularly. Three of his beneficiaries have died before him. The appropriate clause was included, but it has been necessary to obtain insurance, as relatives of those who have died cannot be identified. Another cannot

even be traced. The insurance to cover the risk of them turning up will be several thousand pounds. The will had been properly prepared by an expert but problems arose because the deceased did not up-date his will…a simple and relatively cheap process which would have avoided the trouble. You should seek regular expert advice as to how any changes in your circumstances may affect you.

An Introduction to the Author

I am the Managing Partner, a local solicitor born and bred in the area. I was the first in the area to become a member of the Society of Trust and Estate Practitioners and have nearly four decades of experience in helping people like you. I have a great team to support me.

My Firm North Yorkshire Law was the first in the area to obtain the Lexcel practice management standards from the Law Society in 2009. 100% of our clients would recommend us because we have specialist expertise and we look after our clients

Your Next Step:

1. Without obligation, book your appointment on 01723 360001 (Scarborough Office) or 01947 602131 (Whitby Office)

2. Our discussions will enable me to prepare your unique Wealth Protection Review for a fixed fee of £200 plus VAT

3. Your Wealth Protection Review will identify the risks and threats you face and the action you need to take to protect your wealth and any further expense involved