AGA Mortgages - Free independent UK mortgage advice

Wills

AGA Mortgages can introduce you to a company dedicated to will writing and inheritance tax planning. Their comprehensive range of estate planning services are suited to any size estate, from a simple single will with a small estate to multi-million pound estates and clients with business assets which need to be dealt with in the most tax efficient way possible.

We work with you to plan for maximum returns from your estate, and help put in place measures to ensure that as much of your estate as possible will go to your loved ones and other beneficiaries

SERVICES INCLUDE:

·	Reviewing existing wills
·	Enduring Powers of Attorney
·	Parental Responsibility Agreements
·	Parental Responsibility Agreements
·	Executor, Probate and Trustee services
·	Severance of Tenancy
·	Living Wills (Advance Directives)
·	Trusts
·	Inheritance tax planning for estates worth more than £300,000
·	Lifetime Storage

WHAT IS A WILL?

·	A will is the instrument whereby you ensure that your property, possessions and items of sentimental value are dealt with as you would wish.
·	It is important to make your will to ensure that your family is provided for as you would like. Your will is a clear statement of your wishes, helping to avoid extra stress for your family at an already difficult time.
·	A will is essential if you wish to preserve your estate and stop the tax man getting more than he should and getting a big slice of your estate, meaning your family gets less
·	A will could help you preserve part of your estate should you have to go into care thorough an accident, illness or old age.
·	If you do not make a will, your estate falls under the legal ruling of Intestacy - which means your estate is divided up by people who do not have your best interests at heart.

Review your will

Once you have made a will - it is important to review it regularly - every three years or so.

Why do I need a will?

If you have a partner, children, assets (such as a house) or any specific wishes for what happens to any sentimental belongings and your estate when you die then you should have a will.
It is still widely believed by many married people that on their death, all their assets will automatically pass to their spouse. But in reality, depending on the size of the estate, if there are children, a spouse may only inherit personal items and the first £125,000 outright.

The remainder of the estate is split to one half on trust to pay the income to the surviving spouse and the other half passes absolutely to the children on attaining the age of 18 years. This applies by law in England, Northern Ireland and Wales, different provisions apply to Scotland.
If you Co-habit as partners then, contrary to popular belief, your partner would have no automatic right of inheritance, which means that as more and more people choose to live together, the making of a will is ever more important.

You also need to take into consideration who would care for your children if both of you were to die. Guardians need to be appointed so you can be sure they will be cared for by people you know and trust.
A will can set out your wishes in this respect precisely, otherwise you are leaving it for the courts to make the decision!

We can provide you with a fully professional will writing service, ensuring that no matter what you require, your needs and those of your family will be covered. Contact us for more information.

Inheritance Tax

Once your estate is worth £300,000, any amount over this will be taxed at a flat rate of 40% so the tax man gets his share ahead of your beneficiaries - and YOUR family!

AGA Mortgages can help you plan to minimize your inheritance tax by the use of a will trust within your will so that your loved ones receive as much as possible and the taxman gets as little as possible.
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The majority of couples own their homes as "Joint Tenants in Common" or jointly, this is a good idea when things are going right but not always a good idea when things go wrong, for instance, having to go into residential care due to an accident/illness or old age. If you own more than £21,000 in assets you will have to pay for all your care fees. Therefore, if you own your own property this will be taken into consideration when the local authorities are assessing your total assets.

By making your will, it will provide you with the opportunity to see if this type of trust will in fact help preserve your assets and reduce the overall cost of any care fees, thus ensuring part of your estate can pass to your beneficiaries as you had intended.

Discretionary Trusts

A Discretionary Trust enables part of an estate, principally property or investments, to be put into trust on behalf of the beneficiaries. The trust acts as though the assets were owned by the trustees who can pay out income or capital to classes of beneficiaries at their discretion, although beneficiaries can be nominated by the settlor (the person/s arranging the trust).

Disabled Discretionary Trusts / Long term care manager

We do not plan to be the victims of an accident or a serious illness, or be born with one. Neither do we think about our day-to-day needs should any of these issues arise, but any of these cases can result in us requiring long term care, depending on the severity and if there are family members who can act as carers. Family members may be able to care for us short term but what happens when they can't? Many parents with disabled children for example may wish to make provision for continuation of care by leaving a legacy to the disabled person to pay for the long term care which is needed after they have died.
In many cases the state or local authority will only pay for a certain level of care if a disabled person as substantial assets of their own, and if they have they will be expected to contribute or even pay all the care costs themselves.

We offer planning solutions that protect your estate so that it is not swallowed up paying for long term care costs for yourself or loved ones.

Documents Safe Custody

Surprisingly as it may seem, a high proportion of people still keep vital documents at their home.
It is understandable that we like to keep documentation such as deeds to our house, wills or insurance policy details close at hand.

But are they truly safe in the unfortunate event of a fire or flood sweeping through your home or an intruder braking in and rifling through your possessions, taking documents because they are 'just there' and then disposing of them as they are of no value to the intruder later.

We can arrange for a secure Safe Custody service where we can safeguard any documentation in secure environment that is resistant to a number of destructive forces. We have different levels of safe custody available to suit all situations. For more information please don’t hesitate to contact us

Living Wills

A living will, also known as an Advanced Directive, this is a document which states what kind of care you would like to receive if you become incapable of making such decisions for yourself.
It is a document that can only be prepared and signed whilst you have full mental capacity and outlines the circumstances under which you would like, and would not like, to receive life-prolonging medical treatment

Estate Administration and Probate Services

When making a will you can choose anyone to act as an executor. The person or persons you nominate will then carry out your instructions and distribute your estate in accordance with your wishes. In most cases executors are close family members or trusted family friends.
However, in certain circumstances, professional executors can be called upon and as part of our portfolio of estate planning services, we are able to offer this service.