Making the decision to start a family is an important life event and marks an important milestone at which it is important that you ensure your personal affairs are reviewed and up to date.
On this page we explain what estate planning considerations you may wish to think about during this exciting stage in your life, in order to ensure that everyone is protected should the worst happen.
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Wills and Inheritance Tax Planning: A key aspect of reviewing your personal affairs includes putting a Will in place. This means that you can have peace of mind that your wishes will be respected in terms of inheritance, guardianship of any children and your wishes regarding any stored gametes/embryos that you may have.
Guardianship is particularly important because, in some of our modern families, there may be no automatic right to legal parenthood. Putting a Will in place can give you certainty as to who will look after your children and ensure that your children can inherit from your estate.
Whether you wish to simply create a very basic Will to provide for your loved ones or would like advice on complex succession planning strategies, we would be happy to assist you in order to make effective arrangements.
Here at BTO we have a team of specialist solicitors with experience in drafting Wills for all types of Modern Family models, including those using surrogacy, assisted or donor conception, and those who are adopting. We are therefore well placed to make sure that we create a bespoke and tailored document for you and your family.
Trusts: Trusts are used for a variety of situations and our team can assist to find the best suited for your circumstances. In particular, if you are making provision for children conceived using assisted or donor conception, trusts can be useful legal vehicles to achieve your wishes and make sure that your children are provided for. We can assist in relation to setting up a Trust, Trust Administration, Taxation of Trusts and Asset Protection. Additionally, we provide specialist advice in relation to vulnerable beneficiary trusts.
Powers of Attorney and Incapacity: You may wish to put a Power of Attorney in place, to ensure that someone is appointed to make decisions on your behalf, should you lose the ability to do so in the future. Should anything happen to you during your fertility journey, or beyond, it is important that someone you trust is appointed to deal with your affairs if you lose capacity. Where mental capacity is a concern now or in the future, our team can advise on the best approach to handle every eventuality.
Executries: At BTO, we appreciate that the death of a loved one results in a great deal of distress. In order to alleviate the burden, our team can handle the administration of the estate on your behalf and ensure you have considered all aspects of the estate.
If you would like any assistance in relation to these matters, please do not hesitate to let us know and our experienced Private Client Team would be delighted to assist you.
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