MENTAL IMPAIRMENT

Mental health or poor health affects people at any age, if your family are suffering and dealing with these issues it can be hard to anticipate what affect the loss of a parent or parents will have on them. Let alone then having to deal with your assets in pensions, your property and investments being willed too them, how do they go on to make the decisions needed when they receive that inheritance.

At TUTIS we can discuss these concerns and put in place a will that reflects your wishes and a protective trust framework that can help limit the problems your beneficiaries may encounter. And our experience as qualified Independent Financial advisers can add valuable past client experience and expertise as well

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Illness Lasting Powers of Attorney

Mental Impairment Wills

Case Studies

Mr and Mrs Phelps

We were looking for someone who we could relate to who would understand our needs with investments. We met David and liked him immediately. He advised us of the type of plan which would be beneficial to our circumstances. Mr and Mrs Phelps are both in their late 60s and retired, I have been advising them on various areas of financial planning including inheritance tax planning for a number of years. During our conversations it was evident that they were concerned about their son’s marriage and what would happen to their estate on second death. They were adamant that they wanted their son and his children to benefit from any legacy they passed too him. There estate was valued at approximately £900,000. They had a will which was a straight mirror will leaving everything to the surviving spouse and then to their son on second death absolutely. This meant that on second death the estate would be part of their son’s estate and so open to social impacts such as divorce, with their son’s legacy potentially forming part of a divorce settlement. I recommended the married couples beneficiary protection plan with appropriate letters of wishes, this planning on second death directs there estate to a trust. Their son can either take the legacy/gift or leave it in the trust, either way it will not form part of his estate so cannot be used as part of a divorce settlement or by any creditors. The legacy is protected because the trust is the legal owner of the gift and not the son. This then provides third generation Inheritance tax planning and care planning for grandchildren.

"David has been advising us for a number of years, he has listened to our concerns about our son and what would happen to our estate when we are both no longer around. We have both worked hard to build a lifestyle that can give us a happy retirement, and we want to make sure our son and our grandchildren benefit from that when we deceased. David explained clearly how rewriting our will and using a trust would give us the peace of mind that we was looking for. "