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£2,000,000 P.I. Insurance
Full Legal Will
Code of Conduct
Family Business
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Your Spouse gets the first £270,000.
They also receive all personal possessions and half of any remaining estate.
Your children share the remaining half
The funds are kept in a simple Trust if they are under 18
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Potential Risks:
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Depending on the set up of your estate, your spouse may have to sell assets to ensure the children receive their funds
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Care Fees - if someone goes into care, the local authority may use your estate to pay the fees
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Children's ex-spouses may claim some of the funds
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Your children could pay extra Inheritance Tax on their deaths. This is due to your funds increasing the value
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Creditors can look to claim funds from the estate
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No Guardians named. The local Authority will decide on their care, this may not be family members.
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A standard Will ensures that your Spouse inherits everything and does not leave them having to sell anything. It may not cover the other risks, but you would ensure that a Spouse is catered for.
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