Retirement Planning

Everyone wants to have a good and stable life after their retirement and enjoy a radiant life; here starts the need for a retirement plan. A good retirement strategy determines an optimum time for retirement and minimises the impact of excessive taxation on the money saved for a later age, such as a pension fund. Failure to set a retirement plan beforehand can lead to heavy taxation and reduced funds available.

Read more…

Estate Planning Services

Estate Planning is a process of managing a person’s estate such as houses, cars, other assets, and financial obligations upon their death in case of incapacitation. Estate planning can serve many reasons, such as providing the estate for the heirs or the surviving spouse, making a charitable donation, or preserving assets and wealth. Care Accountancy can advise you on different aspects of estate planning according to your circumstances and the implication of laws and regulations on your wealth.

Read more…

Trusts and Estates

Estate is the wealth left by an individual for their beneficiaries. Estate planning ensures a smooth transfer of the estate to the beneficiaries or heirs and minimises tax liability. Estate planning, therefore, is concerned with inheritance and related tax rules. If not managed well, beneficiaries may bear heavy charges in the name of inheritance tax. Managing the estate may include determining the assets, setting up a Trust, identifying the trustees, making Will, and appointing Executors and Guardians.

Read more…

Disclaimer

Business Succession Planning

While the business journey is still on, it is not unusual for a business owner to decide that it’s time to take a back seat and let the next generation take over the role he has successfully run for so many years. This process called succession planning is not as simple as it may seem; as passing on the role to the next generation and identifying as to who will be the most fit-out of several choices to succeed in one or several positions require good judgment, understanding, and a lot of decision making.

Read more…

Making a Will

A Will states how the person’s estate should be executed after death. Simply, a Will is a legal document that mentions who will receive what proportion of the deceased’s estate. As mentioned above, Will possesses legal binding, but it should be prepared carefully and under strict conditions so that its legality remains intact.

Read more…

Grant of Probate

The person assigned the task of administering someone’s Will needs to obtain permission to execute their wishes, called The Grant of Probate. After that, he will have legal authority to deal with and administer the deceased’s estate. In some cases, a grant of probate is not required; these are stated further with the Procedure of Probate.

Read more…

Grant of Letter of Administration
If a person dies without a Will or makes a Will that is not legally valid, the intestacy rules will apply and determine the procedure of sharing out the estate. An intestate person dies without leaving a Will. Only married or civil partners and some other close relatives can inherit under intestacy rules. Specific restrictions apply to sharing the property or the estate, called the laws of intestacy.

Read more…

Power of Attorney

Power of Attorney is a legal certification that gives a specified person “The Attorney” the power to act on behalf of another person “, the Principal”. Power of Attorney can be ordinary Power of Attorney and Lasting Power of Attorney (LPA). LPA is subdivided into LPA for Health Decision and Care, which can only be used after the principal has lost his mental capacity, and LPA for Financial Decisions can be used while having a sound mind.

Read more…