Forward Thinking Financial

29/11/2022

Frequently Asked Questions:

We've been asked questions about Lasting Power of Attorney, to tenants in common and specific gifts in Wills, here are some of our most common questions and answers.

Q: How do I decide who takes care of my children?
A: If you have children under the age of 18, it’s strongly advisable to appoint a guardian in your Will. If you fail to appoint a guardian to care for your child and there is no surviving person with parental responsibility, the courts will decide who to appoint as guardian for your child this could include Social Services.

Q: What is a Lasting Power of Attorney?
A: A Lasting Power of Attorney (LPA) is a legal document that allows you to appoint a person or persons you trust to make decisions for you in the event that you become incapable of doing so yourself.

Q: Who should witness my Will?
A: You should always have 2 witnesses. This can be anyone over the age of 18 providing they are not a relative who may stand to benefit from your will.

If you have a question or would like more information on the points above, please comment below or contact us directly.

Forward Thinking Financial Limited are an estate planning organisation based in Bridgend who specialise in Lasting Power of Attorney, Will Writing, Trusts, Asset Protection and Inheritance Tax Planning. We offer telephone/Zoom consultations, or face-to-face appointments in the comfort of your own home.

📞 01656 335335

📧 [email protected]

📥 Inbox us

*general planning and is not to be construed as advice for any personal planning. Each strategy recommended is based on individual circumstances.

24/11/2022

Sideways Disinheritance

What does it mean?

A term most commonly used to explain the loss of assets from someones estate for beneficiaries that would have expected to receive.

Example Scenario:

Steve and Linda are both in their 60's and have been married for 25 years. Steve has a son and daughter from a previous relationship and Linda has a daughter from a previous relationship.

They have mirror wills that leave everything to each other and then the children a 3rd each as they both agree they would provide for the children equally.

Steve unfortunately passes away and as per the instructions in the Will, Linda inherits their estate.

Some years later Linda needs to update her will as she has moved property to be closer to family and has a new grandson in the family.

When Linda drafts her new will, a decision is made to leave all her estate to her own daughter and her new husband as Linda wants to help provide for her family and grandson.

When Linda passes away, the whole estate is inherited by Linda's daughter and her husband. This means Steve's son and daughter inherited nothing at all despite Steve's wishes to provide for his family.

This is an unfortunate reality for a lot of families. Whilst not always intentional these issues can be difficult to deal with and stressful for families often meaning that some intended beneficiaries may not inherit what you intended.

If you would like to discuss your current circumstances in more detail and get some specific advice for your needs, we're offering free initial consultations where we will explain; 1) how to ensure your wishes are carried out, 2) how to ensure your family receive an inheritance you intended and 3) what simple steps you can take to ensure this.

Forward Thinking Financial Limited are an estate planning organisation based in Bridgend who specialise in Lasting Power of Attorney, Will Writing, Trusts, Asset Protection and Inheritance Tax Planning. We offer telephone/Zoom consultations, or face-to-face in the comfort of your own home.

📞 01656 335335

📧 [email protected]

📥 Inbox us

*general planning and is not to be construed as advice for any personal planning. Each strategy recommended is based on individual circumstances.

17/11/2022

In 2021, approximately 20,000,000 people held a life insurance policy.

With many people protecting mortgages for their family to continue to live in the family home, or simply provide for living expenses and children education, there a few key details often overlooked:

Do you have the right cover?

Sure £500,000 life insurance sounds good, but it's important you're protected for the right length of time. Everyone is at different points in their lives. Someone mortgage free in their 80's had different needs to a couple in their 30's with 2 children.

Will you policy make your families life easier?

So you've got the right policy, it covers all the likely expenses and for the right amount of time. If you pass away and the policy pays out, it's important to consider what this will do to your surviving families financial circumstances. Some considerations to be made; will there be inheritance tax payable, who will be the beneficiary or hold the money for children, will it be a single lump sum of money or annual payments for a number of years.

With so many other variables to consider too, it's always practical to get some advice. Often many advisors offer this service for free, so why take the risk with a DIY policy you found on Google when dealing with something as important as your families financial security.

Forward Thinking Financial are pleased to say that we work alongside Simply Zest who are able to offer our clients bespoke advice, free of charge. We chose Simply Zest because of their reputation, experience and expertise. It's important to us that people have the right access to the right information when they need it without being given 'the highlights' by a sales person.

If you'd like us to arrange a totally free review of your existing policy, or you're looking for a brand new policy, get in touch with a member of our team and we will be happy to help you.

Forward Thinking Financial Limited are an estate planning organisation based in Bridgend who specialise in Lasting Power of Attorney, Will Writing, Trusts, Asset Protection and Inheritance Tax Planning. We offer telephone/Zoom consultations, or face-to-face in the comfort of your own home.

📞 01656 335335

📧 [email protected]

📥 Inbox us

*general planning and is not to be construed as advice for any personal planning. Each strategy recommended is based on individual circumstances.

15/11/2022

Joint Bank Accounts

One of our most commonly asked questions are to do with Joint Bank Accounts, both if someone passes away and if someone were to lose mental capacity through illness or injury (such as a stroke or dementia).

There are pros and cons to joint accounts, it can make paying joint expenses easier, track your family income and expenditure, less accounts to stay on top of. However, the cons are rarely covered by banks which, most importantly can include your own joint account being frozen leaving you with no access to your own money in the event one of the account holders lost mental capacity.

You may have a joint account with your partner but more recently we're seeing parents sharing joint accounts with children to help take take of them and help with things like shopping or care.

Each bank has their own internal processes, some may allow for "emergency transactions" others do not. This often means bills can go unpaid with no access to the account in which they are usually paid.

If you'd like some more information or to speak to a friendly advisor, we would be happy to provide a free initial consultation.

Forward Thinking Financial Limited are an estate planning organisation based in Bridgend who specialise in Lasting Power of Attorney, Will Writing, Trusts, Asset Protection and Inheritance Tax Planning. We offer telephone/Zoom consultations, or face-to-face in the comfort of your own home.

📞 01656 335335

📧 [email protected]

📥 Inbox us

*general planning and is not to be construed as advice for any personal planning. Each strategy recommended is based on individual circumstances.

Image: https://www.nhs.uk/conditions/dementia/finances/

10/11/2022

Make sure you're getting the BEST advice.

We understand, estate planning can be a minefield. Wills, Trusts, Tax, Lasting Power of Attorney - it can be difficult to know where to start.

Thats why we feel access the right advice is so important. If you were feeling unwell, you wouldn't Google the symptoms as the prognosis is often pretty bleak. Much in the same way if you needed advice about protecting your assets you wouldn't take it from the comments section of a Facebook advert.

Thats why we offer free consultations, this is an opportunity to understand your concerns and offer a sensible and methodical approach to protecting your individual circumstances.

As part of the BEST foundation, we're happy to say we're part of a foundation that promotes the best practices, best advice and best protection for you, your family and your hard earned money.

To book you free consultation, just get in touch and a member of our team will be happy to help you.

If you’d like to read some client reviews check out our TrustPilot - https://uk.trustpilot.com/.../forwardthinkingfinancial.co.uk

Forward Thinking Financial Limited are an estate planning organisation based in Bridgend who specialise in Lasting Power of Attorney, Will Writing, Trusts, Asset Protection and Inheritance Tax Planning.

Call Us: 01656 335335 
Email: [email protected]


*all posts are general planning and is not to be construed as advice for any personal planning. Each strategy recommended is based on individual circumstances. (Letter shared with clients permission)

08/11/2022

Completely Free Will Writing Service.

🎄 With Christmas just around the corner and people spending time together and thinking about family and loved ones, people often want to get their affairs in order.

Forward Thinking Financial are offering a completely free Will Writing service, no strings attached for anyone who needs it.

If you already have a Will and need a new one, or know someone who might benefit, please feel free to share this with them.

We do have limited availability so we will provide our services, for free, on a first come first served basis all the way up to Christmas.

If you’d like to read some client reviews check out our TrustPilot - https://uk.trustpilot.com/review/forwardthinkingfinancial.co.uk

Forward Thinking Financial Limited are an estate planning organisation based in Bridgend who specialise in Lasting Power of Attorney, Will Writing, Trusts, Asset Protection and Inheritance Tax Planning.

📞 01656 335335
📧 [email protected]
📥 Inbox us

*all posts are general planning and is not to be construed as advice for any personal planning. Each strategy recommended is based on individual circumstances. (Letter shared with clients permission)

07/11/2022


Bridgend, according to RightMove the average price of a property in Bridgend £227,930 with detached properties averaging £322,846

💰 Inheritance Tax - how much will your children pay?

In the UK, the inheritance tax free allowance is set at £325,000 per person and if your estate is valued over this on death, an eye watering 40% tax is paid, by your executor/beneficiaries (often your children) and the critical point being, this needs to be paid BEFORE your family have access to ANY of the inheritance or estate you have provided.

With an increase in "Inheritance Tax Loans" often with arrangement fees, settlement fees and above average interest rates, most people assume that providing for your family meant giving them a helping hand, not a costly financial ordeal.

❓What is used to calculate my estate value?

Anything and everything you own, property, car, pension, life insurance, savings... it's easy to underestimate the value of your estate.

💡I'll just gift it to my children while I'm alive?

This can have some unintended consequences, from Capitol Gains Tax, being classed as a Chargeable Lifetime Transfer and even falling into the category of "gift with reservation of benefit" meaning even if you gift the asset away today, for the purpose of Inheritance Tax there will still be tax payable.

If you own a property in Bridgend, this might effect you and your family any you may not have been aware.

For the rest of November, Forward Thinking Financial are offering FREE estate planning "health checks" so you can be confident in your estate and any potential liabilities, but also, what you can do to help reduce or mitigate them completely.

Forward Thinking Financial Limited are an estate planning organisation based in Bridgend who specialise in Lasting Power of Attorney, Will Writing, Trusts, Asset Protection and Inheritance Tax Planning.

📞 01656 335335

📧 [email protected]

📥 Inbox us

*general planning and is not to be construed as advice for any personal planning. Each strategy recommended is based on individual circumstances.

https://www.rightmove.co.uk/house-prices/bridgend.html

01/11/2022

💍 Non-Married Couple? You'll want to read this...

If you’re in a relationship and own a house together or have children, you probably believe that “common-law partners” benefit from the same legal rights as married partners.

❌ Unfortunately, this is such a common misconception which is why we would encourage everyone to have a Will.

You only have to read the .GOV website to see:

“ A surviving partner who wasn't married or in a civil partnership with the deceased has no automatic right to inherit. ”

So many people think they are “too young”, “don’t have anything to leave”, or even “not worried about that yet”, but with no knowledge of what happens should the worst happen. Even more important is who would become the legal guardian of your children, while family members often step in, it might not be who you would choose.

📃 A Will doesn’t have to be expensive or complex, but it’s worth getting some advice so you can have peace of mind that your wishes and family are cared for in the event the worst should happen and not let the government laws decide for you.

We are offering free initial consultations for anyone interested in finding out more or have any questions. Whether you use Forward Thinking Financial, someone else or DIY, you’re welcome to some free advice.

Forward Thinking Financial Limited are an estate planning organisation based in Bridgend who specialise in Lasting Power of Attorney, Will Writing, Trusts, Asset Protection and Inheritance Tax Planning.

📞 01656 335335
📧 [email protected]
📥 Inbox us

*general planning and is not to be construed as advice for any personal planning. Each strategy recommended is based on individual circumstances.

Source: https://www.gov.uk/inherits-someone-dies-without-will

31/10/2022

Read client reviews about Forward Thinking Financial on TrustPilot:

Do you agree with Forward Thinking Financial's TrustScore? Voice your opinion today and hear what 61 customers have already said.

31/10/2022

🏠 Jointly own a property?

Are you “Joint Tenants” or “Tenants in Common” and what does that mean?

🗣 In simple terms, “Joint Tenants” means you own 100% of a property “together”. As “Tenants in Common” you each own a percentage (commonly 50/50) to make up the ownership of the property.

💡Should I be “Tenants in Common”?
With so many benefits, we feel everyone should be Tenants in Common, for example:

🔒Protecting you personal interests in the property
🩺 Prevent the loss of the property to care fees
👨‍👩‍👧‍👦 Protect the property for your families inheritance

Given that the family home is often the biggest asset most people own and work hard all their lives for it, so why take the risk of losing?

Often people find out when it’s too late and all other options are off the table, which is why we’re offering completely free 30 minute consultations. We’ll explain a simple but effective estate planning strategy and provide you with a no obligation quote if you’d like to work with us.

Forward Thinking Financial Limited are an estate planning organisation based in Bridgend who specialise in Lasting Power of Attorney, Will Writing, Trusts, Asset Protection and Inheritance Tax Planning.

📞 call us on 01656 335335
📧 email us [email protected]
📥 Inbox us

Find out more at www.forwardthinkingfinancial.co.uk or speak to a member of our team today.

17/08/2022

😱 Mental and physical incapacity can happen at any time. You might have thought that a spouse or family member would instantly gain control of your finances and wellbeing, but this isn’t the case…

👥 Whether we are young or old, we can find ourselves in this situation owing to illness or injury and it can be invaluable having a reliable person who is able to manage your personal affairs and remove the anxiety of having unpaid bills, at a time when you most need peace of mind.

⚠️ Unless you have signed a power of attorney, your family will have no authority to access your money or deal with your welfare.

🧑‍⚖️ In this case, the Court of Protection will look to appoint a Deputy for you. This means that the only way your finances or wellbeing can be managed is through an application which can take anywhere in between 12 weeks and 10 months. The judge has the power to decide who to appoint, and this could be someone you wouldn’t have trusted or wanted to manage your affairs.

✅ This is why it’s vital to have a Power of Attorney in place. Doing so means you can appoint the right person to make decisions about your welfare, money or property on your behalf at the right time.

For more information on Power of Attorneys and how we can ensure your wishes are carried out, contact us on:

📞 : 0333 016 6537