Most landlords are property investors for two main reasons:-
As a client of The Money Centre you will no doubt have a lifetime property investment strategy. Therefore, you will want to be sure that the right assets go to the right people at the right time.
Estate planning isn't just about making a Will, deciding who your money will go to when you die and appointing guardians to look after your children though. What if you are unable to look after your personal affairs due to having an accident, a stroke or developing a mental illness? Did you know that if you don't make the right provisions (Lasting Powers of Attorney) that your spouse may not be legally allowed to act for you and your personal welfare and affairs could be in the hands of a Civil Servant?
Inheritance Tax is also a major consideration. If property values double every 10 years your portfolio will be worth four times what it's worth today 20 years from now. The most cost effective time to start planning is whilst your equity is at its lowest point and you are healthy and able to do so.It is all too easy to ignore mortality and to defer planning for another day. It's an old saying but it's true, "people don't plan to fail, they simply fail to plan".
To find out more about powers of attorney contact us today.