When it comes to financial security, planning ahead is essential. Protecting your assets ensures your loved ones’ wellbeing and provides peace of mind.
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There are a number of issues that could significantly affect your finances over your lifetime from care home costs to being unable to make vital decisions because you’re incapacitated.
But the correct legal measures can safeguard you from that.
As Tony Marchi, principal at ILAWS Scotland, pointed out: “It’s not just about future finances – it’s about taking proactive control of your life and your family’s.”
So what are the steps you can take today to achieve long-term protection and why should you move quickly?
The importance of acting now
© Shutterstock / ORION PRODUCTIONFor many, estate planning falls into the “I’ll get around to it” category but there are a number of reasons that is unwise.
Seasonal demand for legal services
There is always a surge in demand for estate planning services during winter. The reality is that winter can bring unforeseen incidents, making it an ideal time to consider your long-term financial security. Waiting until the new year can mean facing longer wait times or more complicated processes due to heightened demand.
Tony explained: “January to April are our busiest months. The challenges of winter bring more accidents and illnesses, and people find themselves attending more funerals. It’s a natural time to get one’s affairs in order. Now is the time to book your appointment—we will be busier after New Year.”
Unexpected incidents
In addition to seasonal factors, protecting your assets is about recognising life’s inherent unpredictability. Circumstances can shift quickly, leaving families unprepared for sudden financial or health-related challenges. Slips and falls are more common, along with viruses. According to the Scottish Parliament Information Centre, hospital bed occupancy tends to rise over the winter months.
Tony emphasised: “Things can change in a matter of weeks or months. We’ve had clients whose situations altered dramatically even within the short timeframe of getting their affairs in order.”
Acting now ensures that your wishes are in place and protects your loved ones from potential stress in the future.
Costs will only go up
An often-overlooked aspect of asset protection is the rising cost of legal services.
Tony warned: “We’ve just had a price increase from the courts, and we’re seeing costs go up across the board. However, if you book your appointment now, we will honour this year’s pricing. So, if you’re thinking of getting your affairs in order it will pay to make the appointment now.”
The tools to help protect your financial assets
© ShutterstockThere are several vital tools to helping you secure your financial future.
Power of Attorney
Having Power of Attorney is vital to ensuring we can deal with anything that comes our way. That’s particularly the case with the increased levels of security now in place on almost everything we use.
With a POA your trusted family member can act on your behalf and make important decisions for you when you are unable to. It will also protect you or your spouse’s welfare when in a care home.
Furthermore, it’s important to note that without POA in place a hospital can make your medical decisions and sometimes medics won’t administer treatment if there is any risk to you, even if your spouse or children wishes them to do so.
Trusts and transfers
It is estimated that a quarter of people over the age of 60 years will end their days in care and with better healthcare meaning we live longer this will only rise.
The threshold for council support with care home fees is having assets of £32,750 or less and, worryingly, your house is classed as one of your assets. It can be taken from you to cover care costs.
However, with proper planning, ILAWS can help you legitimately protect your home from covering your care home fees. You may be able to set up a Protected Property Trust.
A Protected Property Trust is ideal for couples who own their own home. The benefit of placing your home in a trust is that both you and your spouse/partner continue to own your home and when one dies their share of the property is kept separate from your estate.
Another option is a transfer, which involves legally transferring ownership of your home to someone, such as your child/children. It is NOT possible for them to sell while you are in the property. It simply allows you to remain in your own home and prevent it from being counted as ‘an asset’ when or if you need to go into a care home. Although a timescale here may apply.
Wills
If you want to make sure your wishes are followed after you die then it’s vital to have a Will.
A Will includes detailed information about your property, savings, assets and other belongings and how you wish to divide them.
Perhaps most importantly of all though, it ensures your loved-ones don’t lose out.
If you do not have a Will (and it is advised that every adult in Scotland should have one) when you die your spouse is left with all of the family’s assets. If they then need care, fall into debt or remarry, the whole of your estate is at risk. That means your children could end up with nothing. It could even mean that someone else’s children may inherit. However, a Will can prevent this.
Who should you speak to?
ILAWS Scotland provides free, expert advice. The team is happy to visit you in your home, making it easier than ever to address financial concerns in a convenient and accessible manner. By working with ILAWS, you’ll gain clarity on Wills, POA, trusts and transfers.
Wills can be prepared in the comfort of your own home for £50 plus VAT = £60 total. Power of Attorney can be arranged for the low price of £195 plus VAT (plus £96 Scottish court registration fee) = £330.
The firm offers a no-obligation, free consultation. If you decide it’s not for you, then it won’t cost you a penny.
Discuss asset protection with ILAWS Scotland now, and gain the peace of mind that comes from knowing you’ve taken control of your financial future.
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