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| Planning for the Future with Alan Powell |
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Page 1 of 2 Planning for the future with Alan Powell I am sitting here writing my first piece for Cornish World magazine full of excitement and anticipation. I have carried out many presentations in my time but I can honestly say I have never felt so nervous, so thank you to Nigel Pengelly for his encouragement and support.  My idea is to offer financial information in an unbiased way and hopefully answer some questions that I feel would be helpful. The current climate has created a lot of confusion and fear but it is important people make major decisions on an informed basis. Hopefully my articles will do this. Some of the issues concerning people are: • Loss of income due to reducing interest rates. • Potential inheritance tax liability? • What if I need long term care? • Should I sell or should I buy now the markets are low? • Will I retire in the standard of living I want? • Divorcing my husband/wife what about pension rights and assets? I could go on but to start with an issue close to my heart the simple will. An under estimated legal document that can save many arguments and heartaches that expresses your wishes in how you want your estate to be divided on death. I can not express enough the importance of making a will. It is a misconception that your spouse will automatically inherit your estate. If you die without a will, there are certain legislative rules (intestacy rules) which dictate how your money, property or possessions should be allocated. This may not be the way that you would have wished your assets to be distributed. Assets held jointly with your spouse/civil partner will automatically pass to the survivor, without a will you will not be able to direct who is to benefit from the assets or interests held by you solely. Where a spouse or civil partner dies intestate, the spouse will receive all the personal items (including any car/s) and the first £250,000 if there are children involved and the first £450,000 if no children are involved. For example: Assets jointly owned with spouse: The house £400,000 Personal items and cash £60,000 Items in deceased’s sole name: Investments- £280,000 |
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