23-05-2025
Estate planning experts explain why now is the time to protect your financial future
Summer brings with it so many wonderful things - good weather, holidays, garden parties, barbecues, and time with children and grandchildren.
What it doesn't always bring is the motivation to check your legal and financial affairs and make solid plans for the security of your assets.
We all know future planning is important - you'll have seen the TV ads from ILAWS Scotland offering to help you and your family protect your finances for the future, with 'no drama' - so with only a few weeks left until the summer begins in earnest, now is the time to act.
Rated 4.8 on Trustpilot*, thousands of people in Scotland trust ILAWS to secure their family finances. They can help you protect your home with a Protected Property Trust (PPT); organise Power of Attorney (POA) so that major financial decisions can be made by your loved ones if you are unable to do so; or help you draw up a Will.
Home protection
As our elderly population increases and conditions like dementia and Parkinson's become more common, the demand for end-of-life care is increasing too. However, it is enormously expensive; the cost of round-the-clock care currently averages more than £60,000 per year - and if your capital assets are worth £29,750 or more, you are required to meet your own care costs in full.
Whilst deliberate deprivation is not allowed, you can legally take steps to protect your home or other assets by setting up a trust or looking at transfers.
No drama
To set up a trust, you need a guiding hand that is reliable, helpful, and definitely 'no drama'. ILAWS' expert team can help you with all aspects of estate planning before the beautiful chaos of summer takes over, and much more besides.
There are so many things you can do to safeguard your family's financial future, and ILAWS are on hand to guide you through them.
Elaine, an estate planner at ILAWS, said: 'Proper estate planning is not just about getting a will. Trusts and transfers offer ways of protecting your house and your savings as well.
'Whether you've got an estate, including your home, worth £100,000 or £1,000,000 or more, there will be a trust appropriate for you. It's not 'one size fits all'.
'Even if a trust or transfer is something you've looked into before, but you've received a price that's put you off doing it, you should still investigate it with us.
'A comment we get frequently is: 'This costs less than I thought!'.'
'Don't put it off'
People often think that they have left it too late to protect their home because of a seven-year-rule under inheritance tax law.
Tony Marchi of ILAWS explained that this isn't the case if you are under the inheritance tax threshold, which could be as high as £1 million for a married couple who intend to pass their property on to their children. However, time is still of the essence.
'There is no timescale when you're under the inheritance tax threshold, but the longer you have to get it done, the better,' he said.
'Speak to us and see what we can do because it will cost you nothing to find out, and these things only get more expensive year-on-year.
'Don't neglect what's really important. If it's in your mind, don't put it off.
'Realistically, you're not going to do it when you're on holiday and you're not going to do it during the school holidays.
'If you wait again until winter and are six months down the line, then you've got Christmas coming up. Don't put it off, because you've probably done so for years!'
Pet protection
As well as your financial and property assets, did you know that ILAWS can help you protect the future of your furry friends too?
It's all part of the service, highlighted by the regular appearances on the ILAWS social media pages from their resident pooch Harvey, looking smart in his collar and tie, and affectionately known as the 'CEO of IPAWS'.
Tony added: 'There are so many things that people forget about in estate planning relating to their pets, animal charities, or animal laws, and that's what Harvey is there to raise awareness of via IPAWS for ILAWS.
'People want to ensure their pet is cared for after they're gone or perhaps donate to animal charities through their Will, which is very popular. Harvey is there as a reminder to think about your pets too – not just your humans.'
From property to pets, ILAWS' comprehensive service will enable you to rest easy in the knowledge that your affairs have been sorted for whatever the future brings.
Contact ILAWS today
With over 30 years of experience, ILAWS helps many individuals and families across Scotland to plan for the future, understanding your needs and providing quality advice.
The team will ensure the whole process is smooth - and will visit you in your own home if needed.
