Wealth Management – Not just for the ‘wealthy’ – Magnus Legal explains April 11th, 2016 jmr jmr Latest News Shares Comments ‘Wealth Management – Not just for the ‘wealthy’ – Magnus Legal explains: Anything to do with managing your assets and planning the future of your finances is called ‘Wealth Management’, whether it be writing a will or protecting your assets using a trust. When most people think of ‘Wealth Management’ they think it only applies to very wealthy people who want to protect their wealth from the tax man. It is true that very wealthy people do need to protect their wealth but so does everybody else. If you own a property, no matter what the value, you have an asset that you have worked hard for and which is worth protecting. Without proper wealth management, when you are no longer here, your hard earned assets might not end up in the hands of your nearest and dearest or could disappear in costly legal disputes The most obvious form of wealth management is writing a will. Here is a scenario that can be very real when you do not write a will. Bill married Mary and they had 2 children. Unfortunately Bill and Mary divorced after 25 years of marriage. Bill then met and married Rose who had 3 children of her own from her previous marriage. Bill died suddenly having not made a will. Rose, as his wife automatically received all of Bill’s estate. When Rose died some years later she left all her estate to her own children and Bill’s children ended up with nothing from their father. Another popular form of wealth management is setting up a trust. By putting your assets into a trust with specific named beneficiaries, you can control exactly who receives what and when and only the named beneficiaries will ever benefit from your assets, nobody else. Here is a scenario that can be very real when you do not protect your assets with a trust. Mrs Jones, a widow, inherited money when her husband died. They had one child, Ben. Mrs Jones lived to the age of 75. She lived a very frugal life and there was a good inheritance for Ben. Ben was married to Alice and they had two children but theirs was not a happy marriage. Six months after Mrs Jones passed away Alice divorced Ben and claimed half of Ben’s inheritance. Had Mr or Mrs Jones put their assets into a trust naming Ben and their grandchildren as beneficiaries, they would have protected their assets for the benefit of their own child and grandchildren even in the event of a divorce. By investing a small amount in proper wealth management solutions with the help of a qualified solicitor you can ensure that your loved ones are the ones who benefit from your life time’s hard work and protect them from costly and stressful issues when you are no longer here. If you would like some more information or some guidance, you can call Magnus Legal’s Legal Helpline on 03303 211105. Submit News Contact us with your community, business or sport news. Phone 07581350321 Email [email protected] Facebook www.facebook.com/otsnews.co.uk Twitter www.twitter.com/onthespot_news Breaking local news as it happens, searchable archives with photographs, the ability to instantly comment on news articles – there are so many advantages to OTS (Onthespot) News. If you want your news read locally online then send it to [email protected]– relying only on the newspaper is to restrict yourself to an ever reducing audience. Related Comments comments!