Island Life Magazine Ltd February/March 2007 - Page 19

PROPERTY available to you, if you are widowed. In addition monies can be written into separate Discretionary Trusts while you are alive but will be subject to consideration having to be given to a death arising within a seven year period following the allocation of such discretion and the transfer of any pre owned property asset into such Discretionary Trust. It is very necessary to be abreast of current tax changes which seem to be more regular than ever before in my career and it cannot be guaranteed that any provisions now will benefit from tax avoidance should legislation change the same in the future. However, whilst the opportunity still exists, you should not delay in considering putting in place a Will to protect your hard earned capital and family assets to ensure your family benefit rather than the Chancellor of the Exchequer. As I have always considered the completion of Wills to be an essential service supplementing conveyancing my Practice. For this reason we have a special department to deal with wills - life and we offer the best service and advice at a set fee rate without the involvement of time costing to include free home visits for those who cannot attend the office through disability. In some cases such work is dovetailed with putting in place a Power of Attorney the latter of which will be the subject of change in 2007 to introduce what is to be described as Lasting Powers of Attorney but I would wish to emphasise this is not likely to affect existing Powers of Attorney completed under the Enduring Powers of Attorney legislation as they are likely to be purely subject to the new rules without the necessity to complete a new document. For more information on this service contact Terence Willey at his Bembridge Law Practice in Grove Mews, Sherbourne Street, Bembridge, Isle of Wight. PO35 5SB – Telephone 01983 875859. Island Life - www.isleofwight.net 19