JosephineWolo Consultancy.com
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Experience
A self employed mortgage advisor for 19 years Jo Wolo awoke to the financial fraud in the mortgage business and walked away from this career to helping people protect their assets. Jo had been engaged in working with Trusts for many years. With the government signalling that they will drastically reduce the threshold for inheritance tax liability (especially for farmers) many people don't realise that their loved ones may face a massive tax bill when they pass over. A trust may help mitigate that. Jo now appears on podcasts like 'The Richard Vobes Show' on YouTube and travels round giving people the facts and offering the best tailormade solutions along with a wealth of helpful information.
'I love nature, all animals especially dogs, painting, walking in the woods. I'm dry humoured, tenacious, straight talking, kind, generous and I don't suffer fools gladly'
Trusts
Placing assets in a trust can provide significant protection and flexibility for your financial planning. Trusts shield assets from potential creditors or lawsuits, making them particularly useful for safeguarding wealth in uncertain circumstances. They also ensure assets are distributed according to your wishes, avoiding disputes and providing peace of mind.One of the main benefits of a trust is bypassing the lengthy and often costly probate process. This not only speeds up asset distribution but also keeps your financial matters private, as trusts are not subject to public record like probate. For families, this can simplify inheritance and reduce stress during difficult times.Additionally, trusts can offer tax advantages. Certain types, such as irrevocable trusts, can reduce estate or inheritance taxes, preserving more of your wealth for beneficiaries. They’re a valuable tool for ensuring long-term financial security while minimizing administrative burdens.
Wills
Having a will is essential for ensuring your wishes are honored after your passing. It provides clear instructions on how your assets should be distributed, minimizing the potential for family disputes. Without a will, the law determines who inherits your estate, which might not align with your intentions.A will simplifies the estate administration process by appointing an executor to manage your affairs, pay debts, and distribute assets according to your wishes. This can save your loved ones time and stress during an already challenging period.Additionally, a will allows you to address other important matters, such as appointing guardians for minor children or making charitable donations. It gives you control over your legacy and ensures that your assets and responsibilities are handled the way you intend.
Lasting Power Of Attorney / Tenants In Common
Having a Lasting Power of Attorney (LPA) ensures that trusted individuals can make important decisions on your behalf if you lose the ability to do so. This includes managing finances, paying bills, or making healthcare and welfare decisions. An LPA provides clarity and legal authority, reducing delays and complications for your loved ones during difficult times. By setting it up in advance, you maintain control over who acts in your best interests, offering peace of mind and safeguarding your wishes.
Holding property as Tenants in Common can be particularly beneficial when one owner is elderly. Unlike Joint Tenancy, where ownership automatically passes to the surviving co-owner, Tenants in Common allows each person to own a distinct share of the property, which can be passed on through their will. This arrangement provides flexibility for estate planning, enabling the elderly tenant to protect their share for specific beneficiaries, such as children or other loved ones.Additionally, Tenants in Common can help manage potential care home costs.
Legal & Financial Disclaimer: The information provided in this conversation is for general informational and educational purposes only and does not constitute legal advice. While efforts are made to ensure the information is accurate and up-to-date, it should not be relied upon as a substitute for professional legal consultation or advice tailored to your specific circumstances.By engaging in this discussion, you acknowledge that no solicitor-client or attorney-client relationship is created. Any actions taken or decisions made based on the content of this conversation are solely your responsibility. It is strongly recommended that you consult a qualified legal professional before taking any action to ensure compliance with applicable laws and regulations.Furthermore, this conversation may not address all potential issues or considerations relevant to your situation, and no guarantee or warranty is made as to the completeness or accuracy of the information provided.