The 5 stealth threats to your wealth - why a Will may not protect your loved one's form losing their inheritance

Planning your estate means more than making a Will. There arefive real threatsto your wealth, both while you are still alive and after you have died, which, despite your best intentions, could see your loved ones losing their inheritance.

Many Wills do not safeguard you against these five threats and there are countless stories where families have suffered financially because their assets have not been safeguarded properly by a "basic" Will.

People often find themselves unwittingly exposed to these risks and the best advice is to work with specialists who understand how you can be at risk and what to do to protect yourself and your loved ones.

Leading Wills and Trust expert Eli Pressman ofBarnet Willshas identified the five key risk factors as:

1. Sideways disinheritance or marriage after death.

2. Creditors & Bankruptcy.

3. Long Term Care fees.

4. Generation Inheritance Tax.

5. Future Divorce settlements.

The best way to protect your asset from the five threats to your wealth is to create a watertight Will and a trust. For this you should go to a specialist Will writer and trust expert. It needn't cost a lot of money and will ensure that your loved ones don't lose out when you pass on.

Most people also think that Trusts are only for the rich, but creating a trust may be the only way you can protect your family from other people laying claim to your intended beneficiaries inheritance.

"Most people think an "off the peg" Will from a high street solicitor will ensure their love ones will inherit their estate and that their assets are fully protect by this legal document. However, this is not always the case and, as well you know, things can get nasty when it comes to inheritance. It is vital to protect your assets properly to ensure that no one but the people you intend to inherit get your money when you die", says Mr Pressman.

One of the biggest problems is step family betrayal.

It's not only the super-rich that "do the dirty" on their step children. Last year Stuart Herd was disinherited when his step mother re-wrote her will and left his father's money to a step brother he only met once at his father's funeral. Despite, Dorothy Herd, the step mother promising Stuart the money was his she betrayed him. Because of the structure of the Wills (basic mirror wills) Stuart didn't have any legal recourse and his stepbrother, Michael Cosgrove of Wigan inherited Stuart's father's estate, which included money left by his mother and grandparents, Leaving Stuart and his family financially devastated. Michael refuses to speak to Stuart and appears to have no moral qualms about taking his late step father's money.

See Stuart's storyhere

"Anticipating death is not an attractive prospect but for our peace of mind and for our loved ones' security, it is something we should all do. Dying intestate could leave distress. A well-planned and written Will, on the other hand, offers a sense of security that the needs of children and other dependants are taken care of, and guardianship secured where necessary - and that any final wishes are taken care of", says Mr Pressman.

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www.barnetwills.co.uk

For further information, please contact: Caroline Ratnercaroline@carolinecomms.com

About Barnet Wills

Barnet Wills and Eli Pressman

Eli Pressman is a specialist expert in Wills and Trusts. He is committed to safeguarding his client's wealth for their children, grandchildren, or chosen beneficiaries, after they are gone.

Eli's number one priority is to ensure that his clients protect their wealth in their homes, savings and businesses. He works directly with clients, or in partnership with accountants or independent financial advisors. He usually charges a fixed fee.

Advance planning ensures that assets and businesses are protected and helps avoid family, partner and shareholder disputes that can tear families and businesses apart.

The Barnet Wills website is packed with informationwww.barnetwills.co.uk