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info@ceprotection.com

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Acklam Hall, Hall Drive, Middlesbrough TS5 7DY

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Case Study: Comprehensive Estate Planning for a Local Couple

Introduction

Complete Estate Protection, a premier will writing service based in Middlesbrough, specialises in helping clients organise their estates to secure their family’s future. This case study explores how we assisted a married couple in creating a robust estate plan, addressing their specific needs and concerns as they approached retirement.

Initial Contact and Appointment Scheduling

A married couple from the Middlesbrough area discovered Complete Estate Protection through a Google search. Drawn to our local presence and positive reviews, they contacted our office to schedule an appointment. Our friendly and knowledgeable staff facilitated the booking, ensuring a convenient time for the couple to meet with Daniel, one of our experienced estate planning advisors, at our office in Acklam Hall.

Client Concerns and Objectives

During their initial consultation with Daniel, the couple expressed their primary concerns and objectives. Approaching retirement, they had recently paid off their mortgage and felt it was imperative to get their affairs in order for their three adult children. Despite being married for several decades, they had never sought professional advice on estate planning. Their main goals were:

  • Protecting their home for their children.
  • Simplifying the process should they lose mental capacity or pass away.
  • Ensuring their wishes were clearly documented and legally binding in the event of death.

Fact-Finding and Assessment

To develop a comprehensive estate plan tailored to their needs, Daniel conducted a thorough fact-finding session. This involved gathering detailed information about the couple’s assets, liabilities, and family dynamics. Key aspects assessed included:

  1. The couple’s financial situation, including property ownership and savings.
  2. Existing wills or estate planning documents (which, in this case, were absent).
  3. Their children’s circumstances and any specific bequests or provisions they wished to include.

This detailed understanding allowed us to formulate recommendations that would effectively address their concerns and achieve their objectives.

Recommendations

Based on the information gathered, Daniel proposed the following solutions to ensure the couple’s estate was protected and their wishes were honoured:

1. New Wills

The creation of new wills was paramount. These documents would outline the distribution of their estate, ensuring their children were the primary beneficiaries. The wills would also designate executors to manage the estate and guardians for any minor grandchildren if necessary.

2. Powers of Attorney

To address the potential loss of mental capacity, Daniel recommended setting up Powers of Attorney. These legal documents would allow the couple to appoint trusted individuals (in this case, likely their children) to make decisions on their behalf if they were unable to do so. There are two types of Powers of Attorney that were suggested:

  • Health and Welfare Lasting Power of Attorney: This document allows the appointed individual to make decisions regarding medical care and living arrangements.
  • Property and Financial Affairs Lasting Power of Attorney: This document permits the appointed individual to handle financial matters, such as managing bank accounts and paying bills.

3. Lifetime Trust

To further protect their home and simplify the transfer of assets, a lifetime trust was recommended. This legal arrangement would place their property in a trust, providing several benefits:

  • Avoidance of probate, thus speeding up the process of transferring the property to their children.
  • Protection from potential claims against the estate.
  • Flexibility to continue living in the home while retaining control over the property during their lifetimes.

Client Deliberation and Decision

Understanding the importance of these decisions, Daniel ensured that the couple did not feel pressured. He encouraged them to discuss the recommendations with their family and take the time they needed to consider their options. This approach aligned with our commitment to providing a supportive and stress-free experience for our clients.

Follow-Up and Implementation

After deliberating and discussing with their family, the couple contacted our office to schedule a follow-up appointment. During this session, they confirmed their decision to proceed with the proposed estate plan. Daniel and our team then began the process of drafting the necessary documents.

The entire process, from the initial consultation to the finalisation of the documents, took approximately three weeks. This included multiple in-person meetings at our office in Acklam Hall to ensure all details were accurately captured and the couple fully understood each element of their estate plan.

Outcomes and Client Satisfaction

Upon completion, the couple expressed immense relief and satisfaction. They were grateful for the comprehensive support provided by Complete Estate Protection, particularly appreciating:

  1. The clarity and thoroughness of the advice given.
  2. The professional yet personable approach of our team.
  3. The efficiency of the process and the quality of the final documents.

By addressing their concerns and simplifying the future management of their estate, we provided them with peace of mind, knowing their affairs were in order. They felt assured that they had made the right decision for themselves and their children, safeguarding their family’s future.

Conclusion

This case study highlights the importance of timely estate planning and the value of professional advice. Complete Estate Protection was able to guide this Middlesbrough couple through the process, offering tailored solutions that met their specific needs and concerns. Our commitment to client-centric service ensured they felt supported and confident in their decisions. We are proud to have played a role in securing their family’s future and look forward to assisting more clients with their estate planning needs. Contact us today for further advice and information.

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