Deed of Removal of a Beneficiary

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A Deed of Removal of a Beneficiary is a legal document that is used to remove a named beneficiary from a will, trust, or life insurance policy. This document is typically used when the original beneficiary is no longer relevant or appropriate, for example, if they have passed away, or if the individual creating the will or trust has changed their mind about who they would like to receive the benefits.

A Deed of Removal of a Beneficiary can be an important tool for managing Inheritance Tax (IHT) liability and protecting assets from care home fees. This is because, in certain circumstances, removing a beneficiary can reduce the overall value of the estate, which in turn reduces the amount of IHT that will be due. Additionally, by removing a beneficiary, it may also be possible to protect assets from being included in the means-testing process for determining eligibility for care home funding.

It is important to note that removing a beneficiary from a will, trust, or life insurance policy is a complex process that should only be undertaken with the assistance of a legal professional.

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Key benefits of Estate Planning

Protect Beneficiaries

Provide financial security for loved ones

Reduce Taxes

Minimise inheritance and capital gains taxes

Prepare for Incapacity

Ensure decisions are made by trusted people

Avoid Probate

Streamline the transfer of assets to heirs

Control Asset Distribution

Decide who inherits what and when

Protect Your Assets

Safeguard wealth for future generations

Plan for Care Costs

Protect assets from care home fees

Preserve Family Wealth

Prevent wealth from being eroded over time

Gain Peace of Mind

Reduce family disputes and secure your wishes

Estate planning ensures your assets are protected, your wishes are honoured, and your loved ones are cared for.

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