News How Estate Planning can Safeguard your Legacy MTI celebrates Lasting Power of Attorney (LPA) medical decisions on your behalf should five greatest you become incapacitated. An LPA grants someone you trust • Avoiding Family Conflicts - a wellthe authority to make financial and/or achievements on crafted estate plan can help prevent healthcare decisions on your behalf disputes among heirs by clearly if you become unable to do so. Fifth Anniversary outlining your intentions. Innovative new programmes, partnerships with industry, and successful school outreach activities are on the list of its greatest achievements as the MIRA Technology Institute (MTI) marks its fifth anniversary. The MTI is helping to create specialist skills in emerging technology areas in the automotive sector including electrification, connected and autonomous vehicles, functional safety, and cybersecurity, as part of its mission to ensure a sustainable supply of future technical specialists and engineers. Since it first opened its doors, the Institute has welcomed over 42,500 students and delegates. This includes over 3,000 studying for accredited qualifications from a Level 1 Institute of the Motor Industry (IMI) certificate up to Masters’ degrees, and over 850 apprenticeships at all levels. More than 17,000 automotive professionals have taken part in professional development activities. Lisa Bingley, Operations Director at the MTI, said: “We’re very proud of what we have achieved over the last five years and, reflecting on our successes, I am pleased that we can include: •
New postgraduate and short courses in connected and autonomous vehicles.
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Innovative training programmes in hydrogen fuel cell technology.
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Responsive electrification programme for Jaguar Land Rover employees.
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Dynamic and popular schools outreach activities including TeenTech and Speed Networking.
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Huge and consistent demand for our services from over 42,000 students and delegates.”
The MTI, which opened its doors in September 2018, is a unique partnership between North Warwickshire and South Leicestershire College (NWSLC), as the lead partner, HORIBA MIRA Ltd, Coventry University, Loughborough University, and the University of Leicester. It was built with £9.5 million investment from the Government’s Local Growth Fund via the Leicester and Leicestershire Enterprise Partnership (LLEP) after research showed rising demand for specialist technical skills across the automotive sector. Marion Plant, OBE FCGI, Chair of the MTI Operations Board, and Principal and Chief Executive of NWSLC, said: “We are delighted to celebrate the first five years of the MTI and I am very proud of all that it has achieved so far. This has been a remarkable period of disruption, change and growth for the automotive industry and we are pleased to be able to support the sector, especially with one of its key challenges - the increasing need for skilled individuals who are able to adapt to the changes and embrace new technologies. I would like to thank all our partners and clients with whom we have worked for the last five years and look forward to seeing the continued success of the MTI in the future.” Declan Allen, Managing Director of HORIBA MIRA Ltd, said: “It has been an incredible period during which our partners have worked together to bring MTI’s vision to fruition. You can feel the energy and enthusiasm at this amazing facility which has demonstrated its potential brilliantly over the last five years. This unique collaboration between industry and higher and further education is successfully delivering the high-end technical skills for the mobility sector that are essential to boosting our growth and supporting the prosperity of the region.”
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Estate planning is a multifaceted process that involves the careful and strategic management of your assets, finances, and personal affairs to ensure that your wishes are honoured and your loved ones are provided for after you die. What is the purpose of estate planning? Estate planning is not exclusive to the wealthy or elderly; it is a vital aspect of financial planning that concerns anyone who owns assets, no matter their scale and it serves several essential purposes: •
Asset Distribution - estate planning involves specifying how your assets will be distributed upon your death.
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Minimising Tax Liabilities - can help mitigate any inheritance tax on your estate by utilising various exemptions, allowances, and reliefs, ultimately preserving more of your assets for your heirs.
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Protecting Loved Ones - enables you to provide for your family's financial security, particularly if you have dependents.
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Healthcare and End-of-Life Decisions encompasses advance care directives and the appointment of people to make
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Efficient Asset Management - can include the creation of trusts to manage assets, investments, or properties on behalf of beneficiaries.
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Business Succession - addresses the smooth transition of ownership or management to the next generation or a designated successor.
What are the key components of estate planning? Estate planning encompasses various interrelated components. These include: A Will A will is a foundational document in estate planning. It specifies how your assets should be distributed and appoints an executor to carry out your wishes. It is essential to ensure your will is legally valid to avoid complications later. Therefore, it is always best practice to engage a Wills and Probate Solicitor to advise you and draft your will. Inheritance Tax Planning Minimising inheritance tax liability is a significant concern for many individuals. This involves using available exemptions, allowances, and reliefs to reduce the tax burden on your estate. As tax law is complex, it is best to seek professional before creating your will. Trusts Trusts are legal instruments that allow you to transfer assets to a trustee who manages them for the benefit of specific beneficiaries.
Advance Care Decision
Also known as a living will, this document outlines your preferences for medical treatment and care if you are unable to communicate your wishes. Guardianship If you have minor children, naming legal guardians in your estate plan ensures their care and upbringing according to your wishes if both parents die or are incapacitated at the same time. Beneficiary Designations Beneficiary designations are used to indicate a transfer in ownership of an asset to a named beneficiary on the death of the owner. Typical assets that require beneficiary designations include life insurance policies, retirement plans, annuities, and health savings. Digital Assets In our increasingly digital world, estate planning should account for the management and distribution of digital assets, such as online accounts, social media profiles, and cryptocurrency holdings. Letter of Intent This informal document can provide guidance and instructions to your loved ones regarding personal and sentimental assets or wishes that may not be covered explicitly in your Will. Visit askewslegal.co for more information.
HORIBA MIRA opens Driving Simulator Centre to enhance next-generation vehicle attribute engineering HORIBA MIRA has unveiled its ground-breaking Driving Simulator Centre, revolutionising vehicle engineering at its Nuneaton headquarters. This cutting-edge facility, backed by over £4 million in investment, combines advanced technology with an attributeled approach to optimise vehicle development. At the core of this innovation is the UK's first dynamic motion driving simulator. It reduces the need for physical testing and prototypes, potentially saving up to 14,000 tonnes of CO2 equivalent emissions per vehicle model developed. The Driving Simulator Centre's attribute-led methodology empowers engineers to make precise comparisons quickly and cost-effectively, crucial for balancing conflicting attributes and informed decision-making throughout the development cycle. This approach minimises the need for physical prototypes. This facility is a game-changer for the automotive industry, enabling virtual development across various applications, from vehicle dynamics to advanced driver
assistance systems and human-machine interfaces. It facilitates the creation of vehicles that align with brand DNA more efficiently, sustainably, and economically. As the automotive industry evolves towards net-zero emissions, HORIBA MIRA's Driving Simulator Centre plays a vital role by reducing the industry's reliance on carbon-intensive physical prototypes. It aligns perfectly with their commitment to supporting customers in their transition to a sustainable future.
Declan Allen, Managing Director at HORIBA MIRA, emphasised the positive impact of the Driving Simulator Centre on refining vehicle attributes and meeting changing customer expectations, making it an essential tool in the development of vehicle technologies. HORIBA MIRA's Driving Simulator Centre marks a significant step forward in vehicle attribute engineering, offering a greener, more efficient, and cost-effective path to developing the next generation of automobiles.
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