Wills
What happens without a Will?
Advance Directive - Living Will
Family members may insist that a loved one is kept alive by artificial means when there is no
clinical justification or benefit to the patient.
Power Of Attorney
Empowering another to take care of your everyday commitments, welfare and legal matters when you are no longer fit and well enough to do so.
Discretionary Trusts
Special aid for those who are handicapped, bankrupt, incapable etc
Document Storage
Have you safeguarded your vital documents against fire, theft and flood & misplacement?
Executors
Why the vital roles of an executors and trustees is so important to you and your family
Trustees and Trusts
The role of Trustees and the advantages of Trusts.
Inheritance Tax Mitigation
Arranging your affairs to legally avoid paying unnecessary tax
Protection Against Nursing Home Fees
Make sure your house is free to be left to your beneficiaries.
Full Probate Service
Dealing on your behalf with all the procedural complexities to help your family at a distressing time.
Health Care Cover
Professional guidance on your best options.
Off Shore Specialised Trusts
Expert consultancy services tailored to your exact requirements.
Full Range Financial Services
Friendly & professional advice on a complete range of subjects including Equity Release, Mortgages, Investment portfolios etc.
WILLS - Make sure your wishes are carried out
What happens without a will?
THE GOVERNMENT HAS ALREADY WRITTEN A WILL FOR YOU!
In effect this means The Rules of Intestacy are applied:
You have no say in the disposal of your estate. Remote and distant relations might have a share at the expense of your direct dependants
It takes two years or more before Probate is granted. Your estate will be frozen and those whom you would want to inherit cannot access your property nor your money before that time
A solicitor is appointed by the authorities to dispose of your estate. They publish a notice in a local paper. That notice might not be seen by the people most eligible to benefit and any one can claim a share whether or not they have a legitimate interest. All this enquiry, proof and authentication entails solicitors fees which, together with bank and other charges, are taken from your estate before the residue is divided among the beneficiaries
If you have children your spouse would only inherit the first £250,000 of your estate
Unmarried partners could end up with nothing at all
Somebody else would decide who brought up your minor children
Unmarried fathers have no automatic legal right to look after their own children in the event of the mother’s death
BUT THE GOOD NEWS IS IT DOES NOT HAVE TO BE THIS WAY!
"Together we can change it!"
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Advance Directive - Living Will
Family members may insist that a loved one is kept alive by artificial means when there is no clinical justification or benefit to the patient.
A Living Will enables you to have your wishes enforced whilst you’re still alive but have reached a point where you are unable to make decisions.
For instance, family members may insist that a loved one is kept alive by artificial means when there is no clinical justification or benefit to the patient
For instance, family members may insist that a loved one is kept alive by artificial means when there is no clinical justification or benefit to the patient
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Power Of Attorney
Empowering another to take care of your everyday commitments, welfare and legal matters when you are no longer fit and well enough to do so.
This allows you to give somebody you choose the power to legally handle all your affairs. They will make on your behalf, all the decisions that under normal circumstances you would make. You can instigate an Power of Attorney when you feel that you are approaching a time when you’ll be unable or unwilling to handle your own affairs.
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Discretionary Trusts
Special aid for those who are handicapped, bankrupt, incapable etc.
Discretionary trusts are used for long-term financial planning. They are for the benefit of persons who are handicapped, bankrupt, incapable though illness, alcohol etc.
The main characteristic of a discretionary trust is that the assets don’t count for welfare benefit purposes. They don’t affect Social Services’ responsibilities for funding care. This is because the assets once put into the discretionary trust do not belong to the beneficiary or the donor relative.
Trusts are used to pay for extra things which Social Security benefits may not fund, a holiday, new clothes, electrical goods, special equipment. Importantly a trust can also hold, manage and maintain the parental home if put into the trust.
Some other features are:
* Maximum of 80 years
* Trustees have absolute discretion to pay or not to pay
* Provided income or lump sums without affecting state benefits of beneficiary
Trustees end trust when they want, paying out balance at their discretion
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Document Storage
Have you safeguarded your vital documents against fire, theft and flood & misplacement?
Have you safeguarded your vital documents against fire, theft, flood? A misplaced will means your family will suffer all the same inconvenience and expense as if you’d never made a will.
Sadly, there are over 60,000 house fires and a million burglaries a year, let alone accidents or a disgruntled family member.
Any of these could make all of your planning and foresight a waste of time.
Don’t leave things to chance. Let us help you by storing your valuable documents.
A will is the only document in life that cannot be replicated in death.
You CANNOT produce a copy - it has to be the original!
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Executors
Why the vital roles of an executors and trustees is so important to you and your family.
IT IS IMPORTANT TO BE AWARE THAT EXECUTORS ARE LEGALLY LIABLE & PERSONALLY RESPONSIBLE TO THE BENEFICIARIES FOR ANY ERRORS, OMISSIONS OR ILLEGALITIES IN THE ADMINISTRATION OF THE ESTATE.
Register the death - (applicable if you are next of kin) obtain copies of the death certificate
Verify any wishes expressed by the deceased or select and commence funeral arrangements (again particularly applicable where next of kin)
Locate the original Will and any accompanying instructions or related documents
Apply for Grant of Probate from your nearest Probate Registry. Complete and return forms [PA1 and others as appropriate] and subsequently attend personal interview
Complete the documentation required by the Inland Revenue to establish the amount of any Inheritance Tax due. A Grant of Probate cannot be issued until any tax liability is discharged
Contact all relevant organisations - banks, building societies, insurance companies, employers, local authorities, Inland Revenue, Benefits Agency, creditors, debtors etc. Copies of the Grant should be sent to all who owe money to the estate
Draw up a full schedule of the deceased's assets and arrange their valuation - house, contents, investments, personal effects, etc
Draw up a full schedule of the deceased's debts - mortgage, taxes, credit cards, loans, overdrafts, household bills, etc
Distribute the estate In accordance with the terms of the Will and prepare and sign accounts confirming this.
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Trustees and Trusts
The role of Trustees and the advantages of Trusts.
Trustees - What Do They Do?
* Set up trust funds for minors
* Provide for welfare of minors (via guardians possibly)
* Arrange life interest on property and/or capital
* End trust and distribute assets etc. according to Will
Wider Powers Can Be Included In The Will To Allow The Trustees To:
* Advance the whole of the capital for the welfare of the beneficiaries
* Have no restrictions on investments
* Retain or purchase a property for the beneficiary to live in
* Insure a property for its full value
* Make a loan
* Pay any amount to the guardians for the beneficiary's upkeep
* Continue a business as a going concern until it is sold
Types of Trust :
Nil Rate Band - Discretionary Trust
* Applicable only to MARRIED COUPLES
* On first death applies to an amount up to the maximum allowable amount before inheritance tax, currently £325,000
* Surviving spouse is co-trustee
* Survivor has access to capital and interest at trustees discretion
Accumulation and Maintenence Trust
Used for minors which allows for:
* Interest accrues until age 18
* From age 18 interest therefore paid to beneficiary
* On attaining age specified, remaining capital & interest accrued (to 18) paid out
* CGT (Capital Gains Tax) problems if age specified later than 25
Discretionary Trust
Used for persons who are handicapped, bankrupt, drunkards etc
* Maximum of 80 years
* Trustees have absolute discretion to pay or not to pay
* Provided income or lump sums without affecting state benefits of beneficiary
* Trustees end trust when they want, paying out balance at their discretion
Life Interest Trust
Which allows:
* Property use rent free or interest on capital
* Can't touch the capital or value of property
* Runs for specified period or until an event happens eg beneficiary remarries
* Will specifies what happens to property or capital when life interest ends eg gifted to children in equal shares
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Inheritance Tax Mitigation
Arranging your affairs to legally avoid paying unnecessary tax.
You can take advantage of our expertise to make sure your affairs are properly planned. We will help you to ensure that every opportunity is taken to legally arrange matters so you and your family avoid paying unnecessary tax.
For example:
| If you own a modest home at say | £160,000 |
| Have moderate Life Assurance at say | £100,000 |
| Death in Service at your work e.g. 4 x £15000 | £60,000 |
| Investments, building society accounts etc | £5000 |
| You are at the Inheritance Tax threshold of | Total: £325,000 |
Everything above this limit is taxed at a whopping 40%! e.g. if all your assets added together actually total £350,000 your beneficiaries face a tax bill of £10,000.
ARE YOU HAPPY TO LOSE THIS?
The good news is that you do not have to. We can show you how to avoid it.
Without planning, you have no protection from the local council taking your home and assets to pay for residential care costs. 95,000 homes were taken 2008/2009
It is illegal to transfer ownership of your home or assets if your prime motive is to avoid care costs.
It is however legal for your partner to make provisions to establish a trust on death to allow the surviving partner to continue benefiting from the assets within the Trust and your property to be passed onto your loved ones in the fullness of time.
If your assets are gifted outright to a partner, at a future time they could end up going to a new partner, even forming part of a divorce proceedings or bankruptcy meaning that your children or other beneficiaries receive nothing
We can advise you how best to legally arrange matters to protect your home and your assets so you and your family benefit the most.
Most people are aware of Inheritance Tax but few do something about it. The Governments own pre budget report estimates the Inland Revenue will collect £3.3 Billion in Inheritance Tax for 2008/9.
Soaring house prices have brought the issue to many people for the first time. Further more, the tax not only affects the value of property but all assets including investments, savings and chattels.
Overseas assets such as holiday homes are not safe and are picked up by the tax man if you are a resident in the UK. If you decide to move abroad UK based assets are likely to remain taxable even if you die several years later.
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Protection Against Nursing Home Fees
Make sure your house is free to be left to your beneficiaries.
You will change the ownership of your house to Tenants in Common which enables each one of you to own separately 50% of the house which means that in the event of one of you having to go into a nursing home the council cannot force the other half to sell and so they cannot take the house as security.
For further protection a discretionary trust will be set up which would ensure that your property would go to your beneficiaries in the event of the second death.
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Full Probate Service
Dealing on your behalf with all the procedural complexities to help your family at a distressing time.
Having to deal with the sheer volume and complexity of probate at what is always a distressing time, can be very stressful for your executors. We will relieve them of the problems at a fraction of the cost of asking a solicitor or bank for help.
A number of organisations including Banks, Insurance Companies and Trade Unions will offer a free will. Do not be taken in as the Banks and Trade Unions will insist on naming the Executors of the Will and the normal charges on the Estate are between 3% - 4% i.e. on an Estate worth £200,000 the fees will be £6000 - £8000. A solicitor calculates on a different basis but the end result is the same.
There figures are based on a normal straightforward Will - if complicated they will charge in excess of this. We are able to offer a service with costs a fraction of the above.
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Health Care Cover
Professional guidance on your best options.
We will pre-assess your situation and then refer you for specialist advice to an Independent Financial Advisor who will explain in plain language all the options available to you.
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Off Shore Specialised Trusts
Expert consultancy services tailored to your exact requirements
For some people, because of the nature of their estate, professional advice on these very complex matters can make a drastic difference to themselves and their inheritors.
We work in association with Independent Financial Advisors and specialised trust consultants to comprehensively deal with even the largest, most complicated estates and the most complex of trust matters.
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Full Range Financial Services
Friendly & professional advice on a complete range of subjects including Equity Release, Mortgages, Investment portfolios etc.
Friendly & professional advice on a complete range of subjects including Equity Release, Mortgages, Investment portfolios etc.
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