News & Reviews
Your Digital Legacy
The sad truth Is that there is one thing that we can never escape and that is death. Following the death of a loved one closing down someone’s Facebook is almost certainly never going to be on the top of the agenda but in a social age it’s likely to become a consideration. With over 30 million UK users on Facebook alone there are a lot of people that will ask this question at some point: ‘what happens to my social media accounts when I die or what do I need to do to close an account after someone has died?’
Facebook report that there are over 30 million users that have died and continue to exist somewhere in the world wide web. That is just one platform. These figures don’t take into account the number of people that use social media platforms like Twitter or Instagram.
HERE ARE THE ANSWERS WE HAVE GATHERED:
Facebook allows you to add a ‘legacy account’ who can take limited control of your account after you’ve passed away. You also have the choice as to whether you would like your Facebook account permanently deleted after you’ve died or if you would like to have your profile memorialised meaning friends and family can post messages of remembrance.
For further information, please visit the Facebook Help Page.
Twitter say that in the event of the death of one of its users they can work with a person authorised to act on the behalf of the estate (an executor), or with a verified immediate family member of the deceased, to have an account deactivated.
In the event of the death of a user the account provider (Twitter for example) will be likely to ask for identification from the family member or executor including a copy of the death certificate. Access to the Twitter profile will not be given to anyone else.
For more information, please visit the Twitter Help Page.
Much like Facebook, Instagram will memorialise the account of the deceased person on notification of their death. Posts the deceased person shared stay on Instagram and are visible to the audience they were shared with, but memorialised accounts don’t appear in public spaces like searches.
For more information, please visit the Instagram Help Page.
If you have an iTunes account and music, then there could be problems if you were to die. When you sign up for an Apple ID you agree to the iTunes Store Terms and Conditions. It doesn’t mention what happens in the event of death, but it does feature the following statement:
‘You may not rent, lease, lend, sell, transfer distribute, or sublicense the Licensed Application and, if you sell your Mac Computer or iOS device to a third party, you must remove the Licensed Application from the Mac Computer or iOS device before doing so.’
This suggests that when you die, your iTunes content becomes inaccessible. But this isn’t necessarily the case. The content remains locked to that account and there is no way that you can pass it on to another person.
You can appeal to Apple staff directly at iTunesStoreSupport@apple.com to discuss the situation. We know that in the past Apple staff have stepped in to offer to help people, although they may ask you to prove that the relative has died and prove that they owned the account you are trying to gain control of.
To come along to our special event - Saturday 16th September 2017, 10-4pm
Later Life Planning - meet the experts. We hope to see you there.
Remember a Charity in your Will week in September 11th - 17th.
We are supporting Somerset Wildlife Trust and offering anyone who remembers this charity in their Will a discount of 20% for the drafting of a straightforward Will during the offer period.
Somerset Wildlife Trust is the county's leading conservation charity, dedicated to conserving a broad range of wild places and fragile habitats, and safeguarding the future of some of the county's most iconic and vulnerable wildlife. They manage reserves across the county which equate together to over 1,700 hectares of land, and inspire communities to take action for wildlife and get involved in events throughout the year. Be part of it.
Invitation - Later Life Planning
"Planning for the future, allowing you time to live life today"
You are invited to come along to a special event created by experts to help you prepare for the future.
Saturday 16th September 2017, 10-4pm
Drop into our office 12 Hammet Street Taunton Somerset TA1 1RZ for an informal chat and to browse our range of information leaflets available to take away.
Experts will be on hand from Will Management Services, Crescent Funeral Services, Invest Southwest Financial Advisers, Golden Leaves Funeral Plans, care home and pastoral support and even a celebrant minister!
This is our first event of this kind, so please extend our invitation to your family and friends who may be interested in coming along.
Lasting Power of Attorney refund!
It has come to our attention that the Office of the Public Guardian for England and Wales (OPG) has admitted to charging excessive fees for registration of Lasting Powers of Attorney for the last 4 years.
They have advised 'We are committed to taking such steps as are necessary to make sure that people are made aware of, and receive, the refunds to which they are entitled.
No further information is currently available as to how this will happen, but rest assured we will keep you up to date on how to claim your refund.
Free Review Friday
Have you looked at your Will recently?Did you understand the content? Is it still tax efficient?
If your answer to any of the above is NO or you are unsure – then give us a call or pop into our office on any Friday and we will give you a FREE review of your Will along with up to date advice.Don’t delay – do it TODAY!
WI Bridgwater Presentation
On Tuesday 6th June 2017 Linda Fisher and Sarah Corp attended WI Bridgwater at the Admirals Landing to present on Wills, Lasting Power of Attorney and associated topics.
There were 53 members in attendance. The presentation lasted for 45 minutes followed by 20 minutes of individual questions from members.
The members took advantage of the brochure information packs that we had taken with us as well as the branded pens!
If you are a member of a group and would like Linda to present - please just get in touch. The presentation is free. Why not take advantage and keep your group up to date - give us a call, we look forward to hearing from you.
I am very pleased to announce that Sarah Corp has now passed all her examinations and is now a fully qualified Will writer and member of the Society of Will Writers.
Sarah is a valued team member and looks forward to meeting both exising and new clients.
Very well done Sarah and welcome aboard!
Social Media accounts and death
Following the death of a loved one closing down someone’s Facebook account is most certainly never going to be on top of the agenda, but in this social age we are now in, it’s likely to become a consideration.
Facebook report that there are over 30 million users that have died and continue to exist somewhere on the world wide web, these figures do not include other social platforms such as Twitter or Instagram.
So what can you do:Facebook allows you to add a ‘legacy contact’ who can take limited control of your account after you have passed away.
You also have the choice as to whether you would like your Facebook account permanently deleted after you’ve died or if you would like to have your profile memorialised - meaning friends and family can post messages of remembrance.
For further information, please visit Facebook help page.
I will post further details of other Social Platforms shortly… watch this space!
Free Advice Session
Come and meet the experts!
Linda Fisher MSWW and Paul Gold IFA will be available on Friday 28th April 2017 at The Langport Arms Hotel Langport Somerset TA10 9PD between 10am - 2pm.
Why not pop along and have a chat, bring your Will with you, let us advise you on its content. What does it mean, is it tax efficient, are your assets protected?
We look forward to meeting you. Refreshments available.
Please call us for further details. 01823 336265.
Free Advice Session
Come and meet the experts!
Linda Fisher MSWW and Paul Booker IFA will be available on Tuesday 18th April at Wellington School South Street Wellington Somerset TA21 8NT between 10am-2pm.
Why not pop along and get the answer to those questions that you keeping meaning to ask!
We look forward to meeting you. Refreshments available.
Please call us for further details: 01823 336265
The Office of the Public Guardian reduce Lasting Power of Attorney fees from 1st April 2017.
Each full document registration will now be just £82 instead of £110.
Have you been thinking about putting this is place?
Now is the time to do it!
This is your chance to put your affairs in order and protect those closest to you from the stress and expense of arranging your funeral.
Golden Leaves, our chosen provider are currently offering reduced prices until 30th April 2017.
In addition to these reduced fees they have added two further choices of plan with prices starting at just £1745.
Purchasing one of the pre-paid plans will enable you to not only secure the future funeral service that you specifically desire, but help remove a number of issues from your next of kin.
Pre-planning and paying for your funeral is one of the most thoughtful things you can do to help those close to you to cope with bereavement.
Why not do it today and get on with living your life?
You could of course write your own Will. In fact, high street stationary shops will even sell you a kit to enable you to do so. But whilst the low cost of these DIY Will kits may seem very appealing at first, the £10 you spend writing one now could in fact cost you a lot more later down the line when changes need to be made, or when your family need to go through Probate after you have passed away. This can be very stressful for those you leave behind, and during a time when they should be mourning they are having to deal with your estate using a Will which is incorrect, or worse invalid.
If your wishes are quite simple, for example you’re married and you wish to leave everything to your spouse or children, then a DIY Will may well be a viable option. However, when things start to get a bit more complex, for example if you are not married, in a second marriage or you own a business or perhaps have assets overseas, then it would be far more sensible to seek out professional advice to avoid any mistakes.
The most common issue with a DIY Will is when it comes to witnessing the document. For a Will to be valid it must be signed by the person making the Will (the testator) and two independent adults. Neither of these witnesses can be beneficiaries under the Will or spouses or civil partners of any of the beneficiaries. If the Will is not signed correctly it will be invalid, meaning your estate will pass in accordance with the laws of intestacy and most likely end up with your estate not being distributed as you would have liked. With this being the case, it is advised that you use a professional Will writer to not only draft the document for you, but to also ensure it is signed and witnessed correctly avoiding any difficulties upon death.
Will Clinic Friday
The Importance of planning your Will.
So you have a Will, but how effective is the planning behind it?
The importance of having a valid Will cannot be emphasised enough. Understandably, when it comes to making a Will, we would all hope to cover every eventuality, to ensure that our assets, possessions and everything we have worked hard for, go to the exact people we wish.
Sometimes, however, it is simply not possible to cover every eventuality and trying to do so can prove to be detrimental. The next most important element, on top of having a valid Will, is that the document itself deals with the distribution of your estate sensibly and that there is careful planning behind the content in your Will.
Where an estate is large, you should always take into account the issues of Inheritance tax, as there may be instances where despite applying exemptions there will still be a liability.
Having a Will is important, but the next most important thing is the planning that you put in behind it.
Failure to act effectively and properly plan how your estate is to be distributed when you die can be as detrimental as not having a Will at all.
Why is the cost of death rising?
Recent research has shown that the cost of death is soaring, with funerals becoming more expensive than ever before.
It is estimated that an average funeral now costs £4,000 and reports suggest that this largely down to the increase in basic charges being made by local councils, which have risen by as much as 30% across the UK. It has been suggested that councils are increasing their charges as part of a strategy to recoup money following years of cuts to their budgets.
In addition, some funeral director fees are rising above the rate of inflation. This combination could result in families struggling to pay for the type of funeral they want to provide for their loved one. Typically, half of burial costs go towards a coffin, a gravedigger and buying the lease for a plot, while a third of the cremation bill goes on the use of the crematorium and the service itself.
The report also highlights that burial costs vary significantly depending on where you live in the UK.
A funeral plan can avoid the uncertainty and is one less thing for your family to worry about.
If you would like more information about this service, please contact us.
Merry Chistmas and Happy New Year
The office is closed for the festive period and will re-open at 9am, Tuesday 3rd January. We would like to thank all our clients, providers, suppliers and in fact everyone we do business with for a fantastic 2016 and wish you all a very Merry Christmas and a safe & happy New Year.
Margaret Young has retired
Margaret worked for Will Management Services since its inception in 2008. She is seen here at our annual Christmas party with Linda Fisher who presented Margaret with a string of pearls and a magnificent orchid. This took place at a drinks reception in our Hammet Street offices which was followed by dinner at Augustas Restaurant where Margaret said farewell to all her colleagues prior to commencing her well-earned retirement.
Margaret said: “When I accepted the initial task with Will Management Services it was to populate a new data base and I thought to myself, well, I will give it three months and see whether this is for me......eight years have now passed – in a flash – but now it is time for me to retire. I am delighted to see how successful we have become and I am proud to have played a part. It has been a pleasure working with a wonderful team and I leave knowing that all bodes well for the future”.
Margaret concluded by thanking both David Penny and Linda Fisher for their guidance, support, generosity and kindness. She will be sadly missed.
Increase in Will disputes attributed to rising property prices
It has been reported that the increase in the number of children involved in inheritance disputes has been fuelled by the rise in property prices.
As the value of property has soared during the last decade, the estates of ‘ordinary’ families have become more likely to prompt inheritance disputes as families go to war over the division of assets. The high court saw a 11% rise in the last year.
One reason for this surge is due to the rise in more complicated family structures which ash led to more relatives, such as step-children, expecting to benefit from the estate.
The children of the deceased can make a claim under the Inheritance Act if they feel reasonable provisions have not been made for them. There is also an option for those who were treated as the deceased’s child to claim against the estate, even if no formal or legal arrangement exists – such as when children have been fostered or adopted.
A professionally written Will along with the correct advice can ensure that your Will is clear and legally binding.
Estate administration is the process of dealing with a person’s legal and tax affairs after they’ve died.
All estates need to be administered to some extent.
This normally means dealing with all of their assets (such as property and personal possessions) and liabilities (such as outstanding debts) before transferring whatever is left to the beneficiaries.
If you are named as an executor in a Will you may need to think about:
• Closing bank accounts and paying debts
• Dealing with shares and investments
• Redirecting post
• Rehoming pets
• Selling property and assets
• Dealing with Inheritance Tax and Income Tax forms
• Dealing with specialist legal work
These are just some of the tasks that you may need to consider.
Some people decide to administer the estate by themselves but this can take a significant amount of time and effort, especially if you’ve never had to go through the process before.
If you decide to undertake the work yourself, you should also be aware that you are personally liable for any mistakes made during the process, such as when completing tax returns and legal paperwork.
For these reasons, many people prefer to appoint a specialist to do the work on their behalf.
We’re here to help.
Property Deeds/Unregistered Property
Do you know where your property deeds are?
Is the bank storing them? Are they with your mortgage provider? Are they somewhere in your home?
If you do not know the answer to that question - you really should!
Safety of deeds is very important, these documents confirm that you are the legal owner of your property. Deeds are easily misplaced: even by banks.
If your property is unregistered at the Land Registry we advise checking where your Deeds are - better still register it now - in your lifetime. This will avoid extra delay and costs for compulsory registration after death.
Worst case scenarios for unregistered property can be frightful, and drafting replacement deeds/obtaining insurance and claiming adverse possession is not always straightforward.
The Will is not the Trust: it is a blueprint only.
Executors/Trustees must instruct a professional to draft declarations of trust, and pay for any conveyancing of the land. Trustees cannot be easily made accountable unless they have signed a deed declaring their responsibilities over trust assets.
Further costs on set-up therefore arise: spare cash in the estate is necessary. Even a small insurance policy can help, especially for property-rich, cash-poor estates.
Trustees need CAREFUL SELECTION. If they cannot take care of accounts, financial planning and tax returns - or have the presence of mind to instruct on these points - they are unsuitable. They are personally liable for all negligent loss. They should be present and capable, preferably in the UK, of practically handling beneficiary requirements.
An Introduction to the residential Nil Rate Band
You have probably by now heard about the Residential Nil Rate Band (RNRB), which has also been referred to as the Main Residence Nil Rate Band or simply the family home allowance. This new allowance was announced in the Summer 2015 Budget and will take effect from 6 April 2017.
The RNRB will be an additional allowance to the current Nil Rate Band (NRB) which currently stands at £325,000 and will be frozen at this figure until the end of 2020 to 2021. The RNRB will be introduced in stages until it reaches the full amount of £175,000 after 6 April 2021. The new allowance will be phased in as follows:
- £100,000 for 2017 to 2018
- £125,000 for 2018 to 2019
- £150,000 for 2019 to 2020
- £175,000 for 2020 to 2021
This will mean that by 2020-21 married couples and civil partners may pass on up to £1 million worth of assets to their children and grandchildren free of Inheritance Tax.
The RNRB will be limited to only one residential property. If you own more than one property then your personal representative will need to elect one qualifying property. To qualify for the allowance a property must currently be your main residence or have been used as your main residence at one point. The property that you own as a buy to let and have never used as your residence will NOT qualify for RNRB.
A property must be 'closely inherited' by Will or under the rules of Intestacy. 'closely inherited' here means that the property must be inherited by your children, grandchildren or other lineal descendants. This also includes your step-children, adopted children, children of whom you have been appointed guardian of, and also fostered children.
If the net value of your estate is over £2 million (the taper threshold) then the RNRB will be reduced by £1 for every £2 that the net value of your estate exceeds £2 million.
Finally, the RNRB may be transferred in the same manner as the NRB. On the death of a surviving spouse or civil partner their personal representatives may apply for any unused RNRB to be transferred.
These matters are complex and if you wish to discuss any of the implications above and how it will affect your family please do get in touch with us. We are here to help.
When you are writing your Will you should consider the appointment of guardians for your minor children (under 18 years).
Every parent wants a good upbringing for their children. Sadly, not all parents are able to see their children grow up. You could still have an impact on how your minor children are brought up if you weren't around, by appointing guardians for your children.
Guardians are the people who would look after your children should you not be around.
You could then write a letter of wishes to go alongside your Will. This letter will allow you to express how you wish your children to be raised. Common examples of inclusions in letters of wishes relating to guardianship include - raising children in line with the faith/religion of the parent, information as to the schooling you would like them to receive, and the people with whom you would like them to keep in contact.
You need to be aware however, that a letter of wishes is not legally binding. It is therefore important that you choose someone who would raise your children in line with your wishes.
Do also consider the appointment of substitute guardians in case your first options are unable/unwilling to act.
There are certain circumstances under which you may need a Will prepared incredibly quickly. This is known as an Emergency Will.
Any Will is only ever a snapshot in time. This is why it is important that you update your Will every 3 to 5 years. If you don't have a Will and something happened to you then your estate would pass in accordance with the rules of intestacy. This may not be as you wish.
In the event that you are admitted to hospital or are going on a holiday and would like a Will produced as a matter of urgency then we would be able to take instructions and create the document ready for signing and witnessing.
This Will may not allow sufficient time for proper tax planning or advice. As such it should be considered an interim Will. If it is being written as a deathbed Will then thought should be given to the prospects of it being challenged. We are able to provide you with information about the risks of excluding people from your Will that may be considered to be entitled.
Woman takes former civil partner's sister to court in dispute over inheritance.
Another reason to ensure you have an up to date Will in place!
A woman has taken her bid for a bigger slice of her former partner’s estate to the Court of Appeal after it emerged her fortune was worth £5.5 million four years after they separated with her fortune worth an apparent £750,000.Helen Roocroft and property developer Carol Ainscow had been in a relationship from 1991 to 2009 and entered into a civil partnership in December 2008.
Ms Ainscow’s company Artisan had transformed flats, bars and restaurants around Manchester’s Canal Street into the current thriving gay village it now is.At one point Ms Ainscow’s fortune was thought to be around £35.5 million. However during their separation, she submitted documents claiming it had been reduced to just £750,000 in the economic crash, with Helen Roocroft taking a lump sum of £162,000.
However Ms Ainscow died of a brain tumour just four years later, leaving an estate valued at £5.5 million without a will.Ms Roocroft is now arguing that her ex ‘misrepresented her wealth’ – and is now taking legal action against a representative of Miss Ainscow’s estate in the hope of getting a bigger slice of her fortune.Lord Justice Elias, the most senior of the three judges – who is sitting with Lord Justice Kitchin and Lady Justice King – said at the start of the appeal hearing that ‘on the face of it’ Ms Roocroft has an ‘extremely strong case’ after losing her first fight for a larger pay out in 2014.
If the action is successful, the case will go back to a High Court judge to decide just how much Ms Roocroft can get from the estate.
Ms Ainscow’s sister, Moya Ball, is representing the late businesswoman’s estate. She disputes Ms Roocroft’s claim, insisting there is ‘no merit’ in the appeal.During the dissolution, Ms Roocroft alleges she was frozen out of the couple’s jointly-acquired finances and her ex-partner subsequently misled the court as to the extent of the assets.
Representing, Miss Harrison said because of the misinformation about her wealth, her client was led to accept the ‘modest’ lump sum.In July 2014 Judge Kevin Barnett, sitting at Chester County Court, threw out her bid to re-open her claim. But now, the three Appeal Court judges are analysing the case in the wake of a landmark Supreme Court ruling that last year found in favour of two ex-wives who felt they had been duped by their wealthy ex-husbands.Appeal judges analysed evidence in the Roocroft case at a hearing lasting about two hours. They are expected to deliver a ruling in the near future.
We have moved and our systems are back up and running.
Thank you for your patience over the last few days. Due to a monumental effort by our removal firm Lovitt www.lovittltd.co.uk and our fantastic staff we are settling into Hammet Street and our systems are back up and running. We look forward to showing you around on your next visit.
Disruption to services.
We are very proud to be moving to our new premises in Hammet Street on Thursday 23rd and Friday 24th June. As you would expect with IT systems and telephones being switched off and transferred there will be some disruption.
Unfortunately at the point of the phones being transferred anyone calling in will get a line dead tone. Simply keep trying and you will eventually get through. Similarly when our servers are transferred emails will also be affected. Should you get an email failed message, at least you know why. Again keep trying and you will eventually be successful.We are very sorry for any inconvenience this may cause and look forward to seeing you at our lovely new offices.
Large print documents
We are pleased to announce that all our information packs on Making a Will, Lasting Power of Attorney and Deputyship Order are now available in larger print, upon request.
Just give us a call we will post them out to you for your perusal.
Paul Gold & Linda Fisher are hosting a Free Financial Advice & Will Writing Clinic
- at the Langport Arms Hotel in Langport Somerset - Tuesday 14th June from 2:00pm - 7:00pm.
How do you ensure you can continue to enjoy life when you stop working?
How do you ensure you make the most of what you already have?
Is your Will up to date?
Are you concerned about who will benefit from your estate?
Come along and have a chat with us - If you can't make the clinic why not call now for your initial financial review, FREE however long it takes.
NO Will? Top 5 Assumptions!
I don't need a Will as I'm not worth much...
Wrong! Anyone who has any assets such as bank accounts, car, flat/house, furniture, life insurance etc should have a Will.
My wife or husband will get everything...
Wrong! Your wife or husband will not necessarily get everything. If you die without a Will the government has specific legal rules over who gets what - Intestacy Rules. These rules are inflexible. The same rules apply to civil partnerships.
My partner will get everything...i.e. unmarried
Wrong! Under current UK law and where there is no Will, a partner has absolutely NO automatic right to any property or assets of their partner, it does not matter how long you have been in a relationship. The Intestacy Rules will apply.
My children will be ok, even if we both die...
Maybe! If you die after your wife/husband your children will inherit the estate equally but at age 18 which may be too young. You may have wished to delay that age until 25 years with Trustees appointed to look after the money on their behalf. Money would be available for education, housing, welfare etc. If there is no Will then Guardians will not have been appointed either. Your children could become wards of the court whilst suitable guardians are appointed.
I am not married, I don't have children - my brothers and sisters will get everything...
Wrong! Everything you own will pass to your surviving parent/s which may add to their Inheritance Tax liability as you are passing money/assets etc up a generation!
Probate and Estate Administration
Great news, we are now fully authorised representatives for Kings Court Trust.
We can take care of Probate/Estate administration quickly, completely and for a guaranteed fixed fee which is agreed with you in advance.
Our proactive, transparent approach means that you can rest assured we are always on top of what needs to be done. When you want to check on progress, you can track your case online or speak to your personal estate adviser at any time.
For more details visit: http://www.kctrust.co.uk/
Number of LPAs granted triples in five years.
The number of Lasting Power of Attorney (LPAs) granted annually has tripled between 2010 and 2015.
Overall 128,746 LPAs were granted by the Office of the Public Guardian in 2010, whilst in 2015 441,461 were granted in 2015.
George McNamara, Head of Policy at Alzheimer's Society said:
"The rise in numbers indicates that more people are becoming aware of the benefits of planning for the future".
"An LPA can provide a crucial lifeline for people with Dementia in maintaining their independence. We know that without an LPA in place people with dementia and their carers can experience difficulty managing their finances, causing them stress and anxiety".
"People should feel empowered with the right knowledge to exercise their rights".
Make sure everything you've worked hard for goes to the people you love.
Making a Will means you have control over who inherits your money, possessions and property. Ensure the people you choose benefit, don' delay, make sure everything goes to the right people make a Will today.
Give our friendly, experienced team a call today: 01823 336265 or email firstname.lastname@example.org.
Looking for a fantastic company to work for, with almost limitless prospects?
Then look no further. We are currently in the market for a full time (part time may be considered) Receptionist / Administrator based in our beautiful new office in Hammet Street, Taunton. For more details call Andy Ward on 01823 353970 or email Andy direct at email@example.com.
Linda Fisher - Regional Chair for Somerset & Dorset Society of Will Writers (SWW).
For the eighth year running Linda has been voted by her peers as Chair of the Somerset & Dorset Regional Group. Linda facilitates regular meetings as the representative for the SWW in her region. Congratulations Linda!
Make time for what matters!
Every adult should make a Will to aviod their estate being administered under the laws of intestacy. If your circumstances have changed through marriage (which normally invalidates an earlier Will) or death of a spouse or other life-changing event, it is worth reviewing the content and ensuring it reflects your current wishes.
Don't delay, make time for what really matters.
Society of Will Writers
Will Management Services are proud to adopt the following new logo which will appear throughout our documentation. This logo demonstrates our continuing commitment to professionalism and best practice. We are happy to comply with, and be members of, the Society of Will Writers.
Health & Welfare Lasting Power of Attorney (LPA)
Do you want your family to be able to challenge the Local Authority over your care fees if you have lost mental capacity?
Yes, then you need a Health & Welfare LPA. Should you lose mental capacity the LPA passes the power to a family member or person whom you choose to appoint so that they may, on your behalf, enter into discussions about the fees you are charged.
If you want to ensure that all your interests are protected then you need both Property & Finance and Health & Welfare LPA.
Leaving money to charity not only helps a deserving cause but can help cut the inheritance tax bill payable by your heirs.
Ask us for more information.
Trusts aren't just for the rich
Trusts were once considered the preserve of the wealthy, but today you don't have to be incredibly rich for your family to benefit from the creation of a Trust. They can offer long-term asset protection and can have a variety of uses in financial planning strategies.
- Protecting the financial interests of a young beneficiary by retaining control of the assets until they reach the age of 18 (16 in Scotland) or older.
- Looking after the interests of somebody who cannot handle their own financial affairs through incapacity.
- Providing for a husband or wife, while keeping the assets intact for the benefit of children.
- Reducing inheritance tax liability (IHT) by taking assets out of the estate.
- Protecting the family home.
- Ensuring that proceeds from a life insurance policy go to the beneficiary without waiting for probate, and don't form part of the estate for IHT purposes.
A Trust is a legal arrangement, give us a call if you wish to book a free consultation with one of our advisers to discuss further. We would love to hear from you.
'Choice not Chance'
Government launches campaign promoting will-making and powers of attorney
The Ministry of Justice has recently launched a public awareness campaign to encourage people to plan for their and their families' futures by ensuring they have wills and lasting powers of attorney (LPAs) in place.
The 'Choice not Chance' campaign consists of a campaign page click here to visit the page on the Government website with links to further information on wills and LPAs; as well as a series of posters featuring emotive images and straplines intended to encourage people to think, and talk about, what might happen in the event of their death, or if they lose mental capacity and need somebody to make decisions for them. The posters, one of which hints at the possibility of sustaining a head/brain injury while playing contact sports, are targeted at the 25-50 age group, who are often less inclined to think about these issues as they do not think they are relevant to them.
The 'Choice not Chance' campaign should encourage a greater number of younger people to make a will, create a lasting power of attorney and talk to their parents about doing the same. The campaign is also a welcome reminder that - accidents can strike at any time and the age group at which the campaign is aimed often have young families dependent on them, as well as other responsibilities to consider, such as mortgages, which would still need to be repaid in the event that they became incapacitated.
Court of Protection
The Independent - 9th March 2015
Last year, Rebecca's husband Nick was hit by a car and seriously injured. She writes about life after the accident:
Legal Deputy - " If a loved one hasn't given you the power of attorney over their legal affairs and they get run over, y