Guides to issues relevant to Wills and Probate – this may include Estate Planning; Probate and Administration; Powers of Attorney; Court of Protection.

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8 Tips for Will & Trust Executors

  When a person makes a Will, to ensure that their money, possessions and property are distributed according to their wishes and to avoid family disputes they need to elect an executor. What you need to understand if you agree to be a Will or Trust executor. If you are asked to be an executor you will be legally responsible for managing the deceased person’s financial and personal affairs until the probate or trust process is completed and assets distributed. It is therefore very important that you understand your responsibilities, whether you will be sole or joint executor and that,…

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Who will get your pension when you die?

  Determining how your estate, which includes property, savings and investments is shared amongst your loved ones is the key aim when writing a Will. However, when making a Last Will and Testament it is important to realise that your pension is not automatically part of your estate and if separate provisions for your pension or death benefits are not made then funds paid upon death could be included in your estate and be subject to inheritance tax. How to make it clear who gets your pension when you die? Since the introduction of pension freedoms in April 2015 policyholders…

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Power of attorney for business owners

You may think of special powers of attorney as something that could be relevant to your life outside of work. For example, if you became unable to manage the household finances or make decisions about your care arrangements. However, business owners are also urged to set up an arrangement known as a Financial Lasting Power of Attorney (LPA). That way, should you become unable to run your company due to accident or illness, then control of your company can be passed swiftly to the trusted person you have nominated as your attorney. If you don’t put an arrangement of this…

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What you need to know about the Court of Protection

One of the most common health issues of the ageing population in the UK is dementia. The Alzheimer’s Society 2014 updated report advised that;The total number of people with dementia in the UK will be 850,000 by 2015 and forecast to increase to over 1 million by 2025 and over 2 million by 2051. With the first wave of baby-boomers reaching their 70s in 2015 more and more people will have relatives or friends that may suffer from health conditions, such as dementia, that could affect their ability to make significant decisions about their money or property. When will you…

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How to Protect and Preserve Your Wealth For The Next Generation.

  With house prices rising increasing people’s net worth, failing health and concerns about the cost of residential care, many retired homeowners are considering ‘gifting’ (signing over) their property to their children as a way of preserving their assets. They mistakenly believe gifting will reduce the value of their estate and help them minimalise costly care home fees or allow them to pass on the responsibility of managing their assets when they become vulnerable, incapacitated or ultimately on death. How a Will Trust Can Help Couples Preserve Their Estate For couples, leaving your property in a Will Trust is an…

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The 9 Steps of Probate

Here's what you need to know if you are the Executor or Administrator of a Will. Handling a deceased person’s Estate can be incredibly stressful and depending on the size or complexity of their Estate the Probate process can be complicated and can take up to 12 months to settle. An Estate includes everything an individual owned and the person responsible for dealing with the Estate after their death needs to be aware of the list of administrative affairs they will be responsible for when dealing with the Probate process. Estates that include property and/or large sums of capital and…

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Reasons to leave your business in your Will

Remembering your business interests when drawing up your personal Will is essential. When preparing a Will, many people forget to include their business interests in their arrangements, however, nothing could be more important for your company. In business, as an owner, partner or shareholder, it is important to consider all your assets when thinking about your personal Will Consider all options for your Estate and Business Many people assume that all their assets will go to their loved ones and beneficiaries automatically, and some people create a personal Will, but omit to include their business interests. There are several questions…

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Specific Wishes in Death? Make a Will

If you have specific wishes in death, make sure you make a Will If you want your assets to go to the right people when you pass away, then you have no option but to make a Will. There are perhaps two common misconceptions about what happens to your property and possessions on death, which are: Your partner will get everything anyway You can simply leave informal instructions with your partner or a close relative, explaining who you want your various assets to go to It is most certainly not the case that your partner will automatically receive everything on…

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Physical Incapacity and Power of Attorney

Power of Attorney for business owners – in the case of physical incapacity You may think of Power of Attorney as being something that only affects your domestic life. However, it is also vitally important for business owners to consider this issue. If as a business owner you become physically incapacitated, who would take over the running of the company? As a business owner, the type of arrangement you need to consider is a ‘property and financial affairs lasting power of attorney (LPA)’. This will allow your appointed attorney the right to access company bank accounts, make payments, renew insurance…

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Future Planning

Future Planning – Why you need to look at a Will, Inheritance Tax & Power of Attorney and make conscious decisions now Making a will, planning for inheritance tax and making provision for power of attorney are all things people tend to put off doing, not least because they involve thinking about death or loss of capacity. However, there can be very real consequences if you don’t act. If you don’t make a will: Your possessions will be distributed according to the law, rather than in line with your wishes and those of your family Your nearest and dearest could…

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