The Will

In simple terms a Will is a legal document stating what should happen to someone’s assets after their death. However it can cover a whole range of other issues such as:

• Guardianship of minor children
• Mitigation of Inheritance Tax where applicable
• Protection against property being forcibly sold to cover care costs (see below)
• Trusts to protect the well-being of the vulnerable
• Ensuring the needs of unmarried partners
• Preventing the laws of intestacy (dying without a Will) being applied
• Making sure property owned in the EU is inherited under English law.

Although anyone can make their own Will it is far too important to be left to chance and professional advice is recommended.

Property Protection Trust

A Property Protection Trust is created to protect your family home and your right of residence within your home. The purpose is to ensure that the property will pass directly to your chosen beneficiaries, after your death, with as little hassle and delay as is possible. It may also remove your home’s value from being included in a local authority means assessment for care home fees. [ find out more ]

Probate

Beneficiaries are usually not able to receive what they have been left in the Will until the grant of probate has been received, which simply means that the Will has been independently approved and all taxes etc have been paid. It is possible for the nominated executors to obtain probate without seeking professional advice, however there may be occasions when the executors lack the time or necessary skills to do this and would prefer to employ a professional. Probate charges vary greatly and it is always better to get more than one quote. Steele Rose Law fix their charges at 1.25% of the estate and guarantee to charge less if the work carried out at their hourly rate is lower. Last year their average charge was 0.89% of the value of the estate.

Lasting Powers of Attorney

There are two types of Lasting Powers of Attorney, one dealing with an individual’s property and financial affairs (LPA PA) and the other dealing with their health and welfare (LPA HW). It is important that power of attorney is drawn up when the individual concerned has the full mental capacity to make the decision as to whom they wish to nominate to look after their health and finances.

If an application has to be drawn up after the individual concerned has lost the capacity to make rational decisions, then this has to be made to the Court of Protection which can be time-consuming and expensive. You may also have to submit annual accounts, which will further increase costs.

The Property and Financial Affairs LPA allows you to choose a person you trust to make decisions for you about how to deal with your money and investments and also to manage your property and other affairs. Once registered, and unless you have a restriction on it, this type of LPA can be used by your attorney straight away.

The Health and Welfare LPA allows you to choose someone you trust to make decisions on your behalf relating to your personal health care and welfare, including decisions to give or refuse consent for medical treatment on your behalf, and deciding where you live. These decisions can only be taken on your behalf once the LPA has been registered and when you are no longer capable of making the necessary decisions yourself.

Funeral Plans

A funeral plan enables you to buy your funeral in advance, thus removing the burden from your friends and family. Not only do you avoid inflation but also a funeral plan cost is often less than the funeral at today’s prices. The reason for this is that funeral directors are keen to get their business in advance and are therefore prepared to offer plans at a reduced premium. There are other advantages in buying a funeral plan:

• Historically the cost of a funeral has easily outpaced inflation therefore as an investment it makes economic sense
• As your funeral has been planned in advance you can be very specific about the format of your service, making everything less stressful for those closest to you
• Funds paid into the Plan will be removed from your estate for Inheritance Tax purposes thus reducing tax exposure.

Steele Rose use Safe Hands as they provide an excellent service at a price significantly less than their competitors. Safe Hands have no lower age limit so people can take them out early in life which makes the saving even greater.

Other Services

Advance Decisions

Creating an Advance Decision can bring reassurance to a person worried about their future health care. Many people make a definite decision while still in good physical and/or mental health to express their wishes in this type of document. Essentially it is a set of instructions issued in advance to your medical practitioners and family. Those making an Advance Decision may state that they do not wish their lives to be artificially prolonged when suffering from a terminal illness or other degenerative condition. This can also reduce the burden of responsibility on your immediate family who may have to make extremely difficult decisions concerning your life support measures.

Lifetime Trusts

There are circumstances when it is advantageous to put assets, such as Death-in-Service benefits and Insurance policies, into Specialist Trusts. Their purpose is normally to mitigate inheritance liabilities, provide protection from such events as bankruptcy and divorce and generally preserve an estate for future generations. They are often drawn up in addition to a Will.

Deed of Variation

A Deed of Variation can be used by beneficiaries to change their inheritance to benefit others. It must be done within two years of death. The main reasons for doing so are:

• To save Inheritance Tax
• To alter the interests under a Will
• To provide for someone who has been omitted or disadvantaged
• To resolve any uncertainty or amend a defect

A variation cannot be made without the consent of everyone likely to be affected by any changes.

Will writing, lasting powers of attorney, funeral plans, probate and lifetime trust services by John Rawlins. Covering Sherborne, Yeovil and the surrounding areas.

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