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Wills and Probate
Preparing for old age or death is not something people like to think about or deal with but it is essential for the proper running and administration of your affairs, financially and otherwise, and for the benefit of your family both during your life and after your death.
We have considerable experience in this type of work and can advise you on all aspects including:
- Advising on and preparing Wills
- Trusts and Estate Planning
- Administration of Estates (this is the administration of the Deceaseds Estate whether the Deceased has left a Will or not.
- Executorships (where we act as or advise your executors of your Will)
- Inheritance Act Claims (if you feel you have not been adequately provided for in someone's Will)
- Powers of Attorney (for you to give to someone else or for you to receive the authority to act for someone else during your or that persons life)
- Court of Protection
- Elderly Client Advice
- Care Home Advice
Please Make a Will
We ask this of you not to 'feather our nest' but for your protection. If you don't, then the law dictates what happens to your hard earned assets; they may go to those whom you did not intend (sometimes even the Crown) and your estate may have to pay unnecessary Inheritance Tax after you die. There are also particular problems if you are not married and want to leave your estate to your partner.
There's no reason for writing a Will to be time consuming or costly, and one thing's for sure - your family will thank you for doing it. Wills and Trusts can save you money - the more you plan now, the less Inheritance Tax will be payable on your death. We can advise on how to save Inheritance Tax on your death so you'll have more to pass on to your famliy. With property prices near an all-time high, and most mortgages carrying a life insurance policy meaning that the mortgage is paid off at death Clients can have estates worth well in excess of the current Inheritance Tax threshold.
We can advise from the preparation of Wills to advice on whatever provisions you wish to make in the management of your estate finances and assets. Whatever your requirements, we'll work with you to make the best of your assets, planning carefully and intelligently so as to benefit your family or other beneficiaries as much as possible after your death.
Making a Will does need to be expertly handled to ensure that it is effective in the way you expect. There are so many things that can go wrong if you try to do your Will yourself or use inexperienced agencies dealing with Wills. If things do go wrong after your death, only lawyers benefit given the time and cost that may be necessary to sort things out!
Making a Will maybe something you feel needs to be left until later in life. Please don't; death doesn't always wait until you reach a certain age!
If you are inadequately provided for in a Will
If you're unhappy because you have been left out of a will altogether or because you have been left without 'reasonable financial provision', you may be able to make a claim under the Inheritance (Provision for Family and Dependants) Act 1975. This is one of the few exceptions to the law that the Deceased should be able to leave whatever he wants to whomever s/he wants. But there are conditions in particular the degree of relationship you had with the Deceased.
Claiming against an estate is complicated, and there is no guarantee a court will agree with your claim. The result depends on the circumstances of the case. There are time limits and other conditions you need to know about all of which we can advise upon.
Powers of Attorney
What happens if you lose your mental capacity and are unable to make day-to-day choices and more complex financial decisions? If you have not provided for this, you have to apply to 'The Court of Protection' to appoint a 'receiver' (often a relative) to look after your affairs but it is a long, costly and exasperating procedure.
You can avoid this by signing a Lasting Power of Attorney whilst you still have the mental capacity to do so. We can prepare this for you.
Elderly client Advice and Care Home Charges
The payment of nursing and residential care home fees can be considerable in old age.
Some people take the view that they should be responsible for paying their own fees and are able and happy to do so. Others see this as eroding their children's inheritance that they have worked hard to build up throughout their lives and that the taxes they have paid during their working lives should pay for residential care for them in their twilight years.
This is a complicated area; schemes which are specifically made with the intention of avoiding such charges are illegal and can be unwound. But we can advise you how to protect your assets as much as the law allows against such charges and what items of your income and capital can be disregarded in assessing whether you should pay these charges. What is disregarded in assessing you can save you thousands of pounds.