What is
Intestacy?

Intestacy can occur when a person dies without leaving a valid Will, where they have revoked their Will or where their Will is void. There may also be circumstances in which a partial intestacy occurs, this could happen where there is a valid Will but it fails to deal with all of the deceased’s Estate, where a Will has been partially revoked, where a residuary beneficiary predeceases the deceased who made the Will or where a residuary clause within the Will is ineffective.

Where there is an intestacy (whether completely or partially) it means that the Estate, of the deceased, will be administered in accordance with the Rules of Intestacy.

The Rules of Intestacy are set out in law, are very specific and may not be what the deceased wanted to happen. However, without a Will the wishes of the deceased cannot be carried out.

Where a person leaves a Will, an Executor is appointed (within the Will) to administer their Estate upon their death. When there is no will and a person dies intestate, a Personal Representative will apply to administer their Estate, they are known as an Administrator and will apply for Letters of Administration (as opposed to a Grant of Probate that is applied for when there is a Will).

It is important to note that you must always use the Law of Intestacy in place at THE TIME THE DECEASED DIED not those in place at the date when the Estate is administered.

As a brief overview, the ‘New Rules’ of Intestacy (Inheritance and Trustees’ Powers Act 2014) states that:

where there is a spouse and NO children, the whole Estate passes to the spouse
where there is a spouse AND children,
- (if the deceased died before 6 February 2020) the spouse gets the first £250,000;
- (if the deceased died after 6 February 2020) the spouse gets the first £270,000;
- The remainder is divided in HALF, the spouse takes one half absolutely, the children take the other half in equal shares;
where there is NO surviving spouse then the following are considered, in order:
- children;
- parents (equally if both alive);
- siblings of whole blood;
- siblings of half blood;
- grandparents (equally if more than one);
- uncles and aunts of whole blood;
- uncles and aunts of half blood;
- Crown (Bona Vacantia)

Where the children of the deceased have predeceased them, if they have left children of their own (grandchildren of the deceased) they will take the share that their parent would have taken had their parent been alive.

REMEMBER:
You do not have to deal with Probate, whether there is a Will or not, alone and you can always seek professional advice, guidance and support.

If you would like to have a free chat about your existing Will or making a new Will, please contact us on info@TotalLegacyCare.co.uk or 01727 865 121

Leah Waller

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18th February 202118th February 2021

The Roles & Risks of an Executor

The Roles & Risks of an Executor

As we always say it is an honour to be asked to be an executor for someone; it shows that they really trust you. However, it can be a burden and the role brings with it great responsibility.

Here we have a look at this in a bit more details…

So, let’s start at the very beginning:

What is an Executor?

“A person or institution appointed by a testor [the person writing the Will] to carry out the terms of their Will.”

Where there is no Will, the person that takes on this role is known as an Administrator, rather than an Executor.

The Role of an Executor (or Administrator)

So, now we know that the Executor is responsible for carrying out the terms of a Will, we will have a brief look at exactly what that entails and what other duties form part of this:

Contacting utility companies;
Putting the necessary insurances in place;
Obtaining property valuation;
Obtaining contents valuations;
Redirection of post;
Transferring property into the Beneficiaries names or selling (as required);
Valuing Estate assets;
Valuing Estate liabilities;
Applying for a Grant of Probate;
Completion of Inheritance Tax forms;
Calculating Inheritance Tax;
Paying Inheritance Tax within HMRC guidelines and deadlines;
Completion of Income Tax forms (for the year of death and period following death);
Consideration of Capital Gains Tax;
Set up any Trusts set out within the Will;
Sell or Transfer any Shares;
Pay all Estate debts and liabilities;
Distribute assets and Estate funds to the Beneficiaries (and obtain receipts);
Produce Estate Accounts.

The Risks taken on by an Executor

As you can see the role of an Executor is not one to be taken lightly and can be quite lengthy, depending on the Estate that you are administering.

It is also worth noting that the Executor takes on a legal obligation when accepting their position as Executor as well as financial risk.

Ignorance is no defence and so an Executor with a lack of experience and/or knowledge can quickly become overwhelmed.

However, it is important to remember that an Executor does not have to do everything on their own…help is available and it is okay to ask for help!

Whether you engage a professional or spread the burden among family members that have experience in dealing with such circumstances to help relieve some of the pressure, it is possible to reduce your exposure and risk as an executor.

If you would like to have a free chat about your Will or acting as an Executor, please contact us on info@TotalLegacyCare.co.uk or 01727 865 121

Leah Waller

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4th February 20213rd February 2021

Children’s Mental Health Week & Total Legacy Care

Children's Mental Health Week & Total Legacy Care

We all know just how important it is to take care of our mental health, as well as that of our children. The past year has demonstrated just how important this is and how much more needs to be done.

Throughout the lockdowns we have worked closely with CHUMS CHARITY to provide sessions for their Young Carers (children and young people aged between 5 and 25 who are helping to care for someone with a disability, chronic or serious illness, mental health condition, learning difficulty etc. whether that be a parent or sibling). As you can imagine; young carers often experience social isolation because of their responsibilities at home and this was (and still is) heightened throughout lockdown, even more so as many of them are vulnerable or cared for those that are medically extremely vulnerable.

We were able to provide at least one virtual session per week for our group of Young Carers teaching the How to Solve the Rubik’s Cube. Not only was the weekly session able to bring the group together and encourage some engagement and communication between the group, ourselves and the staff at CHUMS, the Rubik’s Cube brings so many benefits!

We knew already, and these sessions have demonstrated just how many positive benefits solving the Rubik’s Cube has, including:

Increased Confidence & Self-Esteem

Improved Communication Skills

Reduced Anxiety

Increased Social Engagement and Interaction

Improved Mental & Emotional Wellbeing

Improved Hand-Eye Coordination

Sense of Pride & Achievement

All of the Young Carers completed the Original 3×3 Rubik’s Cube and some of our group have continued along on their Rubik’s Journey with us, completing the Rubik’s Edge (3×1), Rubik’s Mini (2×2) and Rubik’s Master (4×4). It is an achievement in itself completing the 3×3…let alone how far our group has come both with the Rubik’s Cube and as individuals, especially in such testing times!

We have also worked with CHUMS Friendship scheme, a youth club provision for young people aged 13-25 with disabilities that enables their parents/carers to have some regular short break hours, both prior to and during the lockdowns. We know first-hand how important services like this are for the mental health of those using the service and also their parents and carers.

If you would like further information about the Young Carers service or Friendship Scheme please contact info@chums.uk.com

We are extremely proud and privileged to be supporting CHUMS, and the amazing people that they work with, and have committed to volunteering with CHUMS on an ongoing basis.

For more information on CHUMS or how you can help, please visit their website: http://chums.uk.com/

If you are interested in our sessions, or know someone that might be, please contact us on info@TotalLegacyCare.co.uk or 01727 865 121

21st January 202121st January 2021

What is a Living Will or an Advance Care Plan (ACP)?

What is a Living Will or an Advance Care Plan (ACP)?

Kindly written by Debbie Callow RMN

An Advance Care Plan, known as an ACP, is an umbrella term that contains a plan made in advance of reaching the end of your life that details key wishes, preferences, and legal aspects of your care needs. It was previously known as a Living Will, some people may still know it as that, but this is a more outdated term. It is important for us all to complete but even more so for a person experiencing dementia as there is a risk of losing mental capacity as the disease progresses.

I’m Dementia Debbie, The Dementia Coach and I’m a registered mental health nurse specialising in supporting families facing dementia with tough transitions through their dementia journey. I believe education is key to helping the world understand dementia, after all knowledge is power, so let me help you understand some basics about what to consider in an ACP.

An ACP can encompass an array of documents such as an Advance Statement, Lasting Power of Attorney (LPA), Do Not Attempt Cardiopulmonary Resuscitation (DNACPR), Advance Directives (different from an advance statement). It can also include information related to after death such as Will information or funeral arrangements. It’s important to know that an ACP helps guide professionals and families in the right direction when a person has lost mental capacity and the team are trying to act in the person’s best interests. If a person still has mental capacity, they may wish to use their ACP to help them make decisions, as it allows you to consider tough decisions ahead of time. Trying to decide when an event is occurring can often mean our judgement is clouded as our emotions are heightened at this time. The ACP helps take away from that decision-making process at those challenging times when it can be difficult to think straight.

Health and Social Care professionals will often use a lot of jargon, sometimes without even realising, and you may not know what that abbreviation or word means. Always ask a professional what they mean if they use a term that you are not sure about. Let me explain now what all those documents I listed entail:

Advance Statement

A personal statement of your wishes when you reach the end of your life, it is mainly focused on pre-death but can include details of where your Will is or who holds it, as well as your funeral wishes. People often want to include things like “I wish to be pain free”, “I wish to have my family around me”, “I wish to always be treated with dignity and respect”, “I wish to be cared for at home”. Consider though the deeper meaning to these statements, for example, what do you mean by “pain free”, do you want to be so dosed up on medications you are free from pain but not really aware of who is in the room, or would rather tolerate some pain so you can be more aware of your surroundings? Everyone will feel differently about this and it’s important to always consider what a statement really means to that individual. Similarly, someone who wishes to remain at home, that can be option A, but what if it was not safe to remain at home, under what circumstances would you consider an option B and C? Put these variations to your preferences in your Advance Statement, it can save a lot of heartache and guilt later on if people already know what you want if you couldn’t stay at home for some reason. You can find a template to complete an ACP on the Dementia UK website. (1)

LPA (Lasting Power of Attorney)

A legal document that enables a person with mental capacity to appoint a person/s to speak on their behalf about important financial and or health matters. If a person has already lost mental capacity, then they cannot get an LPA and may need a representative to apply to the Court of Protection to become a Deputy. There are 2 types of LPA, Financial & Property which can be active before a person loses capacity and Health & Welfare which is only applicable once a person has lost capacity. If an appointed Attorney is active, they should always be advocating for what that person would want and in their best interests. I would always recommend getting legal advice to complete these documents. A solicitor such as, Total Legacy Care, will talk through many scenarios with you to ensure the LPA is strong and lasting. You can find information about all of these matters at the Office of the Public Guardian. (2)

DNACPR (Do Not Attempt Cardiopulmonary Resuscitation)

This is another legal document and the biggest misconception about DNACPR is that it means professionals are giving up on the person, it does not mean that! It only applies in the event of the heart stopping and whether you would then want CPR to try and restart your heart. It does not apply to any other health matter or care need.

It is a medical decision whether to put one in place but should always be done with consultation with the patient (if possible) and family. I think the easiest way to think about whether or not you or someone you love might need a DNACPR is;

Would it feel wrong to you to see someone aggressively pushing up and down on that person’s chest?

If you feel yes it would, speak to the GP about getting one put in place.

CPR is not a gentle process, it often causes bruising, skin tears, sometimes broken bones. CPR is only successful in 10% of cases that happen outside of hospital (3) and is 3 times less likely to be successful on someone with a cognitive impairment. (4)

Advance Directives

Another legally binding document and are about refusing life sustaining treatment. Not many people have them as the wording must be extremely precise and include phrases such as “even if my life is at risk as a result”. An Advance Directive informs of the treatment being refused and the circumstances in which you wish to refuse that treatment.

For example, specific treatment: I wish to refuse artificial feeding through a tube to my stomach or IV, circumstances: I wish to no longer receive food or fluids through a feeding tube when I can no longer swallow safely due to my dementia, even with the support of others, even if my life is at risk as a result.

The reason to put in your health condition is that this same sentence may not apply in different circumstances. A person with dementia may want artificially feeding if the reason they cannot eat is from a stroke which they are expected to recover from.

Advance Directives should always be discussed with your specialist consultant involved and with legal support.

I offer support to complete an Advance Statement and can talk through the other aspects discussed. You can follow me on Instagram @dementiadebbie or visit my website https://thedementiacoach.org/.

Reference resources

Dementia UK ACP template https://www.dementiauk.org/wp-content/uploads/2020/07/DUK_ACP_form_editable_online.pdf
Office of the Public Guardian https://www.gov.uk/government/organisations/office-of-the-public-guardian.
Resus Council UK https://www.resus.org.uk/home/faqs/faqs-basic-life-support-cpr
Arcand M. End-of-life issues in advanced dementia: Part 1: goals of care, decision-making process, and family education. Can Fam Physician. 2015;61(4):330-334. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4396757/

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6th January 20216th January 2021

Will I have to pay Inheritance Tax on gifts & money given in my lifetime?

Will I have to pay Inheritance Tax on gifts & money given in my lifetime?

Gifting can be very generous and is sometimes seen as a way to reduce the amount of money in your Estate so that you don’t have to pay Inheritance Tax when you pass BUT…

Did you know that YOU MAY HAVE TO PAY INHERITANCE TAX on any gifts made in the 7 years prior to your death?

You DO NOT have to pay Inheritance Tax on the following gifts:

up to £3,000 given in any one tax year

up to £1,000 for wedding gift (£5,000 to a child or £2,500 to a grandchild)

payments to help with living costs (of someone under 18 or elderly relative)

gifts to charities or political parties

gifts up to £250 (although this cannot be used in conjunction with the gift of £3,000 mentioned above)

gifts out of surplus income* (word of warning to come on this one!)

Gifts out of Income

Giving someone a gift of money from your surplus income is a way to reduce your own estate and therefore potentially reduce your Inheritance Tax liability.

HOWEVER (here is your word of warning that we mentioned above!)…

You must be able to demonstrate that it is ‘surplus income’ and upon your death your Executors will have to complete a separate income and expenditure form within your Inheritance Tax Return to prove that this was surplus income in order that it is exempt from Inheritance Tax.

Potentially Exempt Transfers

We mentioned at the outset that you may have to pay Inheritance Tax on any gifts made in the 7 years prior to your death…

Potentially Exempt Transfers (affectionately known as PETs😉) are gifts given during your lifetime that MAY become exempt from Inheritance Tax IF you survive for SEVEN YEARS after giving the gift (or PET). There will then be NO Inheritance Tax to pay.

However, if you do not survive for 7 years after giving the gift, then Inheritance Tax will be charged at 40% if given within THREE years of your death and this then tapers as follows:

32% for gifts given 3-4 years before death;
24% for gifts given 4-5 years before death;
16% for gifts given 5-6 years before death;
8% for gifts given 6-7 years before death.

Gifts with a Reservation of Benefit

Gifts with a Reservation of Benefit may also be referred to as GROBs.

GROBs are gifts that are given but the person that receives the gift does NOT benefit from full enjoyment of the gift immediately.

A common example of this is where parents ‘gift’ or transfer their house to their children (in the hope of saving on Inheritance Tax) but continue to live in the house rent-free.

This is a GROB as the children are not taking full possession of the property and the parents still have a benefit (despite ‘gifting’ the property) and so Inheritance Tax WILL BE PAYABLE upon death.

Hotchpot Rule

The Hotchpot Rule ensures equal distribution of your assets, taking into account any advancements or gifts during your lifetime.

For example, if you have three children and give one of these £50,000 during your lifetime, and want to ensure that this is reduced from any Inheritance that they receive so that equal monies are received by all three children you can include a HOTCHPOT RULE clause within your Will.

In practice, if you had three children and advanced one of those £50,000 during your lifetime, then upon your death there was £850,000 to be split between three children, the £50,000 advanced during your lifetime would be added into the calculation, meaning each child who has received no advancement would receive £300,000 each and the child that had received the £50,000 previously would receive £250,000.

Presumption of Advancement

Presumption of Advancement can seem somewhat archaic but it does still apply today!

Put simply, a LOAN has to be repaid but a GIFT does not, the same applies upon death.

This can be very tricky if there is nothing left, by the deceased, in writing in relation to money given away during their lifetime, that is when the PRESUMPTION OF ADVANCEMENT can come in and cause problems…

PRESUMPTION OF A GIFT occurs on the following:

money from husband to wife
money from father to child
money from man to fiancee

PRESUMPTION OF A GIFT does NOT occur on the following:

money from wife to husband
money from mother to child
money between cohabiting couples

You see why we say this can seem somewhat archaic! We don’t make the law…we just follow it😉

If you would like to have a free chat about Lifetime Gifts or Wills, please contact us on info@TotalLegacyCare.co.uk or 01727 865 121

Leah Waller

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9th December 20206th January 2021

Probate: The Basics

Probate:
The Basics

As a continuation of our series, ‘The Basics’, this week we are looking at…PROBATE.

We thought we would go back to the basics and answer some of the questions we get asked:

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What is Probate?

?

Do I need to carry out Probate?

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Where do I start with Probate?

?

What is involved in obtaining Probate? OR

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What is the Probate Process?

So, let’s get going…

What is Probate?

Probate is the process of dealing with someone’s Estate when they pass away. A person’s Estate will include their property, money and personal possessions (everything that they own) and the Probate process will involve the collecting in of all the Estate assets, paying off any debts and liabilities, and then distributing the remaining assets to the beneficiaries.

Do I need to carry out Probate?

Not always! Whether you need to carry out Probate or not, will depend on the size of the Estate that needs to be administered.

However, as a general rule of thumb, where there is a Property involved, Probate is likely to be necessary.

Many firms and solicitors, including ours, offer a free consultation – so, if you aren’t sure whether Probate is required on an Estate that you are dealing with, take advantage of a free consultation.

Where do I start with Probate?

This one can always be a bit tricky, as when the time comes to carry out Probate it is often the first time that the person dealing with it, has ever had to do the process.

So, where do we start?

How you start with the Probate process will depend on whether the deceased had a Will or not.

If the deceased had a Will, the Executors will need to begin by obtaining a Grant of Probate, if there is no Will then Letters of Administration will need to be applied for. Both a Grant of Probate and Letters of Administration are the legal documentation that allow the Estate of the deceased to be administered in accordance with the Will (if there is one) or by the Rules of Intestacy (where there is no Will).

What is involved in the Probate Process?

As we have said above, put simply, the Probate Process is merely the task of collecting in all the assets (property, monies, possessions, belongings) of the deceased, paying off any debts and liabilities (including any funeral and testamentary expenses, as well as paying any Inheritance Tax that is due on the Estate) and then distributing the remaining assets (or value thereof) to their beneficiaries. The beneficiaries will be those stated in the Will, if a Will was left, of those set out in the Rules of Intestacy, where there is no Will. If Inheritance Tax is due, it is advised to seek Professional advice to make sure you take advantage of all the Tax reliefs available.

If you would like to have a free consultation, or have any questions, please contact us on info@TotalLegacyCare.co.uk or 01727 865 121

Leah Waller

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26th November 202024th November 2020

Funeral Plans: The Basics

Funeral Plans:
The Basics

We thought we would go back to the basics and answer some of the questions we get asked:

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What is a Funeral Plan?

?

Why do I need a Funeral Plan?

?

Can’t the money that I leave be used to pay for my funeral?

?

Why is a Funeral Plan important?

So, let’s get going…

What is a Funeral Plan?

At the risk of sounding patronising, a Funeral Plan is exactly that…a prepaid plan for your own Funeral.

This means that you can pay for your Funeral now (at today’s prices, rather than the cost of a Funeral when the time comes!) and be safe in the knowledge that your loved ones haven’t got to find the money to pay for it whilst waiting for your Estate to be administered or for your money to be released.

A Funeral Plan can be as basic or as detailed as you like and can consider anything from the location, burial/cremation, cars, funeral directors, flowers and even music.

Why do I need a Funeral Plan?

If one thing is guaranteed, it is that all of us are going to pass at some time (we just don’t know when!) and so having a Funeral Plan is something that all of us could benefit from.

When you pass, your family or loved ones may have to find the money to pay for your funeral before your own funds can be released from your Estate. A Funeral Plan can save your family the worry and expense of arranging a funeral, and help make things easier at what is already a very difficult time.

When the time comes, one phone call to the funeral director that you have already chosen, is all that is needed to activate the plan.

Can’t the money that I leave be used to pay for my funeral?

As we have said above, it is not always that straight forward.

When you pass, your bank accounts, pensions, and assets are frozen and in most cases will only be released upon receipt, by the bank or institution, of a Grant of Probate (or Letter of Administration if you die without a Will). This could mean that those arranging your Funeral are left having to foot the bill until they can be reimbursed by your Estate. With the average cost of funerals steadily rising year on year, this is an additional burden that your loved ones could really do without.

Why is a Funeral Plan important?

Well, I think we have covered this above but if you are still wondering whether a Funeral Plan is right for you, why not contact us for a free chat – absolutely no obligation and if you don’t want us to follow you up that is absolutely fine, it is all in your control.

Setting up a Funeral Plan is straightforward, there are different payment options; you can pay all of it upfront, over one-year with 0% interest, or over a number of years.

Having a Funeral Plan in places gives you peace of mind knowing that your loved ones haven’t got the burden of arranging or paying for your funeral and that all of your wishes are catered for.

If you would like to have a free chat about putting a Funeral Plan in place, or have any questions, please contact us on info@TotalLegacyCare.co.uk or 01727 865 121

Leah Waller

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12th November 202011th November 2020

Lasting Power of Attorney: The Basics

Lasting Power of Attorney:
The Basics

Following on from in our series of ‘The Basics’, this week we look at Lasting Powers of Attorney and some of the questions we are frequently asked, such as:

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What is a Lasting Power of Attorney?

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Why is a Lasting Power of Attorney important?

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What happens if I don’t have a Lasting Power of Attorney in place?

?

Can I put a Lasting Power of Attorney in place after being diagnosed with Dementia?

?

What’s involved in making a Lasting Power of Attorney?

So, let’s get going…

What is a Lasting Power of Attorney?

A Lasting Power of Attorney is a legal document that you put in place to name someone (or more than one person) that you know and trust as your Attorney or Attorneys. As your Attorney, they will have the ability to make decisions for you if you lose mental capacity in the future or even if you would prefer them to make decisions for you now in relation to your finances.

There are two types of Lasting Power of Attorney, one in relation to Property and Financial Affairs and another in relation to Health & Welfare. You can appoint the same, or different, people to be your Attorneys in relation to the two different types.

Why is a Lasting Power of Attorney important?

Why is a Lasting Power of Attorney important? Or, what happens if I don’t have a Lasting Power of Attorney in place? Both of these questions arrive at a very similar answer…

We are all living longer and statistics show that 1 in 3 of us will develop Dementia. It is vital to release the burden from loved ones to allow them to access your money and pay for care for example. Banks can freeze accounts if capacity is lost, regardless of account signatories and medical professionals make decisions for you without having to consult your loved ones. A Lasting Power of Attorney negates these issues.

A Lasting Power of Attorney, for your property and financial affairs, can be put into place straight away meaning that even if you are out of the country, or temporarily incapacitated, your Attorney can help out and make decisions for you or undertake actions for you where otherwise you would need to be physically present.

Can I put a Lasting Power of Attorney in place after being diagnosed with Dementia?

We are massive advocates for getting your Lasting Powers of Attorney in place at a young age, even if the concept of ever needing them seems in the very distant future BUT…

A Lasting Power of Attorney must be put in place whilst the Donor (the person giving the Power) has capacity and a Certificate Provider (that can be us!) is required to certify this in order for the Power to be registered by the Office of the Public Guardian.

So, once diagnosed with dementia is it too late to make a Lasting Power of Attorney?

Whether you can make a Lasting Power of Attorney after being diagnosed with Dementia will depend on how soon the diagnosis takes place and whether the individual that has been diagnosed has lucid or ‘good’ days and is still of sound mind.

If the individual still has lucid days where they are clear on their finances, current affairs and appear to be unaffected by the Dementia, then it may well be that a Lasting Power of Attorney can be prepared at this time and instructions taken from the individual. A Certificate Provider will meet with the individual and go through, carefully and sensitively, the current circumstances and ask questions as to that individual’s circumstances and personal affairs as well as current affairs in the news and media to ascertain their general capacity and mental wellbeing. If the Certificate Provider is content that the Donor has capacity, then the Lasting Power of Attorney can be applied for.

You can find out more in our article – Is it too late to make a Lasting Power of Attorney once being diagnosed with Dementia?

What is involved in making a Lasting Power of Attorney?

The documents for a Lasting Power of Attorney can be quite daunting BUT, there is no need to worry!

We will meet with you and discuss all of the options and your requirements, and answer all your questions, and then complete all of the documents for you.

We will then return to you, so that all of the documentation can be signed in the correct order and in the correct places (we will also act as witness and certificate provider where appropriate).

We then liaise with your Attorneys to get all of the documentation signed correctly and get everything sent off to the Office of the Public Guardian for registration.

If you have any questions, or would like a FREE consultation, please call us on 01727 865121 or drop us an email Info@TotalLegacyCare.co.uk

Leah Waller

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29th October 202011th November 2020

Wills: The Basics

Wills:
The Basics

We thought we would go back to the basics and answer some of the questions we get asked:

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What is a Will?

?

Why do I need a Will?

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What happens if I don’t have a Will? OR
What happens if I die without a Will?

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I don’t have anything, do I still need a Will?

?

Why is a Will important?

?

How long does it take to make a Will?

So, let’s get going…

What is a Will?

A Will is a legal document that sets out what should happen to all of your belongings (money, property, cars, possessions etc.) when you pass away.

Your Will can also appoint Guardians for your children (should they be left with neither parent). A Will is the only way (in the UK) of appointing guardians for your children.

Your Will appoints Executors, the people that you trust to be responsible in administering your instructions.

Your Will can also include any funeral wishes that you may have (although this is optional).

Why do I need a Will?

We often get asked ‘Why do I need a Will?’ or ‘What happens if I don’t have a Will?’ or even ‘What happens if I die without a Will?’.

Ultimately it is the same question…with the same answer, just asked in different ways.

So, you need a Will because if you do not have a Will, or (to put it another way) die without a Will, then you will die INTESTATE.

If you die intestate, this means that the Rules of Intestacy apply and you, and your family, lose control of where your money, property and possessions go and this is decided by the Rules of Intestacy.

Having a Will in place allows you the control to decide who benefits and inherits upon your death.

I do not have anything, do I still need a Will?

YES!

Even if you perceive that you have ‘nothing’ this can mean very different things from one person to another.

As we have said above, a Will is the only way to determine that only the people that you decide can benefit and inherit upon your death, rather than it being left to the Rules of Intestacy.

Why is a Will important?

For fear of repeating ourselves (although it is important!), your Will is important as it allows you control and allows you to decide where your estate (all your money, property and assets) go.

It’s not just about your money though, you can also choose guardians for your children, name your executors and even make provision for any pets that you have.

A will can also allow you to create Trusts that may help with reducing your Inheritance Tax liability.

How long does it take to make a Will?

Usually, we just need about an hour of your time to explain everything to you, take down all your requirements, answer all your questions and then we’ll do all the work in the background.

We then return to you with your Will for signing, we provide both independent witnesses, to make it legally binding and then your Will is complete.

From the initial call to you having your signed Will in your hand with all your wishes, legally compliant and complete can take as little as a few days, we like to make it as simple for you as possible for you. Having said that, we never rush you to finalise your Will until you are 100% happy with the Will and that it covers all of your wishes.

If you would like to have a free chat about your existing Will, or creating a new Will, please contact us on info@TotalLegacyCare.co.uk or 01727 865 121

Leah Waller

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15th October 202015th October 2020

How much does a Will cost?

How much does
a Will cost?

It’s always tricky to work out how much something costs, or is worth, before you get a quote. To guess how much anything will cost we need to look at the value of it first. ‘Value’ is described as “the regard that something is held to deserve; the importance, worth, or usefulness of something”.

If we break those 4 areas down for a Will then we can start to understand the value:

The regard that something is held to deserve

Writing a will is not as simple as putting pen to paper (or finger to keyboard). The process, when followed properly, should include an initial meeting where the Will Writer or Solicitor will take time finding out what the clients needs are, taking down all the relevant information and answering any questions the client may have. There may be a requirement to plan for inheritance tax, or to plan for vulnerable or disabled beneficiaries, and workout the best solution to meet all the clients needs.

Once this has happened the Will can then be drafted and a draft version sent to the client and explained fully to them.

If all is in order the Will can be finalised, printed and signed. The Will Writer or Solicitor will have additional paperwork to complete to be fully compliant and complete their due diligence.

There is a fair amount of work to complete in order to put a valid Will in place and it should take around 4-6 hours for an efficient Will Writer or Solicitor to complete, even with what is considered a ‘simple Will’.

The importance

The next part to discuss is the Importance of a Will, this should be self-explanatory but put simply, without a Will in place you don’t get to decide where your assets end up. Having a simple Will in place removes additional stress that your family and loved ones will have to endure without having a Will in place in dealing with the Rules of Intestacy. A Will not only dictates where your money will go, it also covers a variety of other important decisions, such as, guardians for children (if under the age of 18 years) your funeral wishes, your executors and any Trusts that you may wish to put in place to protect your loved ones.

Worth

If you ask anyone who has had to deal with the Administration of an Estate without a Will then they are sure to explain how much easier it would have been with a Will. It’s also more costly to go through the legal procedure when there is no Will (several times the amount it would cost to put a Will in place). If you put a Will in place you could save your loved ones time, expense and hassle – which must be worth it, right?

Usefulness

Having explained the previous areas, how useful is a Will?

Your Will lists clearly your instructions and what you want. It is the only way (in the UK) to ensure guardians are put in place, for your children, if required, explains your funeral wishes to your executors and directs your executors on how you would like your Estate to be distributed. Your Will can ensure people are protected in the event of your death and Trusts can be included to plan for inheritance tax amongst other important issues such as vulnerable or disabled beneficiaries.

So, how much should a Will cost?

It will vary on what you require and where you get it from. You can pick up a Will Pack from WH Smiths for under £20 and do it yourself. Although a word of warning…completing a Will yourself comes with risks, you’ll need to ensure it is correctly completed and legally valid, you may not realise this until it is too late.

If you go to a professional, you will be expecting to pay anywhere between £200-£500 for a simple Will. If you need Trusts in place or there is additional work then you can expect to pay more. Many companies offer an initial consultation free of charge and all prices should be quoted up front before work commences

We are always happy to have a chat with you about putting a Will in place or answer any questions you may have.

If you would like to have a free chat about your options or making a Will, please contact us on info@TotalLegacyCare.co.uk
or 01727 865 121

Neil Barras-Smith

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Have a Question or
want to book a
FREE Consultation?

What isIntestacy?

It is important to note that you must always use the Law of Intestacy in place at THE TIME THE DECEASED DIED not those in place at the date when the Estate is administered.

REMEMBER:You do not have to deal with Probate, whether there is a Will or not, alone and you can always seek professional advice, guidance and support.

The Roles & Risks of an Executor

What is an Executor?

The Role of an Executor (or Administrator)

The Risks taken on by an Executor

Children's Mental Health Week & Total Legacy Care

What is a Living Will or an Advance Care Plan (ACP)?

Kindly written by Debbie Callow RMN

Advance Statement

LPA (Lasting Power of Attorney)

DNACPR (Do Not Attempt Cardiopulmonary Resuscitation)

Advance Directives

Will I have to pay Inheritance Tax on gifts & money given in my lifetime?

Gifts out of Income

Potentially Exempt Transfers

Gifts with a Reservation of Benefit

Hotchpot Rule

Presumption of Advancement

Probate:The Basics

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What is Probate?

Do I need to carry out Probate?

Where do I start with Probate?

What is involved in the Probate Process?

Funeral Plans:The Basics

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What is a Funeral Plan?

Why do I need a Funeral Plan?

Can’t the money that I leave be used to pay for my funeral?

Why is a Funeral Plan important?

Lasting Power of Attorney:The Basics

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What is a Lasting Power of Attorney?

Why is a Lasting Power of Attorney important?

Can I put a Lasting Power of Attorney in place after being diagnosed with Dementia?

What is involved in making a Lasting Power of Attorney?

Wills:The Basics

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What is a Will?

Why do I need a Will?

I do not have anything, do I still need a Will?

Why is a Will important?

How long does it take to make a Will?

How much doesa Will cost?

The regard that something is held to deserve

The importance

Worth

Usefulness

So, how much should a Will cost?

What is
Intestacy?

REMEMBER:
You do not have to deal with Probate, whether there is a Will or not, alone and you can always seek professional advice, guidance and support.

Probate:
The Basics

Funeral Plans:
The Basics

Lasting Power of Attorney:
The Basics

Wills:
The Basics

How much does
a Will cost?