What is the role of an Executor?

Being appointed as an Executor is a blessing but can also be a burden, but worse of all is when it comes as a surprise!

If you are asked to be an Executor, you may have a few questions:

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What is an Executor?

?

What does an Executor do and is there a specific process to follow?

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Does being an Executor cost me anything?

So, let’s have a look at some of those questions…

What is an Executor?

An Executor is appointed by someone in a Will, so that when that person passes away the Executor can collect and protect the estate, property and assets of the deceased and carry out the distribution of such items in accordance with the Will and the deceased’s wishes.

Being an Executor can involve a considerable amount of work, but it is a privilege to be asked. The person that has appointed you as an Executor, has put their ultimate trust in you to carry out their final wishes, to collect in and distribute their estate and possessions as they wanted on the basis that they trust you to do so.

Some of the initial steps to take upon becoming an Executor are:

Ensuring that a Death Certificate is obtained

As the Executor you will be responsible for notifying certain people, companies and authorities of the death and so the Death Certificate will be required. It is possible to obtain more than one copy of this and so it may be wise to do so.

Finding the Will

As the Executor you will need the Will in order to apply for Probate.

Consider whether you need help

As the Executor you do not have to carry out all of the administration of the estate by yourself, you can ask for professional help from solicitors, probate specialists and/or tax advisers.

If the estate is relatively small and doesn’t have any complexities, the Executor may well decide that they can carry out the process by themselves and this is also fine.

Applying for the Grant of Probate

This is the official document giving you authority to administer the estate of the deceased, collect in and deal with their assets and then distribute them accordingly.

Collecting in the Assets

The Will and any accompanying documents that the deceased may have left may well give specific instructions as to what the deceased has and, importantly, where it can be located, however such specifics may not be given.

As the Executor you will need to ensure that you collect in and account for all of the deceased’s assets including property, stocks, shares, bank accounts, ISAs, personal items etc. The Executor will also be responsible for ensuring that relevant insurance is in place for the assets until they can be distributed in accordance with the Will.

Paying the estate debts and any taxes

The estate is responsible for paying the funeral costs and any taxes due in relation to the deceased and the estate. The Executor is not responsible for paying these personally however, the Executor is responsible for ensuring that these are paid from the estate. The Executor should also put a notice to debtors in the London Gazette.

Distribution

The Executor will then be responsible for distributing the estate assets, following the payment of all debts and taxes, in accordance with the deceased wishes as set out in their Will. A detailed record of this, and all the steps taken by the Executor, should be kept throughout the process.

Remember, if you are putting your Will in place, have a chat with your proposed Executors and let them know that you trust them implicitly and so that is why you would love them to be an Executor. Having the conversation may well be difficult but it will save what can be a shocking, surprise should anything happen to you and they are required to act.

An Executor has the right to refuse to act, if they are unwilling to do so at the time they are needed, and so discussions at the time that a Will is put in place are important to overcome this.

An Executor may be unable to act, through incapacity or if their death occurs before yours, however having conversations with your proposed Executors, when putting your Will in place, should prevent any surprises and limit the risk of them renouncing their obligations when the time comes.

We are always happy to have a chat with you about who you may want to appoint as your Executors and even help with the discussion with Executors and answer any questions that they 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

Leah Waller

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17th September 202017th September 2020

What is the role of a Trustee?

What is the role of a Trustee?

You may have been appointed as a Trustee in someone’s Will or thinking about appointing someone you trust as a Trustee within your own Will, BUT what does it actually mean and what does the Trustee do?

Let’s take a look…

A Trustee is someone appointed to look after and manage the assets within a Trust and administer/distribute the Trust in accordance with the instructions set out.

A Trustee must always act in the best interests of the beneficiary, act honestly and fairly towards the beneficiaries of the Trust, whilst ensuring that they follow the terms of the Trust.

When appointing Trustees within your Will (perhaps for a Trust where your children, grandchildren or great-grandchildren, will be the beneficiaries, whilst under the age of 18), you can appoint a maximum of four Trustees, although you can appoint reserve Trustees if you wish. In the majority of cases people will choose the same executors and Trustees however, this is not always the case and you can appoint different Trustees and Executors.

Who to choose as a Trustee…

If you are placing property or land into a Trust, then you will need a minimum of two Trustees.

After knowing how many Trustees you need, you need to have a think about WHO would be the best Trustees.

Trustees must be at least 18 years of age and able to take on the role. Now, this may sound obvious but taking on the role and responsibility as a Trustee can be more suited to some than others and just because someone has reached the age of 18 does not necessarily mean they are able to take on such a responsibility.

Another consideration to think about is; your Trustees MUST be able to work together. Where you have more than one Trustee they must be able to make a UNANIMOUS decision before an action is taken and thus being able to work together is imperative.

It may go without saying, BUT your Trustees must have capacity, be of sound mind and be trustworthy.

Trustees can be your family or close friends, whilst others opt for appointing professionals (especially where the Estate may be quite complex). However, even if a professional is not appointed, a family or friend that is appointed as a Trustee can always seek professional help as and when required if they think it is necessary.

So, what is the role of the Trustee?

As we have said, the Trustee must act in accordance with the terms of the trust and always act in the beneficiaries best interests, but additional responsibilities include:

Act fairly (this is important where there is more than one beneficiary);
Protect the assets that are within the Trust;
Insure the assets of the Trust if necessary;
Distribute the income of the Trust to the beneficiaries;
Distribute the capital to the beneficiaries;
Keep accounts and an accounting history of all transactions;
Complete Tax Returns and pay any tax that may be due to HMRC;
Declare all income and Capital Gains Tax that is payable;
If Inheritance Tax become payable, notify HMRC;
Keep a record of any income and expenses from the Trust;
Take reasonable care when making any investments;
Register the Trust;
Act in accordance with the Trustee Act 2000.

Remember, ALL Trustees must act UNANIMOUSLY.

Trustees must not personally benefit from the Trust.

All this may seem a large burden to place on your Trustees but professional help is always available to Trustees to support with managing trusts if required.

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

Leah Waller

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3rd September 20203rd September 2020

Nil rate Band Discretionary Trusts: Are they still useful?

Nil rate Band Discretionary Trusts: Are they still useful?

Nil Rate Band Discretionary Trusts were popular, and VERY useful, prior to 9 October 2007 when the Transferable Nil Rate Band was introduced.

Before 9 October 2007, the Nil Rate Band could not be transferred between spouses and so if it was not used on first death (and everything passed to the surviving spouse) this Nil Rate Band was lost unless a deceased spouse had a Nil Rate Band Discretionary Trust within their Will.

The Nil Rate Band Discretionary Trust allowed for the spouse that passed first to leave assets up to the available Nil Rate Band to beneficiaries (usually their spouse and children) in a Trust, this would use their Nil Rate Band upon their death and those assets would remain outside the surviving spouse’s Estate (whilst in the Trust) and so no Inheritance Tax would be incurred on those assets upon the death of the second spouse.

If there was no Nil Rate Band Discretionary Trust is place and the deceased spouse simply left all their assets to the surviving spouse then this would accumulate with their existing Estate and could mean that Inheritance Tax would be payable as only one Nil Rate Band would be available to take advantage of upon the death of the surviving spouse.

The advantage of a Nil Rate Band Discretionary Trust, was that guidance could be given to the Trustees, to treat the main beneficiary as the surviving spouse during their lifetime with the other beneficiaries (children or grandchildren) only benefiting following the death of the surviving spouse. This would mean that the surviving spouse would still be provided for, and have access to those assets, during their lifetime although they would not form part of their Estate.

Now that the Nil Rate Band is transferable between spouses, is the Nil Rate Band Discretionary Trust redundant?

Not quite! There are still some advantages to using a Nil Rate Band Discretionary Trust and these are briefly set out below:

For UNMARRIED couples

The Transferable Nil Rate Band is only available to couples that are married or that have entered into a Civil Partnership, and so for those couples that choose not to marry or enter into a Civil Partnership they are unable to take advantage of the Transferable Nil Rate Band. This is where the Nil Rate Band Discretionary Trust can come in very useful.

To make use of an Additional Transferable Nil Rate Band where a previous marriage ended in the death of a spouse

If a previous marriage ends in death then the surviving spouse can use the Nil Rate Band of their deceased spouse, this is not limited to just one spouse and so you could benefit from multiple Nil Rate Bands should you have multiple marriages end in the death of a spouse.

However, these cannot be transferred by you, should you die and leave your estate to a surviving spouse and so all of those Nil Rate Bands (save for your own) will have been lost.

This is where a Nil Rate Band Discretionary Trust can be used to take advantage of the accumulated Nil Rate Bands from the marriages that have ended in the death of a spouse.

An example:

Frank and Sylvia are married. Both Frank and Sylvia are widowed with each of their deceased spouses leaving their entire estate to them.

If Frank and Sylvia both include a Nil Rate Band Discretionary Trust within their Will (to benefit each other and their children) to use both their own Nil Rate Band as well as any Transferable Nil Rate Band that is available to them then, upon Frank’s death assets to the value of his Nil Rate Band, plus that of his first wife’s Nil Rate Band, will pass into the Nil Rate Band Discretionary Trust, with the remainder passing to Sylvia.

Upon Sylvia’s passing, her estate can benefit from her own Nil Rand Band as well as that from her first husband and the combined estate will have benefited from FOUR Nil rate Bands.

To benefit children following the surviving spouse’s needs being looked after

This approach is beneficial where it is not certain what the needs of a surviving spouse will be upon the first death.

Having a Nil Rate Band Discretionary Trust to include the surviving spouse and children allows the needs of the surviving spouse to be taken care of first before deciding how to distribute the income and capital in relation to the remaining trust assets.

Reducing the Inheritance Tax liability on second death

By having a Nil Rate Band Discretionary Trust in place, this can mean that no Inheritance Tax is payable on the first death, as the Nil Rate Band will pass into a Trust and the remainder to the surviving spouse. When the surviving spouse passes there will only be Inheritance Tax payable on the value of their Estate minus their Nil Rate Band. However, the property/assets put into the original Nil Rate Band Discretionary Trust will not accumulate with the surviving spouse’s Estate as these are in Trust and so if the value has increased then this will not impact the Inheritance Tax liability upon second death.

Preventing the loss of the Residential Nil Rate Band through the Taper Threshold

Using a Nil Rate Band Discretionary Trust can direct assets away from the surviving spouse so that their Estate does not exceed the Taper Threshold (currently £2million) for the Residential Nil Rate Band.

Currently, if an Estate exceeds a value of £2million, then the Residential Nil Rate Band is reduced by £1 for every £2 over the £2million.

If an Estate value exceeds £2.7million then there will be no Residential Nil Rate Band available.

Using a Nil Rate Band Discretionary Trust to keep the Estate value below £2.7million (or, ideally, below £2million) can mean that the Residential Nil Rate Band can still be taken advantage of, to its full extent, upon second death.

These matters can be quite complex and we are happy to discuss any of your own circumstances in more detail if you think that this may be useful.

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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20th August 202019th August 2020

Equity Release

Equity Release

Most people’s main asset is their house but many may be facing later life when they are asset rich but cash poor…meaning that although they have money in their property, or properties, they are unable to access this on a daily basis, or as and when they need it, to pay for necessities and therefore are ‘cash poor’.

Equity release has been given a bad press in recent years and so below we look at some of the positives and negatives of releasing equity from your property.

So, what are the advantages to equity release schemes?

The monies released from the property are tax free.

You can gain access to money that is tied up in your property without having to move or downsize.

You can use the money released to make gifts to loved ones.

Most companies will guarantee you against any fall in property price if the value of your property falls below what is owed.

This means that if the property market crashes and the amount borrowed is more than the value of the house, the lender will meet the shortfall, putting you at no risk.

Most schemes do not require a monthly repayment.

With most schemes the interest rates are fixed for the entirety of the scheme meaning that you will know exactly what will be owed when the scheme comes to an end.

Some schemes offer a ‘draw down’ option where monies are accessible but interest is not charged on this unless it is drawn down and used. This means that you can have peace of mind by knowing that funds are available should you need them but if they are not used then there is no interest charged.

What about the disadvantages…

As interest is added to the final debt, rather than charged monthly (compound interest) it means that the balance can rise dramatically. Although, as seen above, the final amount due will be known from the outset.

If you want to repay the debt early there may be hefty penalties for early repayment. This will depend on the plan and so it is important to consider this at the outset.

An injection of cash into your account could have an impact on any state benefits that you receive such as means-tested benefits, Council Tax, Pension Credits and/or NHS optical and dental appointments.

You will be unable to secure any other loans or charges against your property once commencing an equity release scheme.

It is therefore extremely important to speak with an independent professional before embarking on any equity release scheme. You can then look at the types of equity release schemes appropriate for you and your needs and weigh up the advantages and disadvantages and whether it is the best option for you.

If you would like a FREE chat to discuss your options, get in touch on info@TotalLegacyCare.co.uk or 01727 865 121

Leah Waller

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want to book a
FREE Consultation?

6th August 20206th August 2020

Second Marriages: Protecting your Children & Inheritance

Second Marriages: Protecting your Children & their Inheritance

Nowadays, second marriages are quite common. We look at a case study of Bob and how second marriages cause issues not only during our lifetime but also upon our death, including Inheritance provisions, large estates attracting taxes and whilst all this is going on…trying to keep everyone happy and doing what seems fair!

So, let’s look at a case study of Bob to put things into perspective…

Married in his early 20’s;
Bob has 3 children who are now all grown up and have their own children;
Unfortunately, Bob’s wife passed away some years ago and after spending some time alone, Bob met a new partner Sally.

Sally is also a widower and has two children of her own, a son and a daughter. Sally’s daughter has two children also but her son never married and lives the life of a ‘Rock and Roll Star’.

Both Bob and Sally own their own homes but want to sell up and move to the coast together to enjoy their retirements.

Their current assets look like this:

House

Mortgage

Buy to Let

Mortgage

Savings

Shares & investments

Total (less mortgages)

Bob

£500,000

£100,000

£0

N/A

£75,000

£25,000

£500,000

Sally

£600,000

£0

£250,000

£40,000

£20,000

£60,000

£890,000

Now, Bob and Sally have agreed that the life and wealth they each built before they met will be passed on to their own children.

They have put an offer on a luxury bungalow on the south coast which has been accepted at £800,000.

There may be a few complications that they need to resolve and plan for carefully, so they can purchase their dream home and make sure that each of their children’s inheritance is protected.

How will they own the home?

Joint Tenants: This means you both own the home jointly, when one of you dies the survivor automatically owns the house outright.

This is not a good option for Bob & Sally as they want to pass their own share on to their children.

Tenants in Common: This allows the owners to hold the property in shares (equally or in different shares), for example 50% each or, you could own it in any percentages you wish 60/40, 70/30 etc.

For Bob and Sally, owning the home as Tenants in Common would be the best option. If they both put in equal amounts of £400,000 to pay for the property, their share is protected and they can gift their share of the house in their Will to their children, or to anyone else that they wish.

What happens if Bob dies first?

If Bob passes first, Bob’s children would receive his share in his Will. They could force Sally to sell up to get their money or she would have to find £400,000 (or half the current market value if the property went up in price since purchasing) to buy Bob’s children out. This is not a situation that either Bob or Sally would like to find themselves in. So what’s the solution…

A simple Trust in their Will

Bob has a Will drafted stating that all of his assets are to pass to his children BUT puts a Trust in his Will stating that he would like Sally to live in the house until she sells up or passes away. If she sells the house Bob’s children will receive their share, or upon her death, the house can be sold and Bob’s share will pass to his children.

Creating a Will with a Trust in this way, allows Sally to live in the property for as long as she wants without the worry of finding money or being pressured by Bob’s children. You can also put in other stipulations of the Trust too, for example stating that the Trust would end should Sally (in this case) remarry.

It would of course make sense for Sally to write a Will and Trust similar to Bob’s so he is protected should she pass away first.

Other considerations…

In addition to sorting out their Wills and Trusts, there are a couple of other things we would recommend considering before Bob and Sally venture off on a new life down by the sea to protect themselves and each other.

Lasting Powers of Attorney (LPA)

If Sally was to lose capacity and need to go into a Care Home, she may want to be closer to her family, children and grandchildren, Bob would not be able to sell the house to release funds to pay for her care – without going through the courts which is a lengthy and costly process.

Both Sally & Bob would need to sign the legal documents for the sale to go through if the house was held as Tenants in Common BUT with an LPA in place, Sally’s Attorney would be able to sign on her behalf.

LPAs also have a number of other benefits around financial and health affairs that may arise for Sally. Take a look at our article explaining our Top 5 reasons for getting an LPA in place for more information

Funeral Plans

It would also be advisable for both Bob and Sally to consider putting a funeral plan in place. A funeral plan is prepaid and secures the cost of the funeral director services at the time the plan is taken out. This means that, rather than either the surviving spouse, or Bob & Sally’s children having to face the financial and emotional burden of paying for and arranging the funeral…this will all be done for them with one simple phone call.

Inheritance Tax

Another consideration is Inheritance Tax. It is always best to speak to an expert to make sure you have taken any possible measures to reduce your inheritance tax liability to protect yourself and your family where possible.

MOST IMPORTANTLY…Don’t panic, there are always options around this and if this concerns you, get in touch we are always happy to give free advice, answer any questions and help to resolve your concerns.

If you would like a FREE chat to discuss your options, get in touch on info@TotalLegacyCare.co.uk or 01727 865 121

Leah Waller

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23rd July 202023rd July 2020

How to increase your Inheritance Tax Allowance to £1million

How to increase your Inheritance Tax Allowance to £1million

We work hard for most of our lives to provide an inheritance for our loved ones and so wanting to increase our Inheritance Tax Allowance (reducing the amount paid in Inheritance Tax) is a considerable concern for many.

Inheritance Tax is payable at 40% upon death where an estate exceeds the Inheritance Tax Allowance, this is legally termed the Nil Rate Band (a personal allowance, that each individual is able to gift, upon death, without attracting any Inheritance Tax – for 2020/21 this is £325,000 per person).

So, how do we increase £325,000 to £1million?

So, as we now know, each person is entitled to pass £325,000 (2020/21) to their beneficiaries without paying any Inheritance Tax AND…

Where you are passing your residential property to a direct descendent (children, grandchildren, great-grandchildren, step-children, adopted children or foster children), you can claim an additional allowance, called the RESIDENTIAL NIL RATE BAND, giving you an extra £175,000 (2020/21) to pass to your beneficiaries (if they are direct descendants), without paying any Inheritance Tax.

Thus increasing your Inheritance Tax Allowance to £500,000.

So, where does the other £500,000 come from?

Your NIL RATE BAND (£325,000) and RESIDENTIAL NIL RATE BAND (£175,000) is transferable between spouses and civil partners.

This means that if your partner passes before you and leaves their entire estate to you, then upon your death you will have the benefit of their Nil Rate Band and, if they had a Residential Property in their Estate, their Residential Nil Rate Band.

Thus, increasing your Inheritance Tax Allowance to £1million.

It is worth bearing in mind that if your estate is worth more than £2million then you lose the right to claim all of the Residential Nil Rate Band; for every £2 over the £2million valuation, you will lose £1 of the Residential Nil Rate Band.

If you would like to have a free chat about your Inheritance Tax liability and planning for the future, please contact us on 01727 865121 or drop us an email Info@TotalLegacyCare.co.uk

Leah Waller

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9th July 20209th July 2020

What to consider when including a Discretionary Trust within your Will

What to consider when including a Discretionary Trust within your Will

You may have decided to include a Discretionary Trust within your Will (or you may be wondering what Discretionary trust is!), so first things first…What is a Discretionary Trust?

A Discretionary Trust is set up giving the Trustees (appointed by you) the discretion and control to make decisions about how (and to who) the income and capital is distributed. The Trustees will have the power to make decisions about whether to pay income, capital or both to the beneficiaries, who to make payments to (from the named beneficiaries or class of beneficiaries named by you) and how often payments are made.

The main issue that we have highlighted when reviewing our clients’ existing Wills and Discretionary Trusts is:

BENEFICIARIES

A Discretionary Trust allows your Trustees the discretion and choice to make payments (distributions) to the potential beneficiaries (or category of beneficiaries) named within the Discretionary Trust.

If you have only named one beneficiary, then this is NOT a Discretionary Trust. This could have tax implications (as well as other implications!) for the beneficiary of the Trust.

So, how do we resolve this?

We would recommend considering allowing the Trustees the ability to add further beneficiaries and naming a category or class of beneficiaries (this could be as simple as; children, grandchildren, nieces and nephews etc.) so that the scope of the beneficiaries is wide and there is no risk of a Bare Trust or Interest in Possession being created, rather than a Discretionary Trust.

Having a wider pool of beneficiaries can also assist if the Trust lasts for a prolonged period after your death and the original beneficiaries that you have named predecease you or die shortly after your death and prior to the full Trust being distributed.

So, why are we telling you?

Discretionary Trusts can be useful but as you can see, there are some common mistakes.

Before you decide on including a Discretionary Trust within your Will, make sure that you have considered the above points and that those drafting errors aren’t present in your Will!

If you have any questions, would like to consider putting a Will in place or a FREE review of your existing Will, please call us on 01727 865121 or drop us an email Info@TotalLegacyCare.co.uk

Leah Waller

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25th June 202025th June 2020

What are my rights & Responsibilities as an Attorney?

Advice for Attorneys
What are my Rights & Responsibilities as an Attorney?

Being appointed as an Attorney is a privilege BUT can often be seen as a daunting task.

So, let’s take a look at some of our advice and top tips for Attorneys…

Responsibilities

As an Attorney, you can make decisions on behalf of the person that has appointed you as an Attorney (the Donor) BUT you must always act in their BEST INTERESTS.

As an Attorney you MUST:

assume that the Donor can make their own decisions unless it is established that they cannot;
help the Donor to make their own decisions and take practical steps to assist with this. Only if you are not successful with this, can you make a decision yourself;
not treat the Donor as unable to make a decision just because they are making a decision that you believe to be unwise;
make decisions and act in the Donor’s best interest;
make decisions or act in a way that is the least restrictive on the Donor’s rights and freedoms whilst still achieving the purpose.

Rights

Your rights as an Attorney may depend on HOW YOU HAVE BEEN APPOINTED and whether the Donor has stated any PREFERENCES AND INSTRUCTIONS within the Lasting Power of Attorney document.

Where more than one Attorney has been appointed by the Donor then they have the choice to appoint the Attorneys to act:

Jointly & Severally

This is the most common option as it offers the most flexibility and allows the Attorneys to make decisions together, where possible or separately where it is not possible for all Attorneys to be together to make a decision.

This is particularly helpful where urgent decisions are required as it does not require all Attorneys to agree a unanimous decision.

This also means that the LPA will not be cancelled if just one Attorney can no longer act, where there are no replacement Attorneys named.

Jointly

Where Attorneys are appointed JOINTLY then ALL Attorneys must unanimously agree on a decision in order for it to be taken. If a unanimous decision cannot be agreed, then the decision cannot go ahead.

This could be difficult where Attorneys do not get on or cannot work together.

If one Attorney is unable to continue acting, or dies, then the LPA will be cancelled (unless there are Replacement Attorneys named) as where Attorneys are appointed JOINTLY, the law sees them as one unit, rather than as individuals.

Jointly for Some Decisions & Jointly and Severally for Other Decisions

With this option, the Donor can write specific preferences and instructions to the Attorneys as to what decisions must be made JOINTLY (unanimously) and the remaining decisions, that fall outside the scope of those specified by the Donor, can then be made either JOINTLY or SEVERALLY.

WHEN YOU CAN MAKE DECISIONS as an Attorney will depend on the Power given by the Donor.

In relation to Health & Welfare decisions, an Attorney can only act when the Donor no longer has capacity to make the decision for themselves (and this is assessed on a decision by decision basis).

In relation to Property & Financial Affairs, the Donor can choose whether an Attorney can act as soon as the LPA is registered or only after they have lost mental capacity.

Remember, your role as an Attorney is to EMPOWER the person that has appointed you as an Attorney and to help them make decisions for themselves or to take those decisions for them, in their best interest and as they would have done, had they been able to do so.

An Attorney must STOP acting if:

they lose mental capacity;
become bankrupt (if they are appointed as a Property & Financial Affairs Attorney);
become subject to a Debt Relief Order (if they are appointed as a Property & Financial Affairs Attorney);
they decide that they no longer want to act as an Attorney;
they were the husband, wife or civil partner of the Donor and have legally ended that marriage or civil partnership with the Donor.

If you have any questions please do not hesitate to get in touch for a FREE consultation.

If you would like a FREE chat to discuss your options, get in touch on info@TotalLegacyCare.co.uk or 01727 865 121

Leah Waller

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11th June 202011th June 2020

GUARDIANS: How do I appoint Guardians for my children?

GUARDIANS:
How do I appoint Guardians for my children?

A definite pain point for many of our clients is, having GUARDIANS in place for their children should anything happen to them (as parents).

Often, talking to us is their first step in thinking about who they should appoint as Guardians and exactly what that role entails. It is often a discussion and conversation that parents will avoid for fear of ‘tempting fate’ or not knowing who to ask, or even upsetting someone if they DON’T ask them!

This is where we come in! We are happy to have these discussions in a nice relaxed; usually within their home, over a cup of tea, when the kids are tucked up in bed! We go through the role of a Guardian, what their responsibilities are, some of the considerations that the parents may want to have a think on and then the possible options. All leading up to the parents making a decision and documenting that within their Will.

One stumbling point that parents may come across at this stage is…agreeing on the Guardians! Some parents will immediately know who they want to choose and are in agreement, in other circumstances we talk through all of the possibilities, weighing up the pros and cons of each and then help the parents to come to an agreement.

The initial discussion usually takes 45-60 minutes but we are happy to stay for as long as our clients want (especially if the tea is flowing!) and we go away and prepare all the documentation ready to return and get everything signed within a week. This takes care of the worries from 30% of people in the UK that making a Will is time consuming and the 43% that think it is complicated! We are always happy to have telephone discussions or follow up appointments if necessary to ensure that our clients are 100% happy with all of their decisions.

Once the Will is in place and the Guardians have been appointed, the parents are left with peace of mind, knowing that their children will be cared for by the people they trust and have appointed in the way they want them to be, should the need arise.

Often a job that is on so many parents’ to-do list…but never gets ticked off…we can definitely help make it painless!

We are always available for a free consultation, so if you want to check your existing Will, have any questions or put a new Will in place, get in touch.

If you have any questions, would like to consider putting a Will in place or a FREE review of your existing Will, please call us on 01727 865121 or drop us an email Info@TotalLegacyCare.co.uk

Leah Waller

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28th May 202028th May 2020

DEMENTIA…What have you done about it?

DEMENTIA...What have you done about it?

Someone in the UK is diagnosed with Dementia every three seconds!

That is an absolutely staggering statistic and one that many of us know, or have heard but still don’t realise the enormity of it…until it affects us personally (whether that be by a diagnosis to us or a close family or friend).

Although, at present, there is no cure for Dementia (or prevention!), there are steps that we can take to reduce our risk – why not check out our website DementiaTLC.co.uk – for some tips and advice.

There are also measures that we can put in place to help protect us should we lose capacity, Lasting Powers of Attorney for Health & Welfare and Property & Financial Affairs.

For many, the thought of appointing Attorneys to act for them is overwhelming and the thought of tempting fate is just a bit too much, HOWEVER…what if that step isn’t taken?

Capacity isn’t only lost by those with their affairs in order, it can hit any of us at any stage of our lives.

One major question for our clients is…who is the right person to choose as your Attorney?

Well, you don’t just have to pick one! You can pick up to four and you can also appoint replacement Attorneys should your Attorneys be unable to act.

Attorneys should be the people you know and trust the most to make the decisions you would have made had you had the capacity to do so. Thus common choices are, a spouse, siblings, children (over the age of 18), cousins, close friends and other family members.

There is no right answer or ‘one size fits all’.

Once you have your Lasting Powers of Attorney in place, you have the peace of mind knowing that should something awful happen and you be left without capacity (whether temporarily or permanently), you have the people that you trust most in the world to look after your decisions and ensure that your affairs are in order and kept in the way you would have wanted.

We can help ensure the process is smooth and efficient as possible, going through all of your questions and even speaking with your Attorneys if you would find this useful. We can manage the entire process and ensure that your Lasting Powers of Attorney are registered and available for you to use when you need them most.

If you would like a FREE chat to discuss your options, get in touch on info@TotalLegacyCare.co.uk or 01727 865 121

Leah Waller

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