What can we learn from these celebrities' deaths?

We are always saying how important it is to have a Will (well, we would, wouldn’t we!).

However, celebrity deaths often highlight the importance of having a Will through the complications, legal battles and high-profile disputes that occur following their death.

So, what can we learn from them?

Keep Control of WHO you want to benefit from everything you have worked hard for

When Prince died in April 2016, he left behind an Estate that was worth an estimated £230million.

With no Will in place it was decided by a Probate Judge that his Estate would be divided between his sister and five half-siblings (despite numerous claims from alleged ex-wives, children, siblings and other relatives).

During his lifetime, Prince had many legal disputes with his half-siblings and thus it is unlikely he would have wanted them to benefit from his Estate, although we will never know.

Leaving a Will, ensures that you can leave what you want to WHO you want to benefit!

Be clear and specific

Although Audrey Hepburn died in 1993, due to her wishes being unclear, the legal battle in relation to her Estate was not resolved until 2015, some 22 years later!

Audrey Hepburn had left a Will but had stated that her ‘memorabilia’ would be split between her two sons although no instructions were given as to which items were to go to which son. The sons could not agree on the division of the memorabilia and thus a long and expensive legal battle ensued.

Giving detailed instructions within your Will (or even an attached Expression of Wishes) can save time, money and family feuds when you are no longer around.

It is never too early to put your Will in place (especially when you have children!)

Paul Walker died at just age 40 BUT he did leave a Will that he had made three years after the birth of his daughter, when he was just 28 (many of you may think this is young to make a Will!).

Paul Walker had left a brief Will but it was very clear that his Estate should pass to his daughter, in trust.

Paul Walker had also appointed his mother as legal Guardian of his daughter.

Putting Guardians in place is so important to ensure your children are brought up by the people YOU trust, should anything happen to you.

You can plan for more than just your finances, property and personal possessions

Muhammed Ali left behind an Estate worth approximately £61million and not only did he have the forethought to make a Will stating his wishes and who he wanted to benefit from his Estate but also how he wanted his funeral events and public memorial to be.

The extravagant events were carried out in accordance with his wishes, including a memorial service over several days, a festival and public memorial with over 15,000 of his fans.

Leaving your wishes regarding your funeral in your Will can ensure that there are no questions or disputes between loved ones as to what you want and relieves some of the emotional burden that could otherwise be felt.

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

Leah Waller

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6th February 202023rd April 2020

When should I get a Will?

When should I get a Will?

We often get asked…

“Do I really need a Will, won’t everything just go to my children/husband/wife?”

Well, sadly it isn’t as simple as that (not many things are!).

You may have seen our flowchart of what happens if you die without a Will (also known as intestate) but here it is again:

So, as you can see, it is not as straightforward as you may have hoped.

It is not something we can predict (that is, when our time is up) however, it is something that we can plan for!

So, some of the stages in your life that you may want to consider putting a Will in place (if you haven’t already!) or reviewing your Will are:

Buying a Property

Whether you are buying a property to live in yourself, with someone else, or to rent out and use as an income, it is important to consider how that house is owned (solely, as Joint Tenants or as Tenants in Common) as this will have a bearing on what happens to the property upon your death.

If you are able to gift the property on your death (or part of the property) then your Will will determine exactly what happens to that property and who inherits.

If you are in doubt about how a current property of yours is held, or what consequences that has, please do get in touch and we can help.

Getting Married

When you get married, if you have no children and no Will in place, then everything will pass to your spouse upon your death.

However, when you have children, the first £250,000 (including the value of any property owned solely by you or as a Tenant in Common) will pass to your spouse along with all your possessions and the remainder will be split with your spouse receiving an interest in half and the remaining half being split equally between your children.

This may not be what you would want to happen and so making a Will is important.

Equally, where you marry for a second (or subsequent) time, you may want to protect some of you previous earnings and assets for children from a previous marriage or to dispose of in another way, rather than it all passing to your new spouse and so this is where a Will is extremely important.

A Will also becomes void on marriage (unless the Will states the intended marriage), this is something you need to consider and something that is not commonly known.

Becoming a Parent

We have discussed above how your assets are divided if you are married, have children but do not have a Will.

If you have children and are not married, then your assets are split equally between your children in the first instance.

There is no such thing as a ‘common-law husband or wife’ in relation to inheritance and so even if you have been ‘living as married’ your partner will not be entitled to any inheritance (unless they proceed with a lengthy legal claim under the Inheritance (Provision for Family and Dependants) Act 1975).

A Will allows you to put Trusts in place for your children so that you can set the age at which they inherit (rather than them inheriting at 18) and also allows you to provide for any vulnerable children that you may have, such as those with disabilities to ensure that their money is looked after and also doesn’t have any impact on their benefits in the future.

Another important aspect of a Will when you are a parent, is appointing Guardians!

Appointing Guardians in your Will gives you the opportunity to appoint the people that you trust to look after your children, and bring them up, should you no longer be around to do so. This saves any lengthy court cases and prevents the children from having to go into care or into the control of the Local Authorities whilst Legal Guardians are found for them.

These are just a few milestones that may trigger the need for a Will, we would encourage everyone over the age of 18 to get a Will (of course we would!) but apart from anything else it just means that you have peace of mind knowing that everything will be as YOU want it, and it removes that burden from your loved ones at what will already be a terribly difficult time for them.

How difficult is it to make a Will?

The process is quite simple, an initial meeting where we discuss your needs and take instructions should take no longer than an hour. Your Will writer can then draft the documents and arrange another meeting to sign everything off and make it legally valid. The process can be completed in just a few days depending on how complex your Will may be.

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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23rd January 202023rd April 2020

There are two certainties in life…

There are two certainties in life…

Benjamin Franklin is famous for stating:

...in this world nothing can be said to be certain, except death and taxes.

Benjamin Franklin

Now, we are only too aware that many people don’t want to talk about death, let alone their own or that of a loved one BUT this leaves a heavy burden on your surviving loved ones upon your death, not only emotionally but possibly even financially.

When getting sorted for when the time comes, one thing that we cannot recommend highly enough is a FUNERAL PLAN.

Putting a Funeral Plan in place gives you the peace of mind that your Funeral is organised, how you want and (most importantly, for many!) the Funeral Director services are paid for in advance.

This not only has the benefit of putting your mind at ease but also takes the financial burden off of your loved one at what is already a difficult time.

We set out below a table of the average cost of a Funeral throughout the years, as well as the predicted costs for 2020 and 2023, and you will see just how much those costs are increasing. It doesn’t take a genius to see that these increases are far above those of inflation!

Putting a Funeral Plan in place guarantees that all of the Funeral Directors service costs are covered and takes away the stress of putting the arrangements in place as this can all be done with a call to activate the plan.

If you would like more information or to discuss putting a funeral plan in place, call us on 01727 865 121 or email us at info@TotalLegacyCare.co.uk for a free, relaxed and considerate discussion on how we can help

Leah Waller

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13th November 201923rd April 2020

Starting a conversation about the ‘Elephant in the Room’

Starting a conversation about the ‘Elephant in the Room’

With over 30million people in the UK without a Will, there are so many reasons that it is one of those things that gets put off, moves down the ‘To-Do List’ and sometimes just never ever gets done BUT it doesn’t have to be the difficult conversation that many expect!

Many of us put off making a Will because we don’t want to tempt fate or presume that those we want to take care of will be able to inherit our assets anyway but that isn’t always the case.

Where there is no Will, the Rules of Intestacy kick in and this means that you lose control over who you would want to inherit and this is chosen for you…

So, if you are one of those 30million that have been putting off making a Will, or have a Will that may need updating, why not take a look at some of these considerations…

Who do you want to inherit your Estate?

We all would like to think we are immortal, right?

Unfortunately, that isn’t the case and so we should have consideration for who we would want to benefit from everything we have worked hard for, when we are no longer around.

This will depend on your circumstances and is likely to change at different stages of your life, depending on your relationships, children, grandchildren, nieces and nephews, perhaps even godchildren or second marriages.

Estate Valuation

The value of your Estate is calculated by totalling everything that you possess, own or have an interest in at the date of your death (this will include property – residential, buy-to-lets, commercial and holiday homes), money, bank accounts, savings, ISAs, Stocks & Shares, Cars, Jewellery and personal possessions.

Any liabilities or debts will then be deducted from this total, including mortgages, loans, utility bills, credit cards plus any funeral expenses.

Inheritance Tax

If your Estate valuation totals more than £325,000 then you may have an Inheritance Tax Liability. However, there are other reliefs available including relief if you are leaving your residential property to direct descendants, if you have any business assets and if you are married or in a civil partnership and leaving your estate to your spouse or civil partner. It is worthwhile seeking advice from a professional in order to ensure you are taking advantage of all the reliefs that may be available to you.

There may also be other options available to you, depending on your Estate Valuation, your income and projected needs over your lifetime, in terms of Trusts and Financial planning to reduce any Inheritance Tax liability, again it is worthwhile seeking expert advice in relation to this.

Gifting

You may well benefit from making gifts during your lifetime, but this may not be possible for everyone.

Once you have a better idea of your Estate Valuation, who you want to benefit from your Estate upon your passing and whether you have any Inheritance Tax Liability, you may want to consider whether you could benefit from making gifts during your lifetime.

Each of us is able to make gifts of £3,000 each year without attracting any Inheritance Tax liability (and we can carry this over for one-year too!).

However, any gifts that exceed this may still be liable for Inheritance Tax if made within seven years of your death…again, we would recommend seeking professional advice if you are considering making gifts during your lifetime.

Wishes

Do your loved ones know what your plans are for the future, do you have certain expectations in relation to your later life care (this could be dealt with in a Lasting Power of Attorney) or perhaps even your funeral?

You may even want to give gifts in your Will with a condition attached (upon reaching a certain age, to be used for certain circumstances or only to be received upon meeting a condition).

Setting these out can be really helpful, not only in giving you peace of mind but also in preventing any unnecessary arguments or disputes when you are no longer around.

Charities

Another consideration that may be worth thinking about, is whether you would like to leave anything to Charity upon your passing.

If you are leaving 10% or more of your Estate to a Charity then your Inheritance Tax Liability will be reduced from 40% to 36%.

We are always happy to have a free chat to answer any questions that you may have, offer advice or help you to put something in place.

If you have any questions or would like to discuss putting a Will in place, call us on 01727 865 121 or email us at info@TotalLegacyCare.co.uk for a free consultation

Leah Waller

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6th November 201923rd April 2020

Will the Government Inherit my Assets?

Will the Government Inherit my Assets?

Without a Will in place, everything that you have worked hard for is left beyond your control. Having a Will in place (that is up to date!) is the only way to ensure that the people you want to benefit from everything that you have worked hard for, actually do!

In the absence of a Will, the Rules of Intestacy decode where your hard earned assets end up and this may not be where you would have chosen…

There are more than 30 million people in the UK without a Will, so if you haven’t got your in place yet, you are not alone! BUT, that is no excuse to sit back and relax!

Many of us put off the talks around later life planning for fear of tempting fate or upsetting someone but this has led to an eye-watering £48million of deceased property being unclaimed and so passing to the Crown!

Something else you may want to consider is, whether Care Home fees will be eating into everything you have worked for…

These talks do not have to be all doom and gloom!

That is where we come in!

We are more than happy to discuss what you want, put plans in place and give advice. Whilst none of us want to expect the worst, we should always plan for it…having peace of mind that we are covered no matter what happens is a great feeling!

So, instead of avoiding those all important conversations like the plague, open up the conversation, discuss it with your family and if you need advice, have any questions or want to get something in place…set up a FREE CONSULTATION with us.

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

Leah Waller

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23rd October 201923rd April 2020

What to do after being diagnosed with Alzheimer’s Disease

What to do after being diagnosed with Alzheimer’s Disease

Whether receiving a diagnosis for yourself or a loved one, it is a very difficult time, so much information to take in and lots of changes on the horizon. It can be overwhelming.

Depending on where you are on your journey when the diagnosis takes place, may depend on the amount of information you already have and what is available.

Here we set out a simple list of steps that should be taken upon diagnosis to help you set off on the right path…

Knowledge is Power

You may have had experience with Alzheimer’s or Dementia before, or this may well be your first encounter, either way there may be symptoms that you are not aware of or have not experienced before.

The more you can learn the better. The phrase “forewarned is forearmed” comes to mind. The more we know, the better we can prepare.

There is a lot of support around online, groups, professionals, carers, families and individuals that have also been diagnosed all navigating a similar journey. Linking up with these groups and support can be beneficial mentally and emotionally.

Allow yourself to feel

As we have said, receiving a diagnosis for yourself or a loved one, is a very difficult time, so much information to take in and lots of changes on the horizon. Allowing yourself to go through the emotions you are feeling is okay.

You are not superhuman or a robot and taking time to acknowledge and process those emotions is invaluable.

There is no ‘correct path’ of emotions to take and so feelings of sadness, anger, frustration, disappointment and disbelief are all natural feelings.

Getting into a Routine

Getting organised and into a routine can really help, not only in terms of getting into good habits but to help set out early where everyone is, what should be done when and to know what is expected when. This is vital as the Alzheimer’s or Dementia progresses as routine and structure will be a necessity.

Alzheimer’s affects memory and so having a structured routine can help keep track of medication, appointments, activities and day-to-day tasks.

Routine can help to reduce stress, anxiety and frustration and increase independence and feelings of security.

Ensure your LEGAL and FINANCIAL affairs are in order

Managing your financial and legal affairs is impossible once capacity is lost.

A diagnosis of Alzheimer’s or Dementia does not automatically mean that capacity is lost and so arranging the correct legal authorities are in place, whilst you have capacity to do so is vital.

You may consider reviewing your Will but also putting Lasting Powers of Attorney in place so that the person that you choose, and trust, has the authority to deal with your matters (financial, property, health and welfare) when you are no longer able to do so.

We are always happy to have a free chat with you about this – CLICK HERE

Look at what CAN be done

Once a diagnosis is received is very easy to see this as a disabling disease that will only get worse and therefore discount capabilities, activities and all those things that were much loved prior to the diagnosis.

THIS DOESN’T HAVE TO BE THE CASE!

It is so important to consider what can still be achieved, the preferences, opinions and desires of the person living with Alzheimer’s.

A diagnosis doesn’t always mean that a person is incapable and they won’t necessarily lose their desire to carry out those activities that they used to love. Being able to carry this on for as long as is safe can be great for independence, self-esteem not to mention physical, emotional and mental wellbeing.

Consider a Care Plan

It is inevitable that as the Alzheimer’s or Dementia progresses the need for care will increase, as will appointments with an array of professionals.

There may be a range of people helping with care, loved ones, family, friends and professionals, and a care plan can assist with setting out who is responsible for what, what is expected and when this is expected.

Having a plan for now, as well as having discussions about what may be needed as the condition progresses, and how this could be catered for can save a lot of stress in the future.

Diagnosis is NOT the End

It is natural to feel that there is no light at the end of the tunnel or struggle to see what there is to be grateful for when receiving a diagnosis of Alzheimer’s or Dementia as the road ahead can seem somewhat bleak and overwhelming however, this doesn’t have to be the case.

Taking into account point 5 above and looking at what can be done means that it is not the end…fun can still be had, knowledge can still be gained and relationships can still develop.

Yes, things will be different but that does not mean it has to be worse.

You are NOT alone

Remember, whether you are the one that has been diagnosed, a loved one or caregiver…you are NOT alone.

There are lots of support groups out there, those that you can attend locally and National support groups that you can access online.

We have a list of upcoming events that maybe local to you on our website HERE.

There are no stupid questions and so we should not be afraid to ask for help or assistance.

Everyone’s journey is different, neither right nor wrong. We all have different experiences and can learn something new.

If you would like a free chat to see how we can help or if you have any questions please do not hesitate to get in touch for a FREE consultation on info@TotalLegacyCare.co.uk or 01727 865 121

Dementia TLC

Did you know we have a whole website dedicated to Dementia, those living with Dementia and their Caregivers?

Check it out HERE!

Leah Waller

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2nd October 201923rd April 2020

Wouldn’t it be great if we could predict the future?

Wouldn't it be great if we could predict the future?

We all have busy lives and so sometimes just predicting what today is going to ring is an achievement, let alone way into the future! It would be great though, wouldn’t it 😉

Unfortunately, none of us know what is just around the corner and so planning for it is key. That is where Lasting Powers of Attorney (LPAs) come in! LPAs are relevant during your lifetime and ensure that someone that you trust and have appointed as your Attorney can act on your behalf when you are unable to. Check out our article, Why Do YOU need an LPA? 5 reasons YOU should put your LPA in place for more information on LPAs.

We all know that age is going to hit us hard at some point but that ‘point’ is way off in the future, right? Unfortunately, this may not be the case…

Just looking at a few celebrities, we can see that an LPA may be needed a lot sooner than we would have hoped!

Chris Tarrant was just 67 years of age when he suffered a stroke that led to an emergency operation and ongoing rehabilitation to help him to regain his speech and physical movement.

Michael Schumacher was only 44 years old when a skiing accident resulted in him being placed into a medically induced coma (for six months!) and suffering life-threatening head injuries.

Micahel Schmacher is a father of two children, who were aged just 14 and 16 at the time of the accident.

Richard Hammond was involved in an awful car accident whilst filming for Top Gear at the age of just 37 causing major brain damage after being in a coma for two-weeks, this also led to significant memory loss and depression.

However, it is not just celebrities that this happens to and when we take a look at the facts, they are hard-hitting! Just a couple of statistics for you:

Every 90-SECONDS, someone in the UK is admitted to hospital with a brain injury;
Every THREE-MINUTES, someone in the UK is diagnosed with Dementia (and this is not just a condition that affects those over 65!);
Every FIVE-MINUTES, someone in the UK suffers from a stroke;
One in Six people within the UK will have a stroke during their lifetime;

So, enough of the doom and gloom….

What can we do to ensure we are protected, plan for our future and our family’s future and give us some much needed peace of mind?

The answer is a simple one…. Get your Lasting Powers of Attorney in place whilst you still have capacity to do so!

There are two types of Lasting Power of Attorney:

Health & Welfare Lasting Power of Attorney; and
Property & Financial Affairs Lasting Power of Attorney.

(to find out more about these check out our article Why do I need an LPA?)

An LPA allows you to appoint an Attorney, or Attorneys, to make decisions for you, and on your behalf when you are unable to. This could just be a temporary measure due to a temporary loss of capacity either physically or mentally or a more permanent arrangement.

You can give your Attorneys guidance and state your preferences, should you choose to do so, within your LPAs and set out the extent of the power that you want your Attorneys to have.

So, what if you don’t get around to getting these all important LPAs in place?

If you do not register LPAs whilst you have the capacity to do so then you lose control to a certain extent as it is then for your loved ones, or a professional, to apply to the Court of Protection for a Deputyship Order in order to manage your financial affairs on your behalf.

This process is costly – a court fee of £385, not to mention legal fees if you seek legal advice and potentially a fee for a professional to verify your lack of capacity to support the application being made, and timely – the application can take around 4 months to be granted from the date of submission however, if there are objections made to the application then this process can take 9-12 months!

Once you have lost capacity you lose the ability to choose who you want to appoint to manage your affairs for you and ultimately the choice is left to the Court of Protection – this may not be who you would have chosen had you been able to make the choice yourself.

You also lose the opportunity to give guidance to your appointed Attorneys and advise of your preferences.

In relation to your health and welfare, if you do not make an LPA to cover this whilst you have the capacity to the Court of Protection will be reluctant to appoint a Deputy in relation to your healthcare decisions unless the circumstances are extremely complex. Again, meaning you lose the control to appoint who you trust to make decisions on your behalf.

Getting an LPA in place doesn’t have to be complicated, time consuming or expensive and can ensure that you have peace of mind and take the burden away from those closest to you.

If you would like a free chat to see how we can help or if you have any questions please do not hesitate to get in touch for a FREE consultation on info@TotalLegacyCare.co.uk or 01727 865 121

Leah Waller

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25th September 201923rd April 2020

What to consider when Inheriting

What to consider when Inheriting

Mandy Rodgers is a Wealth Manager with St. James’s Place Wealth Management and has kindly put together the following considerations that you should have a think about when receiving an inheritance…

Receiving an inheritance can generate mixed feelings – sadness that a loved one has passed away, possibly relief that maybe some debts can be paid off, or uncertainty over how best to make use of your inheritance in your lifetime whilst ensuring there’s something left to pass down to future generations.

Receiving an inheritance may be the first time you’ve had to worry about investment options and can be quite daunting if that’s not something you have experience of. There is no one right answer as everyone’s circumstances are different, but some things to consider are…

Paying off any expensive credit cards & store cards first

A lot of mainstream mortgages today are at very competitive interest rates, around the c. 2% mark, so it wouldn’t necessarily make sense to pay down a mortgage as your money could be put to better use depending on your attitude to investment risk & return.

For some people, they just want to know the mortgage is gone and paid off. For others, if the mortgage payments are affordable and they’re happy the mortgage will be paid off before retirement they might prefer to invest their inheritance elsewhere to potentially generate capital growth… or maybe a middle option would suit, where they could pay off a lump sum (to reduce the monthly mortgage payments or reduce the mortgage term) and invest the rest (take proper advice on your situation, and check with your lender first to see whether early repayment charges apply)

One thing’s for sure, with cash savings interest rates at a fraction of 1% and inflation at c. 2%, money held in cash will go backwards in real terms, so that’s probably not the answer

Many people have in the past opted for ‘bricks & mortar’, and have bought Buy to Let properties. Whilst property has been a good performing asset class the tax rules around second properties have become particularly punitive and so on its own, residential property is becoming less attractive. Coupled with the fact that it brings with it the hands on hassle of dealing with tenants, and managing repairs & maintenance (which are often underestimated), it’s not always the ‘passive’ investment it’s thought to be

I work with clients to provide professionally managed and well diversified investment options that suit their personal circumstances and objectives. These are tailored to their attitude to risk and regularly reviewed and managed by me to form part of their overall financial life plan. Using the most appropriate investment tax wrappers is also important, to ensure everything is as tax efficient and admin easy as possible during your lifetime, and will pass down to the next generation as tax efficiently as possible too. If you’ve had to pay Inheritance Tax on your inheritance, you’ll understand the importance of timely tax planning!

The key point is to get some proper financial advice and look at options that work for you and your situation. Unless you’re familiar with the financial industry there’s every chance you

‘don’t know what you don’t know’

and a professional can inform you and guide you through the options to make the best decision for you and your family.

If you would like to discuss your financial situation / inheritance, contact…

Mandy Rodgers

07824 408990

mandy.rodgers@sjpp.co.uk

The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested. An investment in equities does not provide the security of capital associated with a deposit account with a bank or building society.

The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax relief depends on individual circumstances.

The Partner Practice is an Appointed Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the group’s wealth management products and services, more details of which are set out on the group’s website www.sjp.co.uk/products. The ‘St. James’s Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives.

Leah Waller

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11th September 201923rd April 2020

Will my Will be disputed?

Will my Will be disputed?

A recent survey by Direct Line Life Insurance found that almost a quarter (24%) of people are prepared to fight for their inheritance in relation to a loved one’s Estate.

We tell you quite a lot about how important it is to have a Will in place, but even with the best will in the world and with a Will drafted by professionals (rather than a DIY Will) could arguments still be raised?

Unfortunately, as we all know (and probably have experience of!) where there is money involved, arguments are not far behind! In 2018, the HM Courts and Tribunals Service evidence a 6% increase to the number of claims in relation to probate disputes.

So, although there are steps we can take (and we will have a look at those!) to ensure your Will is as water-tight as can be, here are a few of the common reasons that a Will is disputed:

Lack of mental capacity

In order to make a valid Will, the Testator (the person making the Will) must understand what they are doing, the effect that the Will has and the consequences. The Testator must be of sound mind and free from any disorder of the mind that may prevent the exercise of natural mental faculties.

A person may dispute a Will where they believe that the Testator did not have the mental capacity and ability to do so at the time that the Will was made.

Legal Requirements

There are certain requirements that must be met in order for a Will to be valid and if these are not met then the Will could be disputed.

Undue Influence

Undue Influence would occur where someone is forced to sign a Will, or has unreasonable pressure placed upon them to sign a Will, that they do not agree with or would not have made had they had control of the decision.

Although this is the most common dispute when loved ones want to contest a Will, this is the least successful claim as the burden of proof is extremely high and requires the person making the claim to prove that undue influence was present.

Rectification and Construction

This claim may exist where there is an error made in the drafting of the Will or the actual intentions of the Testator were not reflected by the person drafting the Will.

Failure to Provide

You can bring a claim against an Estate if you believe that the deceased should have provided for you within their Will and they have not done so. This would be a claim under the Inheritance (Provision for Family and Dependants) Act 1975, and in order to claim you would need to be:

- a child of the deceased;
- any person who was not a child of the deceased, but was treated as a child of the family by the deceased, within a marriage or civil partnership;
- the spouse or civil partner of the deceased;
- a former spouse or former civil partner of the deceased, that has not subsequently married or formed a new civil partnership;
- a person who had, during the whole of the period of two years ending immediately before the deceased’s death, lived in the same household as if he or she were the husband, wife or civil partner of the deceased; or
- any person who immediately before the death of the deceased was being maintained, either wholly or partly, by the deceased.

Having a Will prepared by a professional cannot eliminate the risk of claims being brought in the future but this does increase your protection and a professionally prepared Will means that it has been prepared by someone outside of the family that has taken the necessary steps to eliminate as many risks as possible and to satisfy themselves that the legal requirements are complied with, that the Testator had capacity and was free from undue influence.

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

Leah Waller

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31st July 201923rd April 2020

Bank of Mum & Dad

Bank of Mum & Dad:
The implications of helping the younger generation getting on the property ladder

Helping the younger generation to get an all important foot on the property ladder may be the only option for many parents but what should we, as parents, consider before shelling out the deposit?

Perhaps the simplest way to help the younger generation in getting a foot on the property ladder, is by giving them a decent sized deposit as a GIFT. There are no tax implications on this gift of money, as parents can pass money (as much as they like!) to their children without incurring any tax liability.

However, if you (the parent) pass away within seven years of making the gift then it may be subject to Inheritance Tax. Where your Estate is worth more than £325,000 (the current Inheritance Tax Threshold) Inheritance will be payable on everything over this amount, including any gifts given within the seven years prior to your death.

Where money is gifted and the property is being bought by your child with a partner, it may be worth considering what would happen should the relationship between your child and their partner take a downturn and the property ultimately be sold.

Possibly a better option for parents not in a position to give an outright gift, is to LOAN your children the money for a deposit.

However, some mortgage companies may not be prepared to enter into arrangements where money has been loaned and so this could limit the mortgage options. Where a mortgage company is happy to accept the arrangement, they may want to know the exact repayment arrangements in order that these can be taken into account when calculating the mortgage and affordability and therefore meaning that a lower amount can be borrowed.Where you have loaned the money and receive repayments, you may be liable to Income Tax on any interest that you charge on the loan amount (if any interest is charged).

If you are going to loan the money, then it would be worthwhile drawing up a formal loan agreement to include all of the agreed terms in relation to repayment, any interest and the expectations of each party.

Another option would be for you to BUY THE PROPERTY with your child. You could purchase the property as TENANTS IN COMMON to reflect the amount of the property that is owned by each individual (perhaps dependant on the amount that you are putting into the property and how the mortgage will be paid).

However, if this means that you would own more than one property then it will count as a second home and you would therefore be liable to an additional 3% on Stamp Duty and may also have Capital Gains Tax implications when the property is sold if you are still listed on the property as an owner/proprietor at Land Registry or on the mortgage.

If this option is taken, it would be advisable to draw up a Declaration of Trust to include the proportions owned by each person and what happens if one party wants to sell.

So, although helping your children take that all important step to get on to the property ladder may seem like a great idea, it is extremely important to think about the best way of doing this…for yourself and for your children!

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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Tag: Beneficiary