We will review your Will...for FREE!

So, you have a Will in place…GREAT!

But…it was made 5, 10, 15 (plus!) years ago?

How much has changed since you made your Will…and we are not just talking about the situation that we now find ourselves in with COVID-19. We are talking changes in family dynamics, change in assets, moving house, having children, grandchildren, maybe even great-grandchildren!

Does your Will still do what you want it to and most importantly, does it ensure that everything that you have worked so hard for, goes to where YOU want it to?

We offer a FREE Will Review to check just that, and talk through anything that may be missing.

Just to be clear…this Will Review is COMPLETELY FREE and there is absolutely no obligation or follow up from us (unless you want it, of course!).

We always recommend reviewing your Will every 2-5 years, as so much can change in that time. If your Will is still doing what you want it to then, great, put it back safely to where it is stored and review again in a couple of years.

So, what are some of the key areas that you should be thinking about when deciding upon whether to review your Will?

EXECUTORS

Are the people that you have appointed to

administer your Estate (your Executors) still the people that you want to be in charge?

This may change over time, as people get older and relationships change. When you first made your Will, you may have appointed parents, who may now be too old to take on such a responsibility, perhaps your siblings or even adult children may be better placed to take on this role?

GUARDIANS

Guardians are put in place within your Will as

the designated person, or people, to legally take care of your children if you are no longer around to be able to do so. When reviewing your Will it is worth considering who you have in as your Guardians, much like Executors, you may have appointed parents, who may now be too old to take on the role, perhaps your siblings or close friends may be better placed?

BENEFICIARIES

Your Will is your chance to ensure that

everything you have worked for, goes to those YOU want it to and that may well change as you grow, circumstances change and new additions to the family come along. Reviewing your Will can ensure that those beneficiaries that you want to inherit, WILL.

INHERITANCE TAX PLANNING

Are there provisions and planning that can be

done now, or in the near future, to reduce your Inheritance Tax liability later on?

TRUSTS

Trusts allow you to protect your assets and

ensure they are looked after for the beneficiary or beneficiaries.

DISABLED TRUSTS

Are you leaving money to a Vulnerable Person (a minor or an adult)? This could affect their means-tested benefits should they receive a substantial inheritance and so a Disabled Person’s Trust may be worthwhile considering to mitigate this.

CARE HOME FEES

Is there planing that can be done now to protect your Home from Care Home Fees should care for you or your spouse/partner be necessary in the future?

There are so many decisions to think about and choices to make, but don’t let that put you off!

We can help you through any queries that you have and make things as simple and easy as possible.

ENSURE YOUR WILL DOES WHAT YOU WANT IT TO

If you have any questions, or would like 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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want to book a
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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

Click here to find out more...

Have a Question or
want to book a
FREE Consultation?

20th March 201923rd April 2020

Cryptoassets: Should I include them in my Will and is Inheritance Tax payable?

Cryptoassets: Should I include them in my Will and is Inheritance Tax payable?

With a rise in cryptoassets and their prevalence in modern day society it is important to consider whether these should be included within a Will and perhaps more importantly how they will be valued for tax purposes upon death…

So perhaps a good place to start is actually defining what a cryptoasset is…

Many of us have heard of ‘Bitcoin’ after it becoming popular in the News headlines of late and ‘Bitcoin’ is a type of cryptocurrency, or cryptoasset and represent digital assets that an individual has legal rights over (meaning that they can transfer ownership, store it or trade it).

Cryptoassets are split into three categories:

Exchange Tokens (including cryptocurrency such as Bitcoin);

These can be used as a method of payment but typically there is no person, group or asset underpinning these and so their value is used for exchange or investment.

Utility Tokens;

These are provided by a particular business, or group of businesses, to provide the holder/owner with access to goods or services that they provide.

Security Tokens

These are provided by businesses as a form of share or credit due to the holder by

that business.

HMRC has specifically, and categorically, stated that cryptoassets are not viewed as currency or money, so that means there is no cash value and they are exempt from Inheritance Tax and indeed any other taxes, right? Sorry, WRONG!

The liability for tax will depend on the type of cryptoasset and the use of the asset.

Cryptoassets will attract Capital Gains Tax when they are disposed of (sold, exchanged, used to buy other goods or services or given away/transferred to someone else), much like any other asset that is disposed of by an individual. Other taxes may also apply to cryptoassets depending on how they are used, however, we will only be focussing on Inheritance Tax here.

HMRC make it clear that the onus is on the individual, and no other third party/issuer or otherwise to keep records of their cryptoasset transactions and this should include:

the category of cryptoasset;
the date of the transaction;
if the individual bought or sold the cryptoasset;
the number of cryptoassets;
the value of the transaction in GBP (£) – even where there is no pound sterling value an appropriate exchange rate must be calculated and records should be kept of the valuation method;
the cumulative total of the investment in cryptoassets that is held by the individual;
Bank statements if required for a review or enquiry.

So, what we all came here to find out…are cryptoassets included in the valuation of an Estate for Inheritance Tax purposes?

YES!

Cryptoassets have a value and so although they are not included as money or currency they are included within the valuation of an Estate under ‘PROPERTY’ for the purposes of calculating whether Inheritance Tax is payable.

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

Leah Waller

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Got a Question or want to book a FREE Consultation?

25th January 201923rd April 2020

PLANNING…Wills Checklist

PLANNING...
Wills Checklist

This week we are focusing on ensuring that firstly, you have a Will but secondly, and most importantly, that your Will does exactly what you want it to…and is valid!

Remember, a Will is a working document and we always recommend reviewing your Will every three to five years (as a minimum) and when a life event occurs to ensure that it still does what YOU want it to.

We have set out below a little checklist of considerations and points so that you can review your own Will and ensure that it is up to date and your wishes will be carried out when needed.

Executors

1. Have you appointed someone that you TRUST implicitly as your Executor (or has the person who drafted your Will been inserted)?

1. Does your Will mention replacement Executors to cover circumstances in which your first choice Executor is unable or unwilling to act?

CHILDREN – such an important consideration for any parents!

1. Who would you like to look after your children should both you and your spouse pass before they reach 18?

1. Have you thought about replacement Guardians to cover circumstances in which your first choice Guardians are unable or unwilling to act?

Trusts

1. What age would you like your children to reach before having unconditional access to their inheritance (usually 18, 21 or 25)?

1. Who have you appointed as Trustees (Managers, if you like) of your finances should your children inherit before reaching 18 (or the age you have prescribed in the Will)?

1. Has a professional individual / body / organisation been appointed as Trustee and you would prefer to appoint a loved one?

1. Do you need to consider including a Vulnerable Beneficiary Trust and are you aware of the special tax treatment?

1. Do you want to pass your property to your children but ensure your spouse has somewhere to live for the remainder of their life?

Specific Gifts

1. Are there any specific gifts that you wish to leave to anyone?

Wedding ring
Watch
Jewellery
Money etc.

Animals

1. Do you have any animals that you need to make provisions for in your Will?

Exclusions

1. Is there anyone that you have specifically excluded from your Will (an ex-spouse, perhaps) that we should clarify an exclusion for?

Funeral Wishes and Organ Donation

1. Have you included your Funeral wishes in your Will or have you put a Funeral Plan in place?

1. Have you included your wishes as to organ donation?

The Legalities

1. Witnessing

Has your Will been witnessed by two individuals that saw you sign the Will?

Are the witnesses, or their spouse, mentioned in the Will as a Beneficiary?

1. Marriage

Marriage can make your Will invalid, unless the intended marriage is stated within your Will. So, if you have got married since writing your Will that Will will no longer be valid.

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

Click here to find out more...

Got a Question or want to book a FREE Consultation?

25th September 201823rd April 2020

When should I make a Will?

When should I make a Will?

We often hear:

I’m too young to think about a Will

I don’t have time to make a Will

I don’t have anything to leave in my Will

My family know what I want to happen to my things when I die

I haven’t got around to sorting my Will yet but I know I should…

So, when should you put a Will in place?

Honestly, there is no right answer, no one size fits all! Everyone’s circumstances are different and so timing will be different for everyone.

Everyone’s lives take different paths and at different ages.

Below we have set out some of the milestones that making and reviewing your Will should be considered:

Buying your first property

When most people buy a property it is usually their most valuable asset, so when buying your first property it is important to consider (among all the other considerations when taking the plunge and buying your first property!) who your property, along with all your other possessions, should be left to.

Getting married

When you get married any previous Will that you may have is revoked and so is completely invalid. Once you are married, priorities change and so may your wishes in relation to your possessions so shortly after a marriage, or in contemplation of marriage, your Will should be reviewed.

If a Will is created in contemplation of a specified marriage then the said marriage will not revoke the Will, however any other marriage will revoke an existing Will.

Having a baby

Whether you have your own children, are fostering or adopting, having a child, or children, changes your life and means you are responsible for more than just yourself.

A growing family comes with so many considerations, worries and changes, not least the major question as to who you would want as the guardians of your children should you no longer be around. If guardians are not stated in a Will there is a possibility that the local authority may become involved and place the children in care whilst they decide who is best to look after your children… a worrying thought!!

Buying a new or bigger property

As we said, your property is usually your most valuable asset and so when buying any new property and with a change in financial circumstances, your Will should be a key consideration to ensure it still covers you and what you want to happen to your property and possessions.

Investing in buy-to-let properties or second homes

When investing in more property you should also consider your Will and taking advice in relation to the financial implications on the properties that you own, not only during your lifetime but also in relation to Inheritance Tax and what can be done to try and reduce this.

Investing in assets abroad

When you invest in assets abroad they may not be covered by your Will that has been made in the UK. When buying property or any other assets that will be kept in another country you should consider whether legal documentation is required in that country to cover your assets and your inheritance wishes.

Getting divorced

So, you’ve got divorced, do you still want your property and possessions to go to your former-spouse?

Although a marriage revokes a Will, a divorce doesn’t! It is worth reviewing your Will at the end of a marriage to ensure that what you want to happen is set out in your Will…it’s unlikely that you still want your former-spouse to inherit all of your worldly assets.

Getting re-married

As we have set out above, when you get married, whether for the first time or a subsequent marriage, any existing Will that you have in place is revoked.

You may also want to consider putting exclusions within your Will to state that any former-spouse should not benefit under your Will. You may also want to protect inheritance for children you may have had from preious relationships.

Owning a business

When you take the leap to start your own business, your financial situation will change again and you are potentially bringing more assets into your estate. Depending on the business setup you may need to take this into account within your Will. There are also tax reliefs you can utilise for businesses if planned properly.

Death of a Grandparent / Receipt of Inheritance

When you are a beneficiary under a loved one’s estate you are bringing more assets, and therefore more value, into your own estate. This is an important time to take account of the value of your estate and whether you should be taking steps to try and limit or reduce the amount of inheritance tax that may well be payable on your own estate.

Grandchildren

When you have grandchildren, as when you have children, your family is growing again and this is another generation that you may well wish to make specific provisions for within your Will.

Retirement

This is another milestone where your financial circumstances change. You may well be taking steps to consider your finances and assets and so this is the perfect opportunity to review your Will and provisions that you have set out.

Death of a Parent

This is a situation that none of us want to think about.

However, with more assets coming into your estate, the possibility of additional properties and valuables becoming your own, it is worth considering the tax implications and ensuring that your Will properly provides for your own loved ones in the way you want to.

There is never a right time to put a Will in place but as you can see there are many milestones throughout your lifetime in which your Will and future wishes should be considered and reviewed to ensure that your present Will does what you want it to.

To put a Will in place, is more simple than you think. It’s not an arduous task and we make it as simple as we possibly can.

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

Leah Waller

Click here to find out more...

Got a Question or want to book a FREE Consultation?

Tag: Cryptoassets