Is it time to review your Will?

We always say that a Will is a working document; What you write in your Will now, may not necessarily be what you want 20 years from now. Or, more to the point, what you wrote 20 years ago may not still be what you want, or even relevant, today. You can review and change your Will (or make a new Will) whenever you wish, providing you still have the capacity to do so.

So let’s have a look at some of the things that may have changed…

Executors: Are your Executors still the right people to be named in your Will?

Do you still speak to your Executors?
Are they Professionals who drafted your Will?
Is there someone better suited to being your Executor now?

If, when you made your Will, your children were still young, you may not have included them as Executors, however are they not best to act as Executors now if they have grown up and are going to be benefiting from your Estate?

Guardians: Is your named guardians still your first choice?

Many of us choose our own parents to be guardians of our children as they are best suited to carry out the role if the situation arises. However, as our children grow older, so do our parents. Are they able to cope with children today, on a full time basis or should you look to someone else – siblings, close friends or someone else that has an active role in your childrens’ life?

Gifts: Do your gifts still reflect what you want today?

Have you replaced any items that you gifted in your original Will that you no longer have or have replaced?
Have you purchased or acquired something new that you now wish to gift?
Do you still want to give a gift to someone named in your Will?

Second marriages: Is your Spouse & your Children protected?

You may want to ensure your Spouse can live in your property should anything happen to you first, but ultimately you want your children to benefit. If this is not mentioned in your Will then it may not happen the way you would like it to.

Funeral Wishes: Are they stated in your Will?

The statistics show that a large number of spouses, and loved one, do not know what their partner would like for their funeral as this is not a conversation that often comes up (and is regularly put off by many!). Putting your funeral wishes within your Will states clearly what your preferences are.

There are a number of other reasons why it is worth reviewing your Will.

If you read over your Will again today and confirm you are happy with it, it’s a good job well done. But, if it’s not the way you want it, it’s best to start thinking about getting those changes made.

It may also be a good idea to ask your parents or friends to check their own Wills to make sure everything is the way they want it too.

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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15th April 202114th April 2021

How can I check that I have found all of the Financial Assets of the deceased?

How can I check that I have found all of the Financial Assets of the deceased?

A Financial Assets search will help to identify the assets of a deceased person, giving you (as an Executor or Administrator) the peace of mind and knowledge that you have fulfilled your duty and taken all the reasonable steps required to ascertain all of the deceased’s financial assets in order to distribute them.

The reasoning for doing a Financial Assets search may well seem obvious – we all want to ensure that ALL of our assets are passed to the right people upon our death, right? And how many of us have a list of where all our assets are held…and have made our loved ones aware of this?

Well, that right there is the first reason. However, in addition to this, here are a few scary statistics for you:

The number of UNCLAIMED assets increases each year;
It is estimated (by Inheritance Data) that there is £200 billion sat in dormant accounts across UK Financial Institutions;
Although Financial Institutions have returned £65 million in financial assets, over the past few years, this is nowhere near the full amount;

Not just this…it is YOUR ROLE & RESPONSIBILITY as an Executor or an Administrator to maximise the Estate assets for the beneficiaries.

What will a Financial Assets Search cover?

So, now you know just how important a Financial Assets Search is, perhaps we should take a look at exactly what the search covers.

When carrying out a Financial Assets Search, a request is sent to more than 200 Institutions, that search more than 350 databases for matches with the deceased details. The search remains live for a total of 50 days and in most cases the results will be returned within 28 days. However, it is important to note that the live search will continue for the 50 day period to search any existing accounts and assets of the deceased.

The search will cover:

Bank Accounts;
Investments;
Shares;
Department of Work & Pensions (DWP);
Personal Pensions;
National Savings & Investment (NS&I);
Life Insurance.

Over 90% of Financial Assets Searches uncover a lost account (Inheritance Data). This is a staggering amount and is likely to mean that the cost of carrying out the search is more than worthwhile!

What Information is required to carry out a Financial Assets Search?

If you are dealing with the administration of the deceased then you are likely to have all of the information required to carry out a Financial Assets Search, this includes:

their full name
their address;
their Date of Birth;
their Date of Death;
their Occupation;
their National Insurance Number;
The Death Certificate;
A list of the known Institutions that they held accounts or assets with.

The National Insurance number is not essential, or mandatory, but it helps to carry out a more enhanced and comprehensive search.

It is so important to ensure that you carry out your role as an Executor or Administrator completely and this includes ensuring that the beneficiaries inheritance is maximised and a Financial Assets Search may be required to ensure that you can discharge your responsibility as an executor or Administrator.

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

Leah Waller

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18th March 202117th March 2021

Will the gifts made in your Will fail?

Will the gifts made in your Will fail?

For those of you that have a Will (gold star for you ;)) you may well have left gifts to specific people, or groups of people, to take place following your death.

However, sometimes these gifts will fail, this could be for a number of reasons, here we have a look at each of those reasons in a bit more detail to prevent this from happening to you…

The beneficiary (or their spouse or civil partner) of the gift has witnessed your signature on the Will

This is the most common reason that gifts in a Will fail. There are strict legal rules that state how a Will must be signed, and witnessed, in order for it to be valid and if these are not adhered to then part, or all, of the Will can fail.

Anyone that witnesses your signature (when attesting (signing) your Will) cannot benefit under your Will and neither can their spouse or civil partner. The remainder of the Will is valid but that gift will fail.

However, there are a couple of exemptions:

If a beneficiary was not married to the witness at the time the attestation took place, and later married the witness, the gift can still take effect;
If the beneficiary (or spouse or civil partner) was an ‘additional’ witness and the Will would still be validly executed without their signature and witnessing then their gift can still take effect;
If the beneficiary (or spouse or civil partner) does not attest the original Will making the gift, but attests a later Codicil to the Will, the gift can still take effect;
If the beneficiary (or spouse or civil partner) witnesses the Will but the gift happens under a Secret Trust, then the gift can still take effect.

This caveat has no effect in relation to a Privileged Will as a Privileged Will does not require witnesses.

You have since divorced, or the marriage or civil partnership has dissolved, between you and the beneficiary

Where you have made a gift to your spouse or civil partner and later divorce or dissolve the civil partnership, any gift that has been made to your former spouse or civil partner will fail. This is because your former spouse or civil partner will be treated as though they have predeceased you.

This is of course, unless there is something to the contrary stated within the Will, such as a Will being made in contemplation of a divorce, or dissolution of the civil partnership.

Lapse

If the beneficiary of your gift predeceases you then the gift will fail (unless, of course, you have considered this and made alternative provision within the Will in case of such a situation). Another way to prevent a lapse would be to leave a gift to a ‘class’ of beneficiaries such as, grandchildren or nieces and nephews living at the time of your death.

Ademption

Ademption occurs where the funds that you have stated to be given as gifts within your Will are no longer owned by you at the time of your death.

For this reason it is wise not to include funds from a specific bank or building society account as a gift as if this account is no longer held at the time of death the gift will ‘adeem’ and therefore fail. Similarly, with property it is wise to include a ‘catch all’ clause rather than a specific property as if that property is no longer owned at your death, the gift will fail.

Abatement

Abatement occurs if the Estate does not have enough assets and funds, after the payment of all the liabilities, debts and testamentary expenses, to satisfy the gifts within the Will.

If the Estate is insolvent and there are not enough funds to satisfy all the liabilities, debts and testamentary expenses, then all the gifts within the Will fail as all assets will be used to pay the liabilities.

If the Estate is solvent and the liabilities are all satisfied then the monies in the Estate are used to pay the liabilities and the remainder can be used to pay the beneficiaries, although this may be apportioned, depending on what is available after the payment of liabilities.

Uncertainty of the Gift

Gifts that are uncertain, vague or unclear could fail…or lead to a lengthy and very expensive court battle.

If you want to leave a gift within your Will, ensure that you are extremely specific with a description of that gift and specific about who you are gifting it to; ‘my daughter’ will not be appropriate where you have more than one daughter as it leaves it uncertain as to which daughter you meant.

The beneficiary disclaims their Gift

Yes, it happens a lot more than you may think…people really do refuse gifts given to them in a Will.

Just because you are named as a beneficiary in a Will does not mean that you have to accept the gift, you are free to disclaim the gift if you wish to do so. If this does happen the gift will fail and pass back to your Residuary Estate to be dealt with accordingly.

As you can see there are many reasons that a gift in a Will can fail (and not just limited to those that we have gone through here!) and so it is always important to take legal advice when drafting, and amending, your Will to ensure that your wishes can be carried out.

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

Leah Waller

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18th February 202118th February 2021

The Roles & Risks of an Executor

The Roles & Risks of an Executor

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

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

So, let’s start at the very beginning:

What is an Executor?

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

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

The Role of an Executor (or Administrator)

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

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

The Risks taken on by an Executor

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

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

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

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

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

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

Leah Waller

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21st January 202121st January 2021

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

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

Kindly written by Debbie Callow RMN

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

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

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

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

Advance Statement

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

LPA (Lasting Power of Attorney)

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

DNACPR (Do Not Attempt Cardiopulmonary Resuscitation)

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

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

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

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

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

Advance Directives

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

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

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

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

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

Reference resources

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

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9th December 20206th January 2021

Probate: The Basics

Probate:
The Basics

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

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

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What is Probate?

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Do I need to carry out Probate?

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Where do I start with Probate?

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What is involved in obtaining Probate? OR

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What is the Probate Process?

So, let’s get going…

What is Probate?

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

Do I need to carry out Probate?

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

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

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

Where do I start with Probate?

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

So, where do we start?

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

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

What is involved in the Probate Process?

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

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

Leah Waller

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26th November 202024th November 2020

Funeral Plans: The Basics

Funeral Plans:
The Basics

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

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What is a Funeral Plan?

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Why do I need a Funeral Plan?

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

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Why is a Funeral Plan important?

So, let’s get going…

What is a Funeral Plan?

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

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

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

Why do I need a Funeral Plan?

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

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

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

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

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

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

Why is a Funeral Plan important?

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

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

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

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

Leah Waller

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29th October 202011th November 2020

Wills: The Basics

Wills:
The Basics

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

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What is a Will?

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Why do I need a Will?

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

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

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Why is a Will important?

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How long does it take to make a Will?

So, let’s get going…

What is a Will?

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

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

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

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

Why do I need a Will?

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

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

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

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

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

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

YES!

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

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

Why is a Will important?

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

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

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

How long does it take to make a Will?

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

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

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

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

Leah Waller

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15th October 202015th October 2020

How much does a Will cost?

How much does
a Will cost?

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

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

The regard that something is held to deserve

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

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

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

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

The importance

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

Worth

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

Usefulness

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

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

So, how much should a Will cost?

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

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

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

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

Neil Barras-Smith

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want to book a
FREE Consultation?

1st October 20201st October 2020

What is the role of an Executor?

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?

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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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Have a Question or
want to book a
FREE Consultation?

Is it time to review your Will?

Executors: Are your Executors still the right people to be named in your Will?

Guardians: Is your named guardians still your first choice?

Gifts: Do your gifts still reflect what you want today?

Second marriages: Is your Spouse & your Children protected?

Funeral Wishes: Are they stated in your Will?

How can I check that I have found all of the Financial Assets of the deceased?

What will a Financial Assets Search cover?

What Information is required to carry out a Financial Assets Search?

Will the gifts made in your Will fail?

The beneficiary (or their spouse or civil partner) of the gift has witnessed your signature on the Will

You have since divorced, or the marriage or civil partnership has dissolved, between you and the beneficiary

Lapse

Ademption

Abatement

Uncertainty of the Gift

The beneficiary disclaims their Gift

As you can see there are many reasons that a gift in a Will can fail (and not just limited to those that we have gone through here!) and so it is always important to take legal advice when drafting, and amending, your Will to ensure that your wishes can be carried out.

The Roles & Risks of an Executor

What is an Executor?

The Role of an Executor (or Administrator)

The Risks taken on by an Executor

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

Kindly written by Debbie Callow RMN

Advance Statement

LPA (Lasting Power of Attorney)

DNACPR (Do Not Attempt Cardiopulmonary Resuscitation)

Advance Directives

Probate:The Basics

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What is Probate?

Do I need to carry out Probate?

Where do I start with Probate?

What is involved in the Probate Process?

Funeral Plans:The Basics

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What is a Funeral Plan?

Why do I need a Funeral Plan?

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

Why is a Funeral Plan important?

Wills:The Basics

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What is a Will?

Why do I need a Will?

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

Why is a Will important?

How long does it take to make a Will?

How much doesa Will cost?

The regard that something is held to deserve

The importance

Worth

Usefulness

So, how much should a Will cost?

What is the role of an Executor?

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What is an Executor?

Probate:
The Basics

Funeral Plans:
The Basics

Wills:
The Basics

How much does
a Will cost?