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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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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12th November 202011th November 2020

Lasting Power of Attorney: The Basics

Lasting Power of Attorney:
The Basics

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

?

What is a Lasting Power of Attorney?

?

Why is a Lasting Power of Attorney important?

?

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

?

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

?

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

So, let’s get going…

What is a Lasting Power of Attorney?

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

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

Why is a Lasting Power of Attorney important?

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

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

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

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

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

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

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

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

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

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

What is involved in making a Lasting Power of Attorney?

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

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

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

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

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

Leah Waller

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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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25th June 202025th June 2020

What are my rights & Responsibilities as an Attorney?

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

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

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

Responsibilities

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

As an Attorney you MUST:

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

Rights

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

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

Jointly & Severally

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

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

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

Jointly

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

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

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

Jointly for Some Decisions & Jointly and Severally for Other Decisions

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

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

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

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

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

An Attorney must STOP acting if:

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

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

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

Leah Waller

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28th May 202028th May 2020

DEMENTIA…What have you done about it?

DEMENTIA...What have you done about it?

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

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

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

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

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

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

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

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

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

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

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

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

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

Leah Waller

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30th April 202030th April 2020

Should you put preferences and Instructions in your Lasting Power of Attorney?

Should you put preferences and Instructions in your Lasting Power of Attorney?

When making your Lasting Power of Attorney, both in relation to Health & Welfare and Property & Financial Affairs, you have the option to include preferences and instructions.

In practice, most people leave these sections of the Lasting Power of Attorney blank BUT…this is completely up to you. It is your Lasting Power of Attorney, you are appointing people you trust to make decisions for you and so you may want to leave them preferences and instructions.

So, what are the differences between preferences and instructions and what are some examples?

Preferences in a Lasting Power of Attorney

Preferences in your Lasting Power of Attorney are the things that you would like your Attorneys to think about and consider when making decisions for you.

Therefore, preferences are not mandatory and do not have to be followed but are instead a consideration for your Attorney to bear in mind.

Preferences cannot be written as directions and cannot force your Attorney to do, or refuse to do, something or stipulate that your Attorney take, or refuse, a specific decision or action.

Examples of Preferences in a Lasting Power of Attorney

Preferences in your Lasting Power of Attorney may ask your Attorneys to bear in mind the following considerations:

Preference as to WHERE you live

This could mean that your Attorneys have to consider this when making decisions about your living arrangements and how close you are to relatives, friends and loved ones for example.

Preference as to the TYPES OF MEDICINE that are prescribed

This could ask your Attorneys to bear in mind only generic medications.

Preferences as to ACTIVITIES and EXERCISE

This could state your preferences to your Attorneys in relation to how much activity and exercise you like to partake in or how long or frequently you would like to spend outside whilst you are mobile enough to do so.

Preferences in relation to PETS and ANIMALS

This option allows you to ask your Attorneys to consider your preferences in relation to living with animals and pets whether in your own home, living with relatives or if you have to move into sheltered accommodation, a care home or nursing home.

Preferences in relation to PERSONAL HYGIENE

This allows you to state your preferences in relation to maintenance of your personal hygiene such as frequency or haircuts, manicures, pedicures and the like.

Preferences in relation to REINVESTING

A preference in relation to reinvesting could ask your Attorneys to consider reinvesting all of the interest on any of your investments into your annual ISA allowance.

Preferences in relation to FINANCES

Preferences in relation to your finances could include asking your Attorneys to consider maintaining a minimum amount in your bank account or give consideration to making charitable donations and how much and how often these should be considered.

Instructions in a Lasting Power of Attorney

Instructions in your Lasting Power of Attorney are mandatory and therefore, unlike preferences, must be followed by your Attorneys.

If you choose to include instructions in your Lasting Power of Attorney, then you should use words such as ‘must’, ‘shall’ ‘have to’, in order to demonstrate that there is no choice in the Attorney complying with the instruction.

If you decide to pay your Attorneys, for acting as an Attorney, then this should be included within the Instructions in your Lasting Power of Attorney.

Examples of Instructions in a Lasting Power of Attorney

Some examples of Instructions that you may give to your Attorneys, in your Lasting Power of Attorney are as follows:

Instructions in relation to MOVING IN TO A CARE HOME

You could state that your Attorneys must not take the decision to move you into a Care Home, or residential care, unless they have been advised by a Doctor, or your GP, that you can no longer live independently.

Instructions in relation to BLOOD TRANSFUSIONS or MEDICAL TREATMENT INVOLVING BLOOD PRODUCTS

This type of instruction may be particularly important depending on your religion and you therefore may want to give your Attorneys clear instructions to refuse any medical treatment involving blood products.

Instructions in relation to DIET

Again, this type of instruction may be particularly important depending on your religion or ethical beliefs. You may want to give your Attorneys clear instructions as to ensuring that you follow, and are only given, a particular diet, such as vegetarian or vegan for example.

Instructions in relation to INVESTMENTS

This type of Instruction could state that your Attorney must seek advice from a Financial Adviser before making any investments above a specified amount.

Instructions in relation to your PROPERTY

You may want to give instructions to your Attorneys in relation to how your property is dealt with, for example stating that your home is not to be sold unless, in the opinion of a Doctor or your GP, you can no longer live independently.

Instructions in relation to making GIFTS

You may instruct your Attorneys that they cannot make gifts or that they must make gifts. If gifts must be made, you should give instructions as to who the gifts should be made to, whether that be individuals or charities, as well as considering giving details as to the amount and frequency of the gifts.

Instructions in relation to ANNUAL ACCOUNTS

This type of instruction may be given where you are appointing a professional to act as your Attorney and want Annual Accounts to be sent to specified family members or close friends.

IMPORTANT NOTE: YOU MUST INCLUDE INSTRUCTIONS IF:

you have investments managed by a bank and want that to continue; and
you want to allow your attorneys to let a bank manage your investments

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

Leah Waller

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16th April 202023rd April 2020

We will review your Will…for FREE!

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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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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Have a Question or
want to book a
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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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ENSURE YOUR WILL DOES WHAT YOU WANT IT TO

When should I get a Will?

Starting a conversation about the ‘Elephant in the Room’

Lasting Power of Attorney:
The Basics

How much does
a Will cost?

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