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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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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9th July 20209th July 2020

What to consider when including a Discretionary Trust within your Will

What to consider when including a Discretionary Trust within your Will

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

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

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

BENEFICIARIES

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

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

So, how do we resolve this?

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

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

So, why are we telling you?

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

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

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

Leah Waller

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14th May 202028th May 2020

Can I make a valid Will during COVID-19?

Can I make a valid Will during COVID-19?

This is a question that we are getting asked almost on a daily basis, so…

Can you make a valid Will during COVID-19?

Firstly, what does a ‘valid Will’ mean and secondly, why does that matter?

BUT, if you are short on time, YES! You can still make a valid Will during COVID-19.

There has been a lot of speculation in the media, recently, about whether some of the legal obligations surrounding the making of Wills should be relaxed in the current circumstances, but as of yet this has NOT happened and so, for the facts:

In order for a Will to be valid there are some legalities that must be followed and in place, including:

The person making the Will, sometimes termed as the Testator, must be 18 years of age or over (save for some very rare exceptions);

The Will must have been made voluntarily;

You must be of sound mind (and have capacity) when making your Will;

The Will must be in writing;

The Will must be signed by you, the Testator, in the presence of two witnesses, both of whom are over the age of 18;

Both witnesses to your signature must also sign the Will in your presence;

The Witnesses should not be a beneficiary, or your spouse, as any gifts to them within the Will would then fail.

This may seem like a lot to consider, especially given the current circumstances that we are living in.

However, we are still working and able to take instructions, draft and witness valid Wills during this time.

So, why is it important to have a valid Will in place?

Only if the Will is valid, can it be accepted by the Probate registry and used to follow your wishes and distribute your Estate following your death.

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

For 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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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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2nd October 201923rd April 2020

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

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

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

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

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

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

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

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

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

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

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

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

So, enough of the doom and gloom….

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

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

There are two types of Lasting Power of Attorney:

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

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

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

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

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

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

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

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

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

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

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

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

Leah Waller

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11th September 201923rd April 2020

Will my Will be disputed?

Will my Will be disputed?

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

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

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

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

Lack of mental capacity

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

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

Legal Requirements

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

Undue Influence

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

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

Rectification and Construction

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

Failure to Provide

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

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

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

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

Leah Waller

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10th April 201923rd April 2020

Should I write a Letter of Wishes?

Should I write a Letter of Wishes?

Perhaps we should start off by explaining what a Letter of Wishes is…

A Letter of Wishes can give a bit more detailed explanation to your Executors and Guardians as to how you would like things to happen following your death. However, a Letter of Wishes is not legally binding.

So, could you just write a Letter of Wishes, rather than a Will?

In short, no.

A Letter of Wishes is NOT legally binding, whereas a Will is. The Will will ensure that the specifics stated in your Will are put into action.

Your Will will set out exactly who you want as your Executors, Trustees and even the Guardians of your children, as well as who should benefit from your Estate and how it should be distributed.

So why have a Letter of Wishes?

Although your Will is legally binding, your Letter of Wishes can go a bit further and give guidance and advice to those that you have appointed under your Will.

Some of the main areas that are focussed on in a Letter of Wishes are:

Guidance for Guardians

Although your Will can state who you want to take care of your children should the worst happen, the Letter of Wishes can give more detailed guidance on the specifics as to how you would like your children to be raised and brought up. Of course, you will have appointed those that you trust implicitly as your Guardians and those that you know will only ever act in your children’s best interests but a Letter of Wishes can help to get some of your specifics on paper and give you that extra peace of mind.

Guidance for Trustees

If you have Discretionary Trusts within your Will then it will be up to your Trustees to manage and distribute the Trust assets to the named beneficiaries. A Letter of Wishes can state how you would like the Trustees to act and use their powers, if there is more than one beneficiary to the Trust, the Letter of Wishes could state who you would like to be the main beneficiary. However, it is important to remember that this is only guidance as a Letter of Wishes is not legally binding.

Personal Items

You may well have many small items and personal belongings that you do not want to list out and gift in your Will but may well hold some sentimental value and that you would like to pass to specific beneficiaries. Where there are many items it may be easier for you to state in your Will that you are leaving the distribution of your personal items to you Executors and you would like them to distribute these in accordance with your Letter of Wishes. A clause like this, has the benefit of allowing you to change and update the Letter of Wishes regularly and as necessary, without having to amend your entire Will.

Exclusions

Although the exclusion of a specific individual will be dealt with within your Will, a Letter of Wishes can give an explanation as to your reasons for the exclusion and may well be considered by the Court should that individual make a claim against your Estate in the future.

If you would like more information, to discuss putting Wills & Trusts in place, or writing a Letter of Wishes, call us on 01727 865 121 or email us at info@TotalLegacyCare.co.uk for a free consultation

Leah Waller

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