What to do after being diagnosed with Alzheimer’s Disease

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

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

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

Knowledge is Power

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

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

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

Allow yourself to feel

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

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

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

Getting into a Routine

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

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

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

Ensure your LEGAL and FINANCIAL affairs are in order

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

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

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

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

Look at what CAN be done

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

THIS DOESN’T HAVE TO BE THE CASE!

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

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

Consider a Care Plan

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

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

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

Diagnosis is NOT the End

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

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

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

You are NOT alone

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

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

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

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

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

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

Dementia TLC

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

Check it out HERE!

Leah Waller

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2nd October 201923rd April 2020

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

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

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

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

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

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

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

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

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

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

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

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

So, enough of the doom and gloom….

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

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

There are two types of Lasting Power of Attorney:

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

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

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

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

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

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

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

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

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

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

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

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

Leah Waller

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31st July 201923rd April 2020

Bank of Mum & Dad

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

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

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

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

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

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

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

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

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

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

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

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

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

Leah Waller

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5th June 201923rd April 2020

Probate & Estate Administration: What does it mean?

Probate & Estate Administration:
What does it mean?

At one point or another we will all have come across the term PROBATE or ESTATE ADMINISTRATION but what does it actually mean?

It is one of those questions that we have all had but may seem silly to ask…it isn’t!

PROBATE is the legal term for ‘proving the Will’ and this is done by applying to the Probate Registry for a Grant of Representation (also known as a Grant of Probate) to administer the Estate of the deceased.

ESTATE ADMINISTRATION is the term used to describe the sorting out of the deceased’s Estate following their death. Their Estate includes all of their possessions, property, money, savings, investments and anything else that they own or have an interest in. Their Estate may also have liabilities, such as debts (credit cards, utilities a mortgage), that require attention to. The Estate may also have tax liabilities (Inheritance Tax, Income Tax, Capital Gains Tax etc.) and this will also be dealt with as part of the Estate Administration.

Probate is often used as an overall term to describe the entire process, from obtaining the Grant of Probate through to administering the Estate, by collecting in all the assets, paying off the liabilities and tax, and distributing the Estate in accordance with the Will or the Rules of Intestacy (where there was no valid Will).

Estate Administration can be carried out by the Executor (as appointed under the Will) or a Representative of the deceased (where there is no Will and that Representative has applied for Letters of Administration), or can be carried out by professionals. In some circumstances the Executors or Representatives may require assistance of a specialist, especially where the Estate is complex or they have not had any dealings with such a situation.

It is worth remembering that Estate Administration takes a significant amount of time, with it being estimated that loved ones spend in excess of 50 hours dealing with Estate Administration where a specialist is not instructed.

In addition to this, those that carry out the Estate Administration themselves are personally liable for any mistakes that they make during the Estate Administration process.

If you are considering carrying out the Estate Administration yourself, you may find our Checklist for Executors helpful.

REMEMBER…You don’t have to do everything alone, ask for help as and when you need it!

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

Leah Waller

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29th May 201923rd April 2020

Will your inheritance be lost to Care Fees or can it be avoided?

Will your inheritance be lost to Care Fees or can it be avoided?

Most of us work hard for the majority of our lives and when our time comes, we hope to leave an inheritance for our children or our families.

But…what about Care Home fees? What if we have no other option but to go into a Care Home, it may not be necessary for all of us, but a large proportion of us will have to because of our care requirements.

So, who pays for the care?

In the UK, those over the age of 65s make in excess of 1.3million requests each year for care and support.

A recent report (following a Freedom of Information Act Request) found that, across 205 Local Authorities:

31% of over 65’s in Care received fully funded care; and
53% of over 65’s in Care received partially funded care.

When broken down into regions, the report found:

Region	Percent of Over 65s receiving fully funded care
East	68%
East Midlands	17%
London	39%
North East	11%
North West	23%
Scotland	22%
South East	28%
South West	45%
Wales	16%
West Midlands	19%
Yorkshire	33%

You will see there is great disparity in the number of individuals that receive funding across the regions. So, is it a postcode lottery?

With Local Authorities only providing fully funded care in 31% of cases across Great Britain, what does that mean for the rest?

The eligibility criteria, for care funding, in Great Britain differ for England & Northern Ireland to Scotland and Wales. Here we will concentrate on England & Northern Ireland (if you require information for Scotland or Wales, please do get in touch).

To assess an individual’s eligibility for care funding the Local Authority will carry out a means-tested assessment and consider the income and capital of the individual applying for the funding.

The means-tested assessment will differ depending on whether the care required is to take place in the individual’s own home or whether the individual needs to move into a Care Home.

Where the individual is able to stay in their own home, with care and support, then the value of the individual’s property will not be included within the capital valuation.

Where the individual needs to move in to a Care Home, the value of the individual’s property will be included within the valuation. Where this property is still required for a surviving spouse to live in then this may be excluded from the valuation.

Now, for the finances:

You will have to fully fund YOUR OWN care fees if…
- your capital means are assessed above £23,250; or
- if your capital is under £23,250 but you have a weekly income that is high enough to cover the cost of your care

You will have to partially fund YOUR OWN care fees if…
- your capital means are assessed between £14,250 and £23,250; or

You will pay £1 towards your care for every £250 of savings that you have between £14,250 and £23,250

You MAY receive funding for care fees if…
- Your capital means are assessed at less that £14,250

BUT…you may have to contribute from your income. However, you must be left with at least £24.90 per week (Personal Expenses Allowance for 2019/20) although the Local Authority may consider increasing this allowance if there are specific property-related expenses that the individual is responsible for or if the individual is also supporting a spouse.

Your property value may be ignored for a period of 12-weeks, when you first move into care, for the purpose of the means-tested assessment but following this period, it will be taken into account (as per the above).

So, does this mean that your property will need to be sold, in order to pay for care costs?

Not always, BUT…

Where you do have to fund your own care costs, the Local Authority may agree to a Deferred Payment Agreement (rather than sale of the property straight away) and this will mean that the care costs will be paid to the Local Authority when the house is sold or when the individual dies, meaning that the property can remain in the family, but will have a charge over it in favour of the Local Authority.

So, where does that leave you?

The same report considered above, found that just 21% of those over the age of 55 had made any provision for their future care costs and 44% said that they would use their savings and investments, with 40% thinking that their pension would be enough to cover the costs.

If you would like to consider your options and what can be done to give you peace of mind and avoid the loss of your Estate, and ultimately your family’s inheritance, get in touch!

In this article we have not considered NHS Continuing Healthcare Funding and if you require more information on this then please do get in touch with Leah Waller who has extensive experience in applications and appeals in relation to NHS Continuing Healthcare Funding. Keep your eyes peeled for future articles in relation to this.

If you are concerned about yourself or a loved one moving into care, or want to get some plans in place, get in touch for a FREE chat on info@TotalLegacyCare.co.uk or 01727 865 121

Leah Waller

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want to book a
FREE Consultation?

1st May 201923rd April 2020

Wills or Lasting Powers of Attorney: What is more important?

Wills or Lasting Powers of Attorney: What is more important?

Now, Martin Lewis the Money Saving Expert has been in trouble with the press recently as he has said that LPAs are more importantly than Wills. This caused huge controversy and saw the expert having to justify himself over-and-over on social media.

Here at TLC… we agree with him!

Wills are very important and we highly recommend everyone should get one in place to ensure their wishes are carried out exactly as they would like when they are no longer around. There are so many benefits to putting a Will in place that people, unfortunately, only come to realise when it’s too late.

But, as important as a Will is, it’s more intended for when you die.

An LPA is vital to ensure your are covered and protected DURING your lifetime.

An LPA allows someone that you trust to act on your behalf and make decisions that are in your best interests should you no longer be able to do so yourself. This can relate to both your health and welfare as well as your property and financial affairs.

We have written lots about the benefits of an LPA and why it is so important to have in place, so check out our articles on the topic if you would like to know more.

So, this is why we at TLC, and I personally, believe that LPAs are more important than a Will.

However, it this all could be down to perspective…

When looking at the importance of Wills and LPAs, let’s consider who’s perspective we are looking at it from and why that makes a difference.

For me, it’s more important to take the perspective of the individual who is making the Will or LPAs. For them having an LPA will benefit them during their lifetime, the Will only comes into effect when they are gone.

If you look at it from the other perspective, that of their loved ones that are left to deal with matters, which is more important for them? This may differ depending if the death is sudden and so a Will may be extremely useful, or whether the individual deteriorates and loses capacity and then the loved ones will also benefit from being able to assist and have the power given under the relevant LPA.

Without a Will:

Will the family know what the person’s funeral wishes were?
The person will die intestate, this means the Laws of Intestacy are to be followed and essentially this means the government decides where that individual’s money goes.

The family will need to carry out probate and go through the courts to be able to do so; this could be a lengthy, complicated and expensive process that could be avoided by putting a simple Will in place (and it costs a lot less too!).

At what is already a difficult time for the family, having a Will in place makes things a lot more simple, and although still difficult, it can prevent family arguments and tension.

Without an LPA:

If a person loses capacity and does not have an LPA in place then life becomes that little bit more complicated. A loved one, or carer, can apply to the Court of Protection for Deputyship (this is where the court appoint an Attorney to act for the person who has lost capacity), but this is a lengthy and extremely costly process. In the meantime you may struggle with the following:

Financial affairs:

Joint bank accounts may be frozen;
No one will have authority to access bank accounts in the person’s sole name to pay for expenses such as, grocery shopping, utilities & amenities and care costs to name but a few;
No one will have authority to speak with any financial institutions on behalf of the person;
No one will have authority to speak with any utility companies to ensure the provision of necessary utilities;
No one will have authority to deal with the property on person’s behalf making any decision regarding selling the property and moving the person into more appropriate accommodation for their care needs;
No one will have authority to speak with the Local Authority or the Department for Work and Pensions on behalf of the person to ensure the correct benefits and financial provisions are in place.

For the Health & Welfare side of things:

No one will have authority to give direction as to the person’s living arrangements or day-to-day activities/welfare;
No one will have authority to liaise with the person’s GP, Hospital staff or healthcare professionals;
No one will have authority to liaise with care home/ warden/ sheltered accommodation in relation to day-to-day care;
No one will have authority to liaise with Local Authority in relation to the person’s health and welfare issues.

So, to clarify, both a Will and LPAs are vitally important to put in place but we feel as though an LPA is more important to an individual DURING their lifetime.

If you would like to have a free chat about Wills or Lasting Powers of Attorney, please contact us on info@TotalLegacyCare.co.uk or 01727 865 121

Neil Barras-Smith

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14th February 201923rd April 2020

Valentine’s Day… What better gift to give your loved ones than peace of mind

Valentine's Day…

What better gift to give your loved ones than peace of mind

We are taking a little break from our weekly planning articles and checklists that are helping you to get all those important ‘grown-up’ jobs off of your to do list 😉

This week we are talking about…Valentine’s Day.

So, hands up how many of us have forgotten to get our loved one a gift, or are at that stage where Valentine’s Day is just another day and gifts are a long distant memory?

Well, what about giving our loved one’s the gift of peace of mind?

What do we mean by peace of mind?

We set out below a couple of things that we know will help give you peace of mind as well as relieving the financial and emotional burden from your loved ones when the time comes:

Lasting Power of Attorney

Putting a Lasting Power of Attorney in place allows you to give the person you trust most the power and authority to make decision for you, in relation to you health & welfare and property & financial affairs, if you are unable to do so.

Giving your loved ones, as well as yourself, peace of mind that should anything happen and you are unable to make decisions (whether that be due to temporary or permanent loss of capacity or simply because you cannot be physically present where you are needed) that there is someone in place to take those decisions for you and make the decisions you would have, if you were able.

Will

Having a Will in place (and reviewing that Will!) will give you and your loved ones

peace of mind that when the worst happens all your wishes are written down and can be carried out as you intended.

Funeral Plan

Having a Funeral Plan in place means that you can not only take away the

financial burden from your loved ones by paying for your funeral in advance (whether in a lump sum or by instalments), you also remove the emotional burden as all your wishes will be written down and can be put into effect by the Funeral Director with minimal input from your loved ones at an already difficult time.

We have these in place as we understand just how important it is to be protected and we are more than happy to have a free chat with you too, no obligation – honestly!

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

Leah Waller

Happy Valentine's Day!

12th February 201923rd April 2020

PLANNING…Checklist for Executors

PLANNING...

Checklist for Executors

This week we are focusing on Probate and the important role of Executors within the probate process.

So, let’s address a couple of questions first shall we…

What is probate?

Strictly speaking, Probate is proving the Will and showing that it is valid but many use the term to refer to the legal process following someone’s death. This is when someone with legal authority (the Executors, if there is a Will, or Administrators, if there is no Will) obtain a Grant of Probate or Letters of Administration, and can then collect in and distribute the Estate of the deceased.

Probate is usually required where an Estate (all the property, cash, savings, ISAs, investments and any other valuables) of the deceased have a combined total of £5,000 or more.

What is an Executor?

An Executor is appointed in your Will and is responsible for collecting in and protecting your estate, including any property and assets that you own, and carry out the distribution of such items in accordance with your wishes.

Now for the tough part…an Executor is legally responsible for everything that they do, or fail to do, when administering the Estate and they are financially liable for any loss that results as a breach of their duty, even if the breach was a mistake

To make things a little easier (as we know that being an Executor, although a privilege to be asked, can be a massive burden!) we have set out a brief checklist of some of the things that an Executor should consider first when dealing with probate:

Obtain the Death Certificate

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.

Find the original Will

As the Executor you will need the Will in order to apply for Probate.

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.

Collect in assets of the Estate

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.

This will also include searching for any missing assets.

Put insurance in place

The Executor will be responsible for ensuring that relevant insurance is in place for the assets of the deceased until they can be distributed in accordance with the Will.

Complete Inheritance Tax Forms

The Executor is responsible for completing and submitting the Inheritance Tax Forms.

The Estate is responsible for paying the Inheritance Tax due on the Estate and the Executor is responsible for ensuring this happens.

Complete

The Executor is responsible for completing and submitting the necessary Income Tax and Capital Gains Tax returns and paying, from the Estate, any tax that is due.

Pay debts and liabilities

The Executor is not responsible for paying these personally however, the Executor is responsible for ensuring that any debts and liabilities, including funeral costs, are paid from the estate.

The Executor should also put a notice to debtors in the London Gazette.

Preparing Estate Accounts

The Executor is responsible for the preparation of Estate Accounts and ensuring that the Accounts are distributed to the relevant parties.

Distribution of the Estate to the Beneficiaries

The Executor will then be responsible for distributing the Estate assets, following the payment of all debts and taxes, in accordance with the deceased’s 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…You don’t have to do everything alone, ask for help as and when you need it!

You may need to 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.

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

Leah Waller

Got a Question or want to book a FREE Consultation?

25th January 201923rd April 2020

PLANNING…Wills Checklist

PLANNING...
Wills Checklist

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

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

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

Executors

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

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

CHILDREN – such an important consideration for any parents!

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

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

Trusts

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

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

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

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

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

Specific Gifts

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

Wedding ring
Watch
Jewellery
Money etc.

Animals

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

Exclusions

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

Funeral Wishes and Organ Donation

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

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

The Legalities

1. Witnessing

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

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

1. Marriage

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

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

Leah Waller

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Got a Question or want to book a FREE Consultation?

10th January 201923rd April 2020

New year, new resolutions, new you? Let’s getting planning…

New year, new resolutions, new you?
Let’s getting planning...

So, it’s the start of the New Year and we’ve said goodbye to another that’s passed. Last year may have been good, it may have been troubled and you may not have got round to ticking everything off that to-do list or kept last year’s resolutions…

Each week, we will be writing an article around the “grown up stuff” that should be planned for with useful information and free advice as always to help you to plan for your family’s future and keep on track (don’t worry we will keep them short, to the point and add a little element of fun where we can!).

We will be looking at:

Funeral planning
1. How to save your loved ones the emotional burden; and
2. How to save loved ones the financial burden

Wills & Trusts
1. Planning for Inheritance Tax;
2. Ensuring your money goes where you want it to;
3. Guardians for your children;and
4. Protecting your property against unwanted costs and taxes.

Lasting Power of Attorney
1. What is it and why is it important? and
2. Who to choose as your Attorneys

Probate
1. What is the process and why is it important?
2. How to get the help you need at such a difficult time;
3. Why IHT forms are so important to complete correctly; and
4. What are you liable for as an Executor?

Pensions and investments
1. Do you know how your pensions are performing?
2. Are your investments working in the way you want them to or could they be placed elsewhere?

In all of our articles we aim to give you the information that you need in a simple and easy to understand format, to help you to make the decisions that you want to.

It seems that there is never enough hours in the day but let’s start the year on a positive and MAKE TIME to plan and get some of these things in place and off of your to-do list.

Check out our website for lots of free information or contact us for a free meeting.

Neil Barras-Smith

Got a Question or want to book a FREE Consultation?

Tag: Lifetime Gifts