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?

12th December 201816th July 2021

Divorce: How does it affect my Will?

Divorce: How does it
affect my Will?

We all know the part “til death do us part” but sometimes, and ever more commonly, marriages end in Divorce – 108,421 in 2019. Some divorces are amicable, some not so much…

After taking all the time (not to mention legal costs!) in agreeing on how money, property & assets are separated, is a Will still valid?

The simple answer is Yes. If you have a valid Will whilst you are still married then divorce does not revoke your Will and so it remains valid.

Marriage on the other hand does invalidate a Will (unless your Will includes your intended marriage).

In some cases, you may not want to change your Will. Your Will, made when you were married, may well state who your assets should pass to and this may not change. However, upon divorce your ex-spouse will be treated as having died at the date that the Decree Absolute is given and so will no longer be Executor, Trustee or Beneficiary under your Will unless contrary provision is made in the Will.

So, what should you do if you do want to change who will inherit your estate, and how easy is it to change?

You can revoke a Will at any time (providing you have capacity to do so) and this is quite simple to do.

If you make a new Will at any point in your life it will revoke any previous Will that you have made (providing it is done properly).

So, when should you consider changing your Will?

You can make a new Will at any time and so it may be worth considering this after separating from a spouse. You do not have to wait for the divorce to be finalised or the Decree Absolute in order to finalise a new Will.

What if you get remarried?

It is not uncommon nowadays for individuals to have second or subsequent marriages.

As mentioned above, when you get married your Will becomes invalid unless your Will states your intended marriage and so it is important to review your Will and make sure it is still in place and does what you want it to.

Another consideration upon a subsequent marriage is your children. If you have children from a previous marriage then they may not receive any of your Estate if you die without a valid Will in place. Again, it is always best to review your Will on a regular basis to ensure your wishes are carried out.

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

Neil Barras-Smith

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16th October 201823rd April 2020

How I chose the guardians for my children…

How I chose the guardians for my children...

When choosing to put guardians in your Will what should you consider?

Often, when we are taking instructions from our clients, the conversation around putting guardians in place is one of the toughest.

For many, the main reason for getting their Will sorted is heavily influenced by who should look after their children if the worst happened. As a parent, it is especially hard to imagine someone else bringing up your children, nobody wants to think about what will happen if they are not around, but it is always worthwhile planning for and having measures in place should the tragic situation arise.

So, who is best to choose as guardians, what should you consider and how is best to tackle this difficult consideration and the conversation with your proposed guardians?

Using my own circumstances as an example, when I put my Will in place, I had to consider all of the following:

1) Where would my children like to be (who with and location) if both of their parents were no longer around to look after them?

2) Friends; I thought that during this tricky time of grief, my children would need to remain with as close to a normal routine as possible. Location was key to this so they can keep contact with friends, remain at a school they are familiar with, have family close to them and continue with clubs and activities they are used to and enjoy. This is not possible for everyone but was a consideration for me.

3) Stability; choosing guardians that are able to look after my children until they are 18 and/or no longer need guardians was extremely important. Faced with the loss of their parents and moving in with guardians once is traumatic and I wouldn’t want this to happen again should their chosen guardians not be around until they reached an age they could live independently.

4) The age of my proposed guardians; if the worst should happen now, it may be ok for my parents to cope with looking after my children, but what happens in 10 years’ time, will my parents be too old to cope or will it be too much for them?

5) Am I burdening someone with the challenge of bringing up two (possibly additional) children?

6) How will I finance my children through schooling and further education if I no longer had a regular wage coming in, I couldn’t expect someone to take on the responsibility of looking after my children and the added financial burden too?

All of these thoughts and worries ran through my head and I have always been a believer in the phrase “never ask someone to do something for you that you wouldn’t do in return for them”.

After careful consideration with my wife, we decided that the best person to be guardian of our children, should the circumstances occur, was my sister.

I wanted to have the conversation with my sister to ensure she was okay with this decision and once I had that conversation she was honoured and relieved that I had asked and had said that it was something that had been playing on her mind for a while but didn’t want to address it.

My sister also asked if I would be guardian to her children and this prompted her to put her Will in place soon after.

It was important to me to consider location; if my sister was a hundred miles away or even in a different country, would I have made the same decision? Probably not. Would I have wanted to put the burden on my parents? Would I look to a friend to be guardians of my children? There is a lot to consider all whilst bearing in mind what is best for my children. Then I had to consider reserve guardians, what if my sister was not willing to act if the time came, or she was no longer around. I went through the same considerations when putting my reserve guardians in place to cover this eventuality.

One thing playing on my mind when I first began planning my Will and who I would appoint as guardians was, if I don’t plan, prepare and choose guardians, who will?

In circumstances where guardians have not been named in a Will, and no provision has been made for the children, the responsibility falls to the Local Authority to place children with guardians. The Local Authority have a duty to take care of the children’s best interests whilst making their decision, but this could take time and there is a possibility of being placed in temporary care whilst this process takes place. A harrowing thought that urged me to get my wishes written in my Will.

Like most of our clients, when I finally signed my Will, I felt a relief that despite what the future holds for me, I have taken the precautionary measures to ensure my children are looked after by the right people.

The lesson I learnt when dealing with this was that it’s always best to have these conversations and speak openly about your concerns. We managed to resolve two issues in one; guardians for both my children and my nephews.

I’m not saying that this is the solution for everyone and other family dynamics are different but, having these conversations are always worthwhile and ensuring that those people that you would like as your guardians understand the responsibility and are happy with the decision.

If you would like to discuss your Will and potential Guardians, call us on 01727 865 121 or email us at info@TotalLegacyCare.co.uk for a free discussion on how we can help.

Neil Barras-Smith

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Got a Question or want to book a FREE Consultation?

25th September 201823rd April 2020

When should I make a Will?

When should I make a Will?

We often hear:

I’m too young to think about a Will

I don’t have time to make a Will

I don’t have anything to leave in my Will

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

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

So, when should you put a Will in place?

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

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

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

Buying your first property

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

Getting married

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

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

Having a baby

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

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

Buying a new or bigger property

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

Investing in buy-to-let properties or second homes

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

Investing in assets abroad

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

Getting divorced

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

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

Getting re-married

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

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

Owning a business

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

Death of a Grandparent / Receipt of Inheritance

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

Grandchildren

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

Retirement

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

Death of a Parent

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

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

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

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

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

Leah Waller

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28th August 201823rd April 2020

I need to put a Will in place but who do I choose as my Executors?

I need to put a Will in place but who do I choose as my Executors?

So, you have made the important decision to get a Will put in place and now you need to decide who is going to be your Executors.

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.

Some of the key considerations when thinking about who to ask to be you Executor are:-

Who do you trust to act in a way that you direct?

Your Executor doesn’t have to have all the answers or know everything in relation to the legal aspects, financial or tax implications but they must be responsible enough to ask for help from the right people if and when that is required (this may be a solicitor, accountant, tax adviser or other specialist depending on the size and complexity of the estate and what assets you have).

Alternatively, you can appoint a professional or firm of professionals as your Executor, rather than a family member or friend, but these will usually charge a fee for their services.

Should more than one Executor be appointed?

A maximum number of four Executors can be appointed by the Probate Registry when a Grant of Probate is obtained upon death. This means that you can appoint up to four Executors to be responsible for the administration and dealing of your estate. Having more than one Executor relieves the burden, from just one person, of having sole responsibility and decision making powers, however, it may be necessary to consider that these Executors will have to make decisions together and so having four Executors may not be practical or possible.

Age of the Executor

This may seem like an obvious consideration but your appointed Executor will need to be alive, and capable of acting, at the time of your death to deal with your estate and so the age of your Executor, in comparison to your age, should be considered.

Some of the tasks that an Executor must perform (gathering in assets, making decisions in relation to property etc.) will require the Executor to be at least 18 years of age when carrying out their role.

Can I appoint a beneficiary as my Executor?

In short, YES! Often the best Executors are beneficiaries as they have an interest in collecting in all your assets efficiently as well as ensuring that everything is handled correctly and distributed in accordance with your wishes.

It goes without saying that your Executor should be trusted by you implicitly and if someone is a beneficiary under your Will then they are likely to possess the qualities you would like your Executor to possess.

Replacement Executors

Putting provisions in place for replacement Executors is a good idea to provide for circumstances where your first choice Executor is unable or unwilling to act at the time of your death. This will mean that your estate can still be dealt with by someone that you trust should your first choice not be a viable option.

When putting your Will in place, have a chat with your proposed Executors and let them know that you trust them implicitly and that is why you would love them to be an Executor. Having the conversation may well be difficult but it will save, what can be a shocking, surprise should anything happen to you and they are required to act.

An Executor has the right to refuse to act, if they are unwilling do so and so discussions at the time that a Will is put in place are important to overcome this. An Executor may be unable to act, through incapacity or if their death occurs before yours, however having conversations with your proposed Executors, when putting your Will in place, should prevent any surprises and limit the risk of them renouncing their obligations when the time comes.

We are always happy to have a chat with you about who you may want to appoint as your Executors and even help with the discussion with Executors and answer any questions that they may have.

If you would like to have a free chat about your 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?

Tag: Trustee