If you die Intestate, i.e. with no valid Will. Almost certainly, your property and assets will not pass to the people you would wish to benefit. All your estate will pass to beneficiaries laid down by the Law of Intestacy.
If you are a parent, you should consider who would look after your children in the event of your death. This is especially important in the case of ‘one parent’ families and unmarried partners living together. A valid Will nominating guardians is invaluable in such cases. If no one knows what you wanted, the Court of Protection will decide on the future of your children, which may not have been your choice.
General Power of Attorney
This type of power gives a chosen person/s power to deal with a specific job over a specific period of time. Typically being the sale of a property when the owner may be out of the Country for an extended holiday or may be in hospital undergoing a long term procedure which would make dealing with the transaction difficult to achieve in the time scale personally.
Lasting power of Attorney
If you become mentally or physically unable to manage your own affairs in the way that you would wish – appoint a person or persons you trust to look after: a) your finances. This is covered by a Property and Financial Affairs Lasting Power of Attorney and/or b) your day to day living, general well being and ensuring your wishes are carried out if in care. This is covered by A Health and Welfare Lasting Power of Attorney, by setting up Lasting Powers of Attorney also known as LPAs, you can address these issues.
You may also make a separate Property & Financial Affairs LPA to cover business activities. How long do you think your small business survive if you could not make business decisions or sign cheques?
Court Deputy Ship
If you own Overseas Property
Your foreign estate might be liable for UK Inheritance Tax and possibly local Taxes. Even if you do not live in the UK but still retain assets or have family here then potentially you have a UK Tax liability. A local Will together with a UK Will and specialist Estate Planning can greatly assist in easing Estate Administration.
Inheritance Tax Planning
Up to date Tax planning within your Will by way of Trusts and specialist Bonds is important when your Estate is over the current Nil Rate Tax Band £325,000 year 2014/5, especially in the case of unmarried couples and second marriages. Currently legislation is under review. We recommend reviewing the situation on a regular basis.
Discretionary Will Trusts
Long Term Care Fees
If you are concerned about ‘long term care fees’ and your estate is worth over £23,500 you will have to contribute towards the cost. A Local Authority under the Care in the Community Act 1990 is able to force a sale of your property to recover the care costs. So reducing your family’s inheritance. By prudent early planning a family can keep control of assets ensure that future hostile creditors can be protected from.
We specialise in this area of the law and are happy to discuss individual circumstances as each case have different issue and consequent results.
A specialist disabled trust set up in someone’s Will for the benefit of a disabled child or adult. Any assets placed into a disabled trust are not assessable by the DSS. So protecting assets for use in addition to any State benefits received.
Family Asset Protection Trusts
Safe storage of your Will and associated documents is of paramount importance. If any of these documents are lost, damaged or defaced in any way, they may be declared invalid and the Law of Intestacy will be applied to your Estate. Safe independent recorded storage is invaluable. Our secure insured storage is a recomended service
A Grant of Probate is an official document which the Executors may need to administer the Estate. It is issued by a section of the Court know as the Probate Registry. It is necessary for the sale of a deceased persons property and other large assets.
Also it may be needed by financial institutions for the closing of bank accounts, insurances policy payments, sale of shares, premium bonds etc. dependant on the size of the estate.
This is the process by which the executors after gaining the Grant of Probate go about collecting in the deceased persons monies and assets ready for distribution to the beneficiaries as laid down in the will after paying off any debts, setting up of trusts etc.