Wills and Probate
Invest in your Family’s Future Protection
Purchasing a Property? Getting Married? Having Children?
People live complicated lives. You don’t know what is around the corner, so why leave things to chance?
Our goal is to help you to safeguard and enhance your wealth. Take control of your family’s future and inheritance by making a Will.
Why do I need a Will?
Life events such as purchasing a property, getting married or divorced, cohabiting with a long term partner, or having children, all facilitate the need to write or update your Will.
The question is not how much you have to give, but who you wish to give to. Preparing a Will not only provides you with the opportunity for tax planning, with an increase in the number of blended families over the years, this is now more important than ever.
An estimated one in three families in the UK are now considered ‘blended families’ – being a combination of parents, step-parents, and children from different relationships. Without a Will, your Estate will be distributed in accordance with the rules of Intestacy. (link) This is particularly important, as under English Law, the term ‘child’ is not read to include step-children.
The question is not how much you have to give, but who you wish to give to. Preparing a Will not only provides you with the opportunity for tax planning, with an increase in the number of blended families over the years, this is now more important than ever.
An estimated one in three families in the UK are now considered ‘blended families’ – being a combination of parents, step-parents, and children from different relationships. Without a Will, your Estate will be distributed in accordance with the rules of Intestacy. (link) This is particularly important, as under English Law, the term ‘child’ is not read to include step-children.
In the case of jointly held Property, this will mean that your spouse will automatically receive your share in the Property. Without a proper Will in place, upon the death of your partner, the entire Property and its proceeds will be passed solely to your spouse’s children, by-passing any step-children.
It is vital that you take measures to protect those that you love, to prevent them from accidentally “disinheriting’. Making sure that your Will is read in the way you intended it to be is not as straight forward as it seems.
Making a Will, leaving your Property and Assets to your spouse, for them to be passed on to your children may seem fairly simple. However, should your spouse require care at any time, your Estate will begin to diminish, as will the inheritance intended to be passed on to your children.
The full value of the Property will be taken into consideration in the determination of care fees, and nothing will be left ‘safe’ or ‘protected’.
Life Interest Trusts incorporated into Wills are often a valuable way to protect your children’s inheritance. This can safeguard your share of the house, by placing it in to Trust.
When the Trust comes into effect, the local authority cannot include it, either for assessment or for the purpose of paying for care.
It is vital that you take measures to protect those that you love, to prevent them from accidentally “disinheriting’. Making sure that your Will is read in the way you intended it to be is not as straight forward as it seems.
Making a Will, leaving your Property and Assets to your spouse, for them to be passed on to your children may seem fairly simple. However, should your spouse require care at any time, your Estate will begin to diminish, as will the inheritance intended to be passed on to your children.
The full value of the Property will be taken into consideration in the determination of care fees, and nothing will be left ‘safe’ or ‘protected’.
Life Interest Trusts incorporated into Wills are often a valuable way to protect your children’s inheritance. This can safeguard your share of the house, by placing it in to Trust.
When the Trust comes into effect, the local authority cannot include it, either for assessment or for the purpose of paying for care.
Free Will Service
Our Will Service allows you the opportunity to have a simple Will written or updated for free.
Should you wish to incorporate a Trust into your Will, the cost of a simple Will shall be deducted, allowing you to continue to benefit from the service being offered.
Should you wish to incorporate a Trust into your Will, the cost of a simple Will shall be deducted, allowing you to continue to benefit from the service being offered.
Sharia Compliant Wills
“It is the duty of a Muslim who has anything to bequest not to let two nights pass without writing a Will about it” – Sahih al-Bukhari
We understand the difficulty in finding balance between compliance with Sharia Law, and effectively dealing with financial assets in modern times.
Sharia Law dictates the way in which a fixed proportion of the estate should be inherited, leaving the estate wide open to inheritance tax.
Here at Help Me Legal, we will take the time to carefully consider your circumstances, in order to find the right balance in completing a Will that will be both Sharia Compliant, and as tax effective as possible, to ensure that both your wishes and the future of your assets can be met.
We understand the difficulty in finding balance between compliance with Sharia Law, and effectively dealing with financial assets in modern times.
Sharia Law dictates the way in which a fixed proportion of the estate should be inherited, leaving the estate wide open to inheritance tax.
Here at Help Me Legal, we will take the time to carefully consider your circumstances, in order to find the right balance in completing a Will that will be both Sharia Compliant, and as tax effective as possible, to ensure that both your wishes and the future of your assets can be met.
Intestacy
Dying without a Will – the rules of intestacy
If you die without a valid will, your property will be shared out according to the rules of intestacy.This will often mean that your final wishes are not carried out the way you would have liked, often, leaving insufficient, or in many cases, no provision, for those closest to you.
What are the rules of intestacy?
Under the rules of intestacy, only married couples, civil partners and certain other close relatives can inherit anything from the deceased’s estate.The rules will enforce the division of your estate in a fixed order, with the basics being outlined below:
Married couples and civil partners
If you die intestate, your spouse or civil partner will receive the first £270,000 of your estate, together with half of everything above that amount.They will still inherit this share if you have separated without having legally divorced.
Children
Your children will then receive the remaining half share in equal shares, should there be anything remaining after the distribution to your spouse or civil partner above.In many cases, there may often be little or nothing left by this stage, meaning that your children may not inherit any of your estate if you die intestate.
Other relatives
Should you die intestate leaving no surviving spouse or children, your estate will be distributed to any surviving parents, in equal shares.Should they have predeceased you, your brothers and sisters will inherit in equal shares, this will be followed by their children (your nieces and nephews), and if there are none of the above then any half-brothers and half-sisters.
This will continue on to extended grandparents, aunties and uncles, cousins, half aunties and uncles, and eventually the Crown.
Deeds of Variation (Changing a Will after Death)
They didn’t make a Will. You weren’t included in the Will, or perhaps the Will has left you with an enormous tax bill.A deed of variation is a document that allows you to change how the assets are distributed in someone’s Will after they have died.
This power can only be exercised by beneficiaries who already stand to inherit, but they will have the ability to introduce new beneficiaries into the estate.
They can alter distribution between themselves, which may be ideal in the instance where the estate is not tax efficient, helping to minimise inheritance tax.
It may also be ideal where a particular individual does not want their share of the Estate for inheritance tax purposes, choosing to pass their share directly on to their child instead.
Beneficiaries can only amend their own share of the estate, and will require everyones agreement to do so.
Inheritance Disputes
If you have been left out of a Will, or the lack of. Will has left you struggling financially, you may be entitled to bring an Inheritance Act claim.The Inheritance (Provision for Family and Dependents) Act 1975 allows certain people to claim financial provision from an estate, where the Will has not previously allowed for.
Claims will be dealt with in a sensitive and efficient manner, and our team will ensure that you are supported every step of the way.
Our lawyers will always try to settle claims out of court, and work towards amicable resolutions wherever possible.
In most cases, our solicitors will work on a no win no fee basis. Meaning that there will be no upfront cost for you, requiring you only to pay if your claim is successful.
Asset Protection
Make sure the right people inherit your hard earned money and possessions. Don’t allow the law to dictate how your assets will be divided.
Our team will take the time to understand your financial and family circumstances, and to provide practical advise in order to mitigate your tax liability.
Our team will take the time to understand your financial and family circumstances, and to provide practical advise in order to mitigate your tax liability.
Why us?
● We offer a flexible approach, tailoring our services to your needs
● We take pride in our ability to put our Clients at ease, offering friendly and professional advice, leaving you confident in making an informed decision
● We are able to extend the services we provide, with expert tax advise, working alongside in-house specialist tax advisors
● We offer a flexible approach, tailoring our services to your needs
● We take pride in our ability to put our Clients at ease, offering friendly and professional advice, leaving you confident in making an informed decision
● We are able to extend the services we provide, with expert tax advise, working alongside in-house specialist tax advisors
Life Interest Trusts
What is a Life Interest Trust?
A Life Interest Trust is a trust that is written into your Will, providing future security for those you wish to benefit from it, after you have passed away.It can be used to protect your assets, in terms of ensuring that those who you wish to benefit from the asset, are able to do so.
Who can benefit from a Life Interest Trust?
In blended families, this will protect your children’s share when you die.Where the Property was held jointly, your share would automatically pass to your partner, however, with the Life Interest Trust in place, your half would remain ring-fenced in the Trust, being reserved solely for the benefit of your children.
In the meantime, your partner can still enjoy use of the Property, having the option to continue living there, or to sell.
Should the Property be sold, any profits will be split, with half going to the children benefiting from the Trust, remaining ‘ring-fenced’.
What are the advantages of a Life Interest Trust?
The key advantage of a Life Interest Trust is that, even after your death, you can control who owns your property after you die.You can ensure that you partner is still able to live in the home, having the option to move, or downsize, whilst ensuring that the equity in your half is protected.
There is also the advantage offered in terms of protection from care fees.
With your half of the equity being ring-fenced away from the remainder of your estate, and your partners assets, the equity held in trust cannot be used by the Local Authority in the determination, or payment of care fees.
Your home is often your biggest asset.
Do not delay putting measures in place to protect it.
Talk to us now, and save costs further down the line.
Probate & Estate Administration
Dealing with bereavement is difficult, and in most cases, no amount of preparation will leave you feeling ready to face the complexity of what is involved in dealing with the estate.
We understand that dealing with estate administration can be particularly challenging and time consuming during such an emotional and difficult time.
Our probate & estate administration team will guide you through the process, offering you straight forward, and friendly advise, helping you to deal with your loved one’s estate as efficiently as possible, without the stress that would inevitably arise when trying to deal with the estate independently.
Our team will help you to trace assets, whilst also liaising with in-house expert tax advisors to consider, and where possible, mitigate any tax liability due upon the estate.
We understand that dealing with estate administration can be particularly challenging and time consuming during such an emotional and difficult time.
Our probate & estate administration team will guide you through the process, offering you straight forward, and friendly advise, helping you to deal with your loved one’s estate as efficiently as possible, without the stress that would inevitably arise when trying to deal with the estate independently.
Our team will help you to trace assets, whilst also liaising with in-house expert tax advisors to consider, and where possible, mitigate any tax liability due upon the estate.
Lasting Powers of Attorney
People in the UK are living longer than ever before, which is good news, but what about the multitude of problems this may bring.
A report in 2019 commissioned by Alzheimer’s Society from the London School of Economics, found that there are currently approximately 900,000 people living with dementia in the UK. Further, 209,600 people will develop dementia this year, that’s one every three minutes.
And over 42,000 of these are under the age of 65.
Have you ever considered what would happen if you lost mental capacity at any time – suffered an injury or accident, disease or illness?
Planning for what happens in our future can be full of uncertainty. We all like to be in control, but what happens if we lose the ability to make decisions and to manage our affairs? Who would make decisions on our behalf?
This is where a Lasting Power of Attorney (LPA) comes in.
How does a Lasting Power of Attorney work?
Setting up an LPA does not have to be a complicated process. However, many people leave doing this until it is too late.
You must be in good mental health with full capacity at the time of making your LPA. So do not make excuses for organising it, be prepared, and plan your future.
You can appoint a trusted person to make decisions on your behalf should you no longer be able.
The LPA will enable you to make decisions relating to your future health and finances, planning in advance. You will be protecting both yourself, and your family members financially, and reducing family conflict by having directly stated your wishes regarding your health and finances.
Should anything then happen to you, your appointed ‘Attorney’ can then step in to make decisions on your behalf, in the way in which you would have intended, saving your family both the stress and expense of having to apply through the court to assist you in managing your affairs.
What does the LPA cover?
There are two types of LPA. These are as follows:
Property and Financial Affairs
This covers things like paying your bills, managing your bank account, collecting any benefits or pension, and selling your home. It can be used as soon as it is registered, with your permission. So if you wish to take the burden away of managing your own finances, you will be able to oversee your trusted deputy making these decisions for you, whilst you still have capacity.
Health and Welfare
This relates to personal decisions such as where you live, what care you receive, and ultimately, whether to turn off the life support machine. It can also include the finer, more personal day to day details, such as your daily routine of washing dressing and eating. It will however only be used once you are unable to make your own decisions
If you would like to discuss making an LPA with our specialist team, please call 01772 282768
Contact us now
Give us a call, or send us an email today to find out how we can help you.
