Wills Probate and Trusts
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Wills & Financial Planning
There are several aspects of financial planning that may be of importance when making a will.
1. Inheritance Tax
• this is a tax at 40% payable on the value of your assets when you die. Each individual can leave £325,000 free of Inheritance Tax (the Nil Rate Band) and a surviving spouse/civil partner can on his/her death use any amount of the deceased spouse’s/partner’s Unused Nil Rate Band. In effect therefore for most families there is £650,000 of relief before Inheritance Tax is payable.
• Gifts to Spouses/civil partners and Charities are also free from tax which means that in the vast majority of situations Inheritance Tax is not a major problem.
• Certain types of assets such as farmland and trading business assets are also normally free from Inheritance Tax but there are traps for the unwary.
• Like all taxes Inheritance Tax is complicated and there are many pitfalls and traps to be avoided so if you think your assets may be above the Nil Rate Band or if you own agricultural and/or business assets it is well worth taking advice as any excess will be charged at 40%
2. Income Tax/Capital Gains Tax
• Whilst neither of these taxes is actually payable as a result of dying they must be borne in mind when planning the ownership of assets for Inheritance Tax purposes
• There is a tax free revaluation for Capital Gains Tax purposes on death so it often makes more sense to retain assets than give them away for Capital Gains Tax purposes whereas for Inheritance Tax the opposite is usually true
• If the Income Tax burden is increased by moving assets between husband and wife or civil partners that may negate any benefits from saving Inheritance Tax
• This is why all cases must be considered on their own facts.
3. Residential Home Charges/State Benefits
• For many families this is a more important area than Inheritance Tax.
• It is increasingly difficult to take assets and in particular houses out of the reckoning in a way that is both safe and effective (see “I Don’t Want the State to Take my Home!” article here)
• It is however possible to make plans where for example on spouse/civil partner is likely to need residential care if the other dies
• Similarly careful use of trusts can enable disabled beneficiaries to be provided for without affecting any state benefits they may be getting
4. Other Factors
• The above are factors that should be borne in mind in appropriate circumstances but they should never override the prime reason for making a will which is to provide properly for those you wish to benefit
• Making proper financial provision for your dependants is what it is all about. If however you think any of the above may be relevant to you it is important that it is discussed and the solution that is right for you and your family is chosen. This is not a situation where “one size fits all” which is why it is important that your individual circumstances and wishes are discussed and the right provisions put in your will.
If you want advice on this subject then please contact a member of our Wills, Probate and Trust Team as follows:-
On 01775 722261, or email jane.mawer@maplessolicitors.com,
faye.blair@maplessolicitors.com or
jamie.dobbs@maplessolicitors.com
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Cancer Research UK Free Will Service
Maples Solicitors are pleased and proud to announce that it is working in partnership with Cancer Research UK to offer their Free Will Service for the over 55’s.
The vast majority of people have been affected in some way by cancer and we wish to support Cancer Research UK in its life saving work by offering their Free Will Service.
Over a third of Cancer Research UK’s research is funded by gifts in Wills and we believe we can play a vital role in helping in the fight against cancer. Writing your will for free using the scheme could help beat cancer sooner.
Please contact a member of our Wills and Probate Department:-
Jamie Dobbs- jamie.dobbs@maplessolicitors.com
Jane Mawer- jane.mawer@maplessolicitors.com
Faye Blair- faye.blair@maplessolcitors.com
Or telephone the office 01775 722261 and ask to speak with one of the team
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LPA and Court of Protection Talk
We are delighted to be attending Glenholme Halmer Court to give a talk on Lasting Powers of Attorney and Court of Protection matters. The talk will begin at 2.30pm on Friday 24th May. For more information, please contact the home direct on 01775 662222 or halmercourt@glenholme.org.uk
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Property Protection Trusts
Property Protection Trusts and Protecting your Property from Care Home Fees
Many people are concerned that as they get older, they may need to move into a care home and the cost of such care can be very expensive. Many people are therefore looking for ways to protect their assets from care home fees.
In recent years “Property Protection Trusts” have been promoted as being the failsafe, guaranteed way of protecting your property from care home fees. Many companies promoting such trusts are unregulated and their products such as Property Protection Trusts are being promoted and sold by sometimes nothing more than a very persuasive salesperson.
It is likely that your home is your largest asset and you should be very cautious before making any decisions with regard to your largest asset and the roof over your head. Indeed a Property Protection Trust may not even protect your home from being sold to pay for care fees or could cause tax implications and therefore it is very important that you take advice from one of our lawyers before making any decisions with regard to such Property Protection Trusts.
These Trusts can be brought to people’s attention either from cold calling, arranging home visits and sometimes even from kiosks or stalls in public areas. The people “selling” Property Protection Trusts to you can be very persuasive and may not be providing you with correct information or all of the information you should have before making a decision regarding your property. Their fees are often excessive.
In some cases, these companies even offer Lasting Powers of Attorney at what they claim to be a reduced rate. People should take caution as these “cheap” Lasting Powers of Attorney often result in being more expensive than our own charges and the companies involved often do not provide the correct advice or the necessary advice for you.
If you have been contacted by someone discussing Property Protection Trusts and would like to discuss this further with one of the lawyers in the Wills and Probate Department of this firm or you have already created a Property Protection Trust but would like to take further advice then please contact one of our lawyers in the Wills and Probate Department:-
Jane Mawer- jane.mawer@maplessolicitors.com
Jamie Dobbs- jamie.dobbs@maplessolicitors.com
Faye Blair- faye.blair@maplessolcitors.com
Or telephone the office 01775 722261 and ask to speak with one of the team.
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How Banks are Cashing in on Wills
Recent headlines have reported how banks are now cashing in on Wills.
During the 1990s and early 2000s, banks offered customers low cost Wills (or sometimes even free Wills) but the small print allowed the bank to charge extortionate rates to act as Executors. It is reported that banks are expecting billions of pounds of revenue from their Will writing services and administering estates and in some cases their fees have been over £12,000 to administer an estate as they look to charge a fixed fee PLUS a percentage of the deceased’s wealth.
If you or a loved one has made a Will through a bank we would urge you to check who you have appointed as Executors and check any small print which you may have signed. If you are unsure then please speak with one of our lawyers in the Wills and Probate team who can look at your existing Will with you. It may be appropriate to make a new Will which revokes any previous Will you have made which could save your family thousands of pounds when your estate needs to be administered.
In the majority of cases, when someone has passed away we can provide the family with a quote of how much the legal fees will be so that there are no nasty surprises once the administration is complete.
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The Will Writing Company Limited
It has been reported that The Will Writing Company Limited, whose registered office is at Ergo House, Mere Way, Ruddington Fields Business Park, Nottingham, have ceased to practise.
If you made Wills using this company then it is probably worthwhile making contact with them in order to retrieve your Wills. Once you have your Wills you may wish to make an appointment with one of the lawyers in our Wills, Lasting Power of Attorney and Probate Team in order to review your Will to ensure it still accords with your wishes. We also offer a Will storage facility which is free of charge.
To review your Will please contact one of our lawyers in the Wills, Lasting Powers of Attorney and Probate Department:-
Jane Mawer- jane.mawer@maplessolicitors.com
Jamie Dobbs- jamie.dobbs@maplessolicitors.com
Faye Blair- faye.blair@maplessolcitors.com
Or telephone the office on 01775 722261 and ask to speak with one of the team.