Mind At Rest Wills Blog

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Life Policy Written in Trust

Insurance Policy Providers

Placing a Life Policy In Trust

When you take out a Life Policy the provider that you choose should give you the option to put your life Insurance or Assurance policy in trust.

Choosing to put your Life Policy in trust is one way to make sure that your the proceeds of your policy reaches your loved ones quickly when you die, avoiding potentially unwanted delays during an emotional time for your loved ones.

Trustee Powers in a Will

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The Executors that you appoint in your Will are legally responsible for the administrative work of rounding up the assets of your estate before distributing them to your beneficiaries.

In the majority of Wills these Executors also act as Trustees for funds that have to be managed for any length of time, for example funds due to minor children aged under the age of 18 years.

What Is A Property Lifetime Interest Trust?

 Property Trust
When written into a Will the trust clause "Property Lifetime Interest" grants a Lifetime interest in part of an estate, most frequently this a property in the form of the main residence / family home.

What is a Statutory Will ?

 Estate Planning FAQ Book

When a person looses the mental capacity to make decisions for themselves the court of protection can appoint a deputy to act and make decisions on behalf of that person.

The Mental Capacity Act 2005 clearly states who can take decisions and in which situations and clearly states how they should go about this.

What Is A Court Appointed Deputy ?

 Estate Planning FAQ Book

A deputy is appointed by the Court of Protection to make decisions for someone who is unable to do so on their own.

They are responsible for making these decisions until either the person they’re looking after dies or is able to make decisions on their own again.

The Mental Capacity Act 2005 (MCA) is used to work out if someone can make their own decisions and how they can be helped. The Act makes it clear who can take decisions and in which situations and clearly states how they should go about this.

What Is A Mirror Will ?

 Estate Planning FAQ Book

When you hear people speak the term "joint will" they are often really referring to a Mirror Will For Married Couples or Civil Partners.

This term is often confused with that of a Mutual Will which is a legally binding contractual agreement made by the testators not to alter their respective wills in any way at any time including after the death of the first testator.

Often Married couples or Civil Partners want to make a Will and their wishes with regards to Beneficiaries and Executors are the same.

What Is A Codicil ?

 Estate Planning FAQ Book
A Codicil is an addition or supplement that explains, modifies, or revokes a Last Will and testament or part of one.

A Will should be reviewed whenever there is a major change of circumstances within a family, for example moving home, inheriting from some ones estate, a birth or death in the family or a marriage or divorce.

In certain cases Codicils can be used to amend Wills without writing a whole new Will. For example changing the appointments of executors and guardians.

HMRC Plans To Simplify IHT Charges On Trusts

Inheritance Tax Image

On the 31st of May 2013 the HMRC published a consultation document called "Simplifying Charges on Trusts – the next stage"

The purpose of this consultation document was to make proposals for changes that simplify the way in which Inheritance Tax (IHT) Trust charges are calculated.

How Do I Correctly Sign My Will?

 Estate Planning FAQ Book

A Will becomes legally valid and binding as soon as it is signed by the testator (the person making the Will) and observed by two independent witnesses together who will sign to confirm this fact.

It is important that you SIGN AND DATE your Will in front of two witnesses.

Who Should I Ask To Witness My Will Signing

Anyone can be a witness to the signing of your Will as long as they are of sound mind, over the age of 18 and are not blind.

What Does It Cost To Register Power of Attorney?

 Estate Planning FAQ Book

A Lasting Power of Attorney can be registered at any time after it has been made. However it cannot be used until it has been registered with the Office of the Public Guardian (OPG). Registering the Power of Attorney soon after it is made means that it will be ready to be used by your attorney(s) when needed.

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