Category: Uncategorised
- Written by: Jason
- Category: Uncategorised
- Published: 9th April 2013
For Release 09/04/2013
Mind at Rest Wills Announces Availability of
- Written by: Jason
- Category: Inheritance Tax Planning, Uncategorised
- Published: 25th March 2013
“Bloodline Planning” is the process of ensuring that your assets reach your children, grandchildren and other relatives. Rather than ending up in the wrong hands!
When assets are distributed in a Will to beneficiaries absolutely so much can be lost.
- Written by: Jason
- Category: Uncategorised
- Published: 9th March 2013
There may come a time in your life when you are unable to manage your financial affairs or personal welfare. Owing to some form of incapacity and you will need someone to act on your behalf.
Even when we are young, we can find ourselves incapacitated owing to illness or injury and it can be invaluable
- Written by: Jason
- Category: Uncategorised
- Published: 7th March 2013
Trusts have been instrumental in mitigating tax since Medieval times. Trusts were initially created for the Nobility and wealthy landowners to avoid paying taxes to the Crown.
The introduction of Trusts led to a distinct loss of tax revenue and it did not take long for the first anti-avoidance statute to be introduced; by Henry VIII in 1535. Since then, there have been many changes to Trusts and their uses and equally to the Inland Revenue rules which affect them.
- Written by: Jason
- Category: Uncategorised
- Published: 28th February 2013
The Role of an Executor is to administer the estate on the death of the Testator.
A Testator is a person who has written and executed a Last Will and Testament that is in effect at the time of his/her death. Which names one or more Executors to act as personal representatives for their estate.
Executors carry out certain tasks in order to legally fulfil their obligations
- Written by: Jason
- Category: Uncategorised
- Published: 5th June 2012
The Mail On Sunday – Make a Will If Its The Last Thing Yo Do
With nearly 30 million people in Britain without a Will the Mail on Sunday looked at the importance of making a Will and the consequences of dying without a Will.
Many people believe that their estate will automatically pass to those closest to them even if they have not made a Will however the reality is very different.
What are the consequences of dying without a Will?
If you are married or in a civil partnership and have no children, when you die your spouse or partner will receive all your personal belongings but nothing that was used for business purposes. They will receive the whole of the estate free of tax up to a value of £450,000 but above that figure half goes to the surviving partner and the other half will go to surviving parents. Where there are no parents any brothers and sisters will get a share – or their children will if they died while you were still alive. Only if you die leaving no surviving parents or siblings and their children will your entire estate pass to your spouse or partner.
If you have children then your partner or spouse will get the whole of your estate (but nothing used for business purposes) up to the value of £250,000 tax free but above that the rest will go to your children.
If you live with someone but are not married or in a civil partnership the results are even more dire
Your surviving partner will not automatically get a share of the estate and will probably have to make a claim through the courts.
- Written by: Jason
- Category: Uncategorised
- Published: 5th June 2012
Guardian Online – Why a Lasting Power of Attorney is not just for the elderly
A lasting power of attorney (LPA) gives another individual the legal authority to make financial or health and welfare decisions on your behalf should you lose the capacity to do so. It’s not just for the elderly; younger people may become incapacitated through accident or illness.
Without an LPA in place, relatives may face long delays and expenses in applying to the court of protection to get access and take control of your assets and finances.
There are two types of LPA: one that can cover decisions about money matters, known as a property and financial affairs LPA, and one that can cover decisions about healthcare, known as a personal welfare LPA.
A person administering a property and financial affairs LPA can make decision on things such as buying and selling your property, dealing with your bills, running your bank accounts and investing your money. If they have a personal welfare LPA, they can generally make decisions about where you should live, how you should be treated medically, what you should eat and who you should have contact with.
You may choose anyone you trust as your attorney, provided they are over 18, not bankrupt and they are willing to take on the role, which is a serious responsibility. It is their duty to make all decisions in your best interests and they must follow certain principles set out in the Mental Capacity Act aimed at making sure you are encouraged to make your own decisions where possible. As a donor, you can restrict or specify the types of decisions the attorney can make, or you can allow them to make all decisions on your behalf.
So should you do it yourself or seek advice? Lucy Malenczuk, policy adviser on financial services for Age UK, says: “We would encourage people to read through the forms and guidance first and, if they want to set up something fairly simple and feel confident about their decisions and filling out the forms, then they don’t have to have legal advice. But it’s important to remember that an LPA is a serious, powerful document so, if in doubt, they may want to take legal advice.”
Julia Abrey, head of elder law at law firm Withers, agrees that people who want to set up a straightforward LPA can do it themselves, although for something more complex, she recommends seeking advice.
“Suppose you want to put in particular restrictions on what the attorney can do,” she says. “This can be quite complicated to draft correctly and the risk is (if it is drafted incorrectly) the Office of the Public Guardian may sever a restriction or, in extreme cases, render the power of attorney invalid.”
Natalie Walker, head of wills at Co-operative Legal Services, says that, without legal advice, there is the danger of making errors of judgment in drafting the form that can make life unintentionally difficult for your attorneys in the future, or which can cause the OPG to reject it.