- Written by: Jason
- Category: Lasting Power Of Attorney
- Published: 9th February 2015
A General Power of Attorney is not the same as a Lasting Power of Attorney.
A Lasting Power of Attorney (LPA) is required if a donor loses the mental capacity to make decisions for themselves. There are two different types of LPA, one to manage a person’s Property & Financial Affairs and another to manage their Health & Welfare.
A General Power of Attorney is more of a short-term arrangement providing a limited grant of authority to deal with a donors financial affairs but does not continue if a donor loses the mental capacity to make decisions for themselves.
- Written by: Jason
- Category: Will Writing
- Published: 23rd January 2015
In order to know if there is likely to be a need to create a Will Trust within your Last Will and Testament. The first thing you should consider is your wishes for the distribution of your estate upon your death.
If your wishes for the distribution of your estate are quite straightforward then it is likely that there is no need to create Will Trusts. There are however some situations which may require you to have a Will Trust created:
Here are some examples of situations when you may require a trust to be written within your Will:
- Written by: Jason
- Category: Uncategorised
- Published: 6th January 2015
When is Inheritance Tax Charged?
For a single person, the current Inheritance Tax IHT nil rate band threshold is £325,000.
If on death a persons Estate is valued at more than this threshold then Inheritance Tax is payable and is currently charged at a rate of 40% on anything over the threshold.
As a result of changes in October 2007, married couples and registered civil partners can increase the threshold on their Estate when the second partner dies too as much as £650,000 by transferring any unused IHT threshold from their spouse or partner.
- Written by: Jason
- Category: Will Writing
- Published: 14th December 2014
Appointing An Executor
One of the clauses a Will must contain is a clause that appoints your executors. An executor is a person who administers your estate and carries ‘s out other wishes in your Will.
You should think carefully about who you select as your executor/s, the people you choose should be someone you trust and you feel will be able to carry out their responsibilities effectively.
Whilst not an exhaustive list an of executor’s responsibilities include:
- Written by: Jason
- Category: Will Writing
- Published: 21st November 2014
Making A Last Will & Testament
Making a Will is essential and unless your circumstances change significantly, is something most people only have to do once.
Making a Will puts your mind at rest that when you are finally laid to rest your loved ones, family, friends and future generations are provided for.
By Writing your wishes in a Will you are ensuring your hard earned assets are distributed correctly, preventing unnecessary emotional stress to the people you have left behind.
- Written by: Jason
- Category: Will Writing
- Published: 6th November 2014
According to a recent survey by Investec, a large number of people in the UK have yet to make Will.
The majority of the people they surveyed plan to make a Will at some point in the future.
Twenty-Five percent of these intend to use a lawyer or Will Writing Service and Twenty percent say they are likely to use a DIY Will Template.
- Written by: Jason
- Category: Will Writing
- Published: 24th October 2014
Trusts can be used to control the distribution of a persons (the Settlor’s) property and assets. This is achieved by either the creation of a Trust within a Will or by a separate Trust Deed.
There are numerous different types of Trust’s, some are designed to come into force in the event of death others form part of an individuals lifetime planning.
Trusts can be created to benefit the Settlor (the person placing the assets into trust) or for bloodline planning purposes to benefit a surviving spouse, children and grandchildren.
- Written by: Jason
- Category: Inheritance Tax Planning, Will Writing
- Published: 17th October 2014
An Asset Protection Trust is a form of Life Interest Trust or Discretionary Trust that is created by the Settlor (the person gifting the asset into trust) during their lifetime.
Asset Protection Trusts are commonly used as an effective means of Estate Planning and provide bloodline planning for future generations.
These trusts allow the Settlor to transfer assets into trust immediately during their lifetime instead of the assets being distributed upon death.
- Written by: Jason
- Category: Uncategorised, Will Writing
- Published: 6th October 2014
On the 1st of October 2014 the Inheritance and Trustees Powers Act 2014 came into force.
In England & Wales If you die without making a Will, then your estate will be distributed subject to the Rules of Intestacy.
If you want to ensure your estate is distributed to the people you want to inherit, then you need to Make a Will.
We are currently creating a 2014 Intestacy Rules Flowchart and will update this post with a link to it, so bookmark this page and check back soon.