- Written by: Jason
- Category: Will Writing
- Published: 19th February 2014
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.
When considering using such a clause. It is important to first consider the tenancy basis on which the family home is registered with the land registry. Often family homes are purchased and registered on a Joint Tenants basis, if this is the case using a Property Lifetime Interest clause to give away part of the family home will not work.
- Written by: Jason
- Category: Will Writing
- Published: 12th February 2014
When a person loses 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.
- Written by: Jason
- Category: Lasting Power Of Attorney, Will Writing
- Published: 12th February 2014
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.
- Written by: Jason
- Category: Will Writing
- Published: 4th February 2014
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.
- Written by: Jason
- Category: Will Writing
- Published: 31st January 2014
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 someone’s 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.
- Written by: Jason
- Category: Inheritance Tax Planning
- Published: 29th January 2014
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.
The HMRC believe that making changes to the way (IHT) Trust charges are calculated would remove a number of the practical difficulties involved in arriving at the amount of tax due. Whilst at the same time keeping the trust charges regime relatively intact.
- Written by: Jason
- Category: Will Writing
- Published: 21st January 2014
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
- Written by: Jason
- Category: Lasting Power Of Attorney
- Published: 14th January 2014
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.
The longer the Power of Attorney is kept after making it and before registering it. The more likely you or your attorney(s) will need to keep its contents up to date, for example, addresses or contact details.
- Written by: Jason
- Category: Lasting Power Of Attorney
- Published: 7th January 2014
If you currently have a Lasting Power of Attorney registered with the office of the Public Guardian and there have been changes in your circumstances or wishes. For example, you no longer wish the attorneys you named to act should you lose the mental capacity to manage your own affairs.
Then you will need to Revoke the Lasting Power of Attorney by sending a deed of revocation to the office of the public guardian.