Author name: Dolores Dixon

When someone passes away it can be a very challenging time and knowing what to do can be tough. Probate can sometimes seem like a bit of a maze so in this short article we have summarized the steps needed to wind up an estate. Bear in mind that we are unable to cover every aspect of the estate administration process so we have done a brief summary of the common steps: When arranging the funeral check the Will to see if there are any wishes in the Will or to see if there is reference to a pre-paid funeral plan. Best to check your loved ones paperwork to be sure one wasn’t purchased before arranging anything. Probate is needed where the deceased died with a Will. Where they died without a Will (intestate) then Letters of Administration will need to be applied for. The job of the executor is then to draw in all of the assets belonging to the deceased. After testamentary expenses have been paid then the assets can be distributed. Liabilities include paying any tax that the estate owed and also paying funeral expenses. Once this has all been done, the estate can be shared out as per the wishes in the Will.   Naturally it goes without saying that if you have any questions about dealing with an estate, you’re welcome to contact SLS Wills and More and we will happily support. We will always give what guidance we can and then if you feel that you need further support we can let you know our charges for handling a probate.   Understand though that our consultation is always free.   Why choose SLS to help with estate administration? With over 30 years experience you can trust the team at SLS to look after you and your family.

Estate Administration is the process of dealing with a person’s legal and tax affairs after they have died. It involves far more than obtaining a Grant of Probate (Confirmation in Scotland) which is just one element of the process. This means dealing with all their assets; such as property, shares and personal possessions, paying debts and paying any Inheritance Tax and Income Tax. Whatever is left in the estate is then transferred to the beneficiaries. Estate administration can be extremely complex and is required after every death, whether or not there is a Will. In order to complete the estate administration process, there are a number of tasks that need to be carried out, including: While some people decide to administer the estate themselves, this can take a significant amount of time and effort; and it leaves them personally liable for any mistakes made during the process. This can also prove to be stressful and emotional, with good reason. Whether their estate is simple or complex, the issues faced with the death of a loved one are rarely straightforward. That’s why SLS Wills and More has partnered with Kings Court Trust, our preferred provider of estate administration, to deliver an estate administration service. Most of us are not used to dealing with the complex requirements of estate administration, especially at a time when financial matters are the last thing on our minds. Kings Court Trust is one of the leading specialist estate administration service providers in the UK and, like us, they place their clients at the very heart of everything they do.   If you would like some friendly, caring & supportive advice about your role as an Executor, or Power of Attorneys, Funeral Planning, Estate Administration, Will Writing and how we can help you, you can call Sara on 01304 577998 or email sara@slswillsandmore.co.uk.

This is a question which, whilst important to many people writing their Will, also indicates one of the motivations not to write a Will, and it shouldn’t be a barrier. It’s also rather a contentious question because everyone wants a bargain. When we are talking about the most important legal document we will ever make, it’s crucial to make sure it’s being done correctly. When considering the question ‘how much does a Will cost?’  there are a number of variables or considerations. Firstly, remember that you don’t need to pay a professional to write your Will. You can write it yourself with a DIY kit from WHSmiths or from Amazon. It is our recommendation that you always seek professional assistance though because the area of succession planning is far more complicated than many realise and whilst well meaning, any mistakes tend to come to light after you’ve passed by which point, it can often be too late to rectify them. Secondly, a practical consideration when it comes to the cost of a Will is that there are ‘professional estate planners’ who will offer a Will for as little as £19.99. This brings into consideration that you get what you pay for and that if it sounds too good to be true, it probably is. In many cases, these firms will be looking to charge you for additional services (and we’ve seen in some cases, that these products aren’t necessarily right for the purchaser). What about online Wills? This is something that is becoming increasingly more accessible and being offered by lots of firms. In many cases these Wills (starting from as little as £49) can be a credible and suitable solution but often they only cater for simple estates or circumstances. Here at SLS Wills and More, we DO offer an online solution but because clients don’t know what they don’t know, our online service comes with a FREE Will check included as standard to make sure that the simple online Will is suitable. So how much should you pay? In the majority of cases you will be paying a fixed fee for your Will but some solicitors charge by the hour for their services, but in the main, and from our experience working in private practice, it is usual to pay up to £200 for a Single Will and up to £350 for Mirror Wills before the cost of any trusts or additional estate planning work is added. At SLS Wills and more we like to make sure our services are as affordable as possible so we only charge £160 for a Single Will and £260 for Mirror Wills. All of our costs are indicated before you commit to providing instructions and you don’t pay until we provide you with draft documents. We are insured for the work we undertake and have over 35 years experience in drafting Wills and associated legal documents. To provide you with even more confidence in your decision to trust SLS, our documents are drafter by founder Sara Sheppard who hold the prestigious STEP qualification as well as being on the Society of Will Writer’s Professional Standards Board.  Any professional worth their money will provide you with initial guidance and support. Be sure to check our Google Reviews to see what our clients think of the service we offer. If price is a barrier, we do offer flexible payment options. Remember – a Will is a vitally important document. When you’re ready to book an appointment, speak to SLS Wills and More.

We all know the importance of writing a Will to preserve, protect and pass on our wealth but did you know that if you have a business, a share in a business or a ‘business interest’ then you should consider estate planning seriously. Not having a business Will in place could mean that your business could pass to someone who has no interest in running it, or could pass to someone who has no idea as to its value. Putting a business Will in place means making provision for the business and to provide instructions as to what you would like to happen to it, who should run it, and how it should be run. There are of course different business ownership structures and advice would have to be specific to this. The term ‘business Will’ is also one which causes confusion. Your business Will isn’t a separate document. We simply make provision within your Will for the distribution of business assets or interests. Your commercial estate planning enables you do a number of things including: The way in which you pass your business could incur tax and in appointing us to support with advice relating to your estate planning could mean we mitigate such tax. All of our consultations start with a conversation. Simply send us some information about your business, the business structure, what planning, if any is in place and what provision you would like to make.  We can then provide you with a written quote.

Inheritance Tax is an incredibly complex subject but vitally important and its origins date back to the Napoleonic Wars when the government introduced a levy to help fund the wars against Napoleon. As the name suggests it’s a tax that we pay based on the value of our estate. Our estate includes any money, property and possessions and the value is used to calculate what, if any tax is due after we die. If you live in England and Wales then you have what is known as a ‘Nil Rate Band’. This is a zero rated tax bracket meaning that essentially everyone with an estate worth more than £325,000 is liable to pay inheritance tax unless planning is done and that you won’t pay IHT on the first £325,000 in our estate.  Inheritance Tax is paid from our estate by our executors after we have passed away. Our executors will calculate what tax we owe and then pay it to HMRC before any other gifts etc will be made. In some cases, we may have to sell our property in order to pay Inheritance Tax. There are a couple of important considerations though. There is normally no tax to be paid if: With all of this in mind, and if you’re married or in a civil partnership then you could have a combined Nil Rate Band of £1,000,000. According to the Gov website the NRB is fixed at £325,000 until 2026 but you can use a partner’s unused NRB if you are widowed or a surviving civil partner. Inheritance Tax has to be paid before the 6 month anniversary of your death. If it’s not paid by this point the HMRC might start charging interest. In many cases, even if the tax calculations haven’t been completed, if you’re aware that IHT will need to be paid it’s a good idea to make a payment towards the bill. This is known as making a payment on account. If you’re worried about Inheritance Tax and would like to start planning to mitigate any tax then consider some of these strategies: If you would like to know more about Inheritance Tax or to have a free no-obligation discussion to talk about your circumstances, then get in touch.

Lasting Powers of Attorney (LPA)   What are they? This is an important legal document in which you (the donor) appoint people your trust (attorneys) to be able to make decisions for you in the event that you become unable to make them yourself or should you decide not to make decisions for yourself. There are two different types of Lasting Powers of Attorney. One giving power over your Health and Welfare and one for your Property and Financial Affairs. When can they be used? They can only be used when they are properly registered with the Office of the Public Guardian (a Gov Body) known as the OPG. Who can I appoint as my Attorneys? You are free to choose who you appoint as your attorneys. What powers do my Attorneys have? LPAs give power for the management of someone else’s affairs, including: You might appoint them in the following circumstances: Is it effective straight away? It becomes effective as soon as it is registered and when you receive confirmation from the OPG. What does ‘registration’ mean? The OPG receive applications from Will Writers and Estate Planners like myself all of the time. We support clients to ensure that these applications go through without unnecessary delay, objection, or rejection. Failure to complete the forms correctly will result in the forms being rejected and the application fee being NOT being returned. You are able to complete forms yourself but you must understand the risks. I support my clients and identify where they are able to save money through exemptions or remissions. How long does it take to register an LPA? Typically, the process can take 12 weeks to register but there are no strict timelines. When SLS Wills and More are instructed to create your LPA, we manage the process with the OPG.

SLS have been helping clients with important legal documents for years. Here are some of the common myths about LPAs that we have heard. ONE I’m too young to have an LPA. This is a silly one… Sadly, you can lose your capacity at any time and one of the biggest causes for loss of capacity within younger people is from road traffic collisions. If you don’t have an LPA and lost capacity the impacts on loved ones could be catastrophic. TWO My family will take care of me. It’s true that your family will probably take care of you but will they have any legal power to make decisions regarding your health or welfare or property and financial affairs? Probably not. This means they won’t be able to take care of your bills or make decisions regarding where you get care. THREE My partner knows my pin number so they’ll be able to access my bank. Without an LPA for property and financial affairs, they shouldn’t be able to access your bank, let alone access the funds within it. If you’re the breadwinner within your household and you don’t have an LPA, this could cause serious financial worry. FOUR It’s too complicated At SLS Wills and More, we take a simple approach to helping you put these documents in place. We hold your hand step-by-step until the document is ready for use. This removes any complication. The joys of using a professional like me to help you is that these documents will be accepted by the OPG on application and I’ll notify you of any remissions you may be able to apply for. FIVE It’s too expensive Not with SLS it isn’t. We pride ourselves in offering affordable legal services and even offer relaxed payment schemes. For more information, or for a quote, please contact me. SIX I’ve been diagnosed with dementia so I can’t make one now. This might not be true. In order to make an LPA you need to have the mental capacity to do so. I will be able to make an assessment for you. SEVEN I’ve already got a Will so don’t need an LPA An LPA serves a different purpose to a Will. Your LPA allows you to appoint people you trust to make decisions for you in the event that you cannot. They are used during your lifetime. Your Will is effective after you’ve passed away. EIGHT I don’t have anyone to appoint as my attorneys so I can’t make an LPA If you don’t have family or loved ones that you trust or would want to appoint, you can appoint a professional to be able to act. We will be able to tell you more about the costs and implications of appointing a profession. NINE I’ll just wait until I need it. This could be a BIG mistake. You can only make an LPA when you have mental capacity. Don’t leave it too late. TEN LPAs are only for people with money. There are two different types of LPA. One governs your health and welfare and takes into account who cares for you or how. This has no correlation with money.

The festive period is normally a happy time, a time for giving and receiving but for many also a time of reflection. We also to look ahead at the coming year, to set our goals and make those New Year’s resolutions then promise ourselves to actually stick to them this time! Whether that is to lose that weight you’ve been promising, apply for that new job, or to get your affairs in order. Many people put off their estate plan year after year. We promise ourselves that we are going to finally sort our Will out and then forget about it only to agree to sort it out again in the new year. According to a BBC News article, which you can read here, more British people die during the first full week of the year than at any other time. The chart included in this article shows deaths by day during December and January in England and Wales. It shows a peak during the first full week of the year. While estate planning may not be traditionally associated with the winter holidays, the end of the year is a good time to reflect on your situation and plan for the future. Estate planning is a good idea for families at all stages, and it’s particularly important at certain milestones like marriage, having kids, and reaching retirement age.  Basic estate planning documents like a Will, a Power of Attorney, and a Funeral Plan allow you to clearly set out your wishes. You have the opportunity to create a plan that fits your family’s particular dynamic. For example, you may want to provide for your children and relatives, or you may want to set up individual provisions for your grandchildren or favourite charities. Keep in mind that a basic Will may not cover all your assets, so other options like Trusts may be necessary but your Will writer will be able to discuss this and advise you of the best options for you. So, while the family is together, and we are in this period of reflection and planning use the time to be open and discuss your wishes with the family. Commit to creating your plan going forwards so you can have peace for many more years to come.   If you would like some friendly, caring & supportive advice about your role as an Executor, or Power of Attorneys, Funeral Planning, Will Writing and how we can help you, you can call Sara on 01304 577998 or email sara@slswillsandmore.co.uk.

SLS Wills and More had a very exciting 2021 and we helped more clients than ever before. In 2022 we are excited to have welcomed Shaun to join us as a consultant which means that we are going to be able to help even more clients. Shaun joins Sara and Kim at SLS Wills and More, who look after our lovely clients. Be sure to check out our other article welcoming Shaun into the business. If you would like to contact Shaun directly to book an appointment, he can be reached at shaun@slswillsandmore.co.uk. One thing has not and will not change in 2022 and that is the importance of estate planning, and putting the correct plans in place. You will no doubt be pleased to hear that we are as committed as ever to providing affordable estate planning with advice tailored to suit the needs of our clients. The benefit of choosing SLS Wills and More as your estate planning partner is that you’re getting the benefit of nearly 40 years of estate planning experience from drafters who are STEP qualified, members of the Society of Will Writers and who passionately care about doing a good job. If you are reading and are an existing client of SLS Wills and More and it’s been some time since we wrote your Will, feel free to get in contact with us to book in a complimentary review. It is likely that your documents will be absolutely fine but it is always good to check that they are up to date. As a basic measure, you should check/update your Will every 3-5 years to take into account any tax or legislative changes. If in doubt, always ask. If you have not written your Will yet and the information above has given you confidence that writing your Will in 2022 is a good idea and that you would like to have us support, book in for a free consultation. You do not have to pay a penny to hear our advice. If you would like to proceed, you will have a clear idea of costs and will be in a position to make an informed decision. In any case, we wish a prosperous 2022 and beyond!

Join us in welcoming Shaun to the team here at SLS Wills and More. We are really excited to welcome Shaun onboard who joins Sara and Kim supporting our clients with estate planning. Shaun is pleased to introduced himself and has said the following: “My name is Shaun Everett and I live in Canterbury, Kent with my wife. I have been married 37 years and have 3 children and 4 grandchildren. To say I have had a varied career would be an understatement as I have been a stage tech at The Royal Opera House, a London Taxi Driver and for most of my working life a financial planner including working for Danske Bank Ireland and Nationwide Building Society – UK. I always wanted to build our own house and had the opportunity of achieving this in 1998 after two years of hard work on a site we had in the west of Ireland. I am excited about joining Sara Sheppard owner of SLS Will and More as an Estate planner after passing my exam with the Society of Will Writers.“ If you would like to book an appointment with Shaun, contact him at Shaun@slswillsandmore.co.uk