Uncategorized

Uncategorized

What happens if I can’t find a Will? (lost Will)

Talking to loved ones about preparing a will may seem grim, but the reality is without a will, things could potentially become complicated and stressful. When a person dies without leaving a valid will, their property must be shared out according to certain rules. These are called the rules of intestacy. A person who dies without leaving a will is called an intestate person. Only married, civil partners and some other close relatives can inherit under the rules of intestacy. If someone makes a will but it is not legally valid, the rules of intestacy decide how the estate will be shared out, not by the wishes expressed in the will. Married partners and civil partners Married partners or civil partners inherit under the rules of intestacy, only if they are actually married or in a civil partnership at the time of death. So, if you are divorced or if your civil partnership has been legally ended, you can’t inherit under the rules of intestacy. Partners who separated informally can still inherit under the rules of intestacy. Cohabiting partners who were neither married nor in a civil partnership can’t inherit under the rules of intestacy. Jointly owned property Couples may jointly own their home. There are two different ways of jointly owning a home. These are beneficial joint tenancies and tenancies in common. If the partners were beneficial joint tenants at the time of the death, when the first partner dies, the surviving partner will automatically inherit the other partner’s share of the property. However, if the partners are tenants in common, the surviving partner does not automatically inherit the other person’s share. Joint property and money that the surviving partner inherits automatically does not count as part of the intestacy allowance, although it does still need to be valued for Inheritance Tax purposes. Close relatives Children of the intestate person will inherit if there is no surviving married or civil partner. If there is a surviving partner, they will inherit only if the sole estate is worth more than £270,000. If there is no surviving partner, the children of a person who has died without leaving a will inherit the whole estate. This applies however much the estate is worth. If there are two or more children, the estate will be divided equally between them. If there is a surviving partner, the partner will receive the first £270,000, with the balance being divided into two equal shares – one half will go to the partner and the other half between the children equally. All the children of the parent who has died intestate inherit equally from the estate. This also applies where a parent has children from different relationships. Adopted children (including stepchildren who have been adopted by their stepparent) have rights to inherit under the rules of intestacy. But otherwise you have to be a biological child to inherit. A stepchild who has not been formally adopted has no rights to inherit under the Intestacy rules. Parents, brothers and sisters and nieces and nephews of the intestate person may inherit under the rules of intestacy. This will depend on a number of circumstances. Other relatives may have a right to inherit if the person who died intestate had no surviving married partner or civil partner, children, grandchildren, great grand-children, parents, brothers, sisters, nephews or nieces’ grandparents. If there are no surviving relatives If there are no surviving relatives who can inherit under the rules of intestacy, the estate passes to the Crown. This is known as Bona Vacantia. The Treasury Solicitor is then responsible for dealing with the estate, including checking whether there are any living relatives. If you are not a surviving relative, but you believe you have a good reason to apply for a grant, you will need legal advice. For more information about Bona Vacantia, visit the GOV.UK website at www.gov.uk.   A Will and Funeral Plan are two of the most important decisions you will ever make, so we would advise you to do everything you can to make sure they are done properly. If you would like some advice on Funeral Planning, Will Writing, Power of Attorneys and how we can help you, you can call Sara on 01304 577998 or email sara@slswillsandmore.co.uk

Uncategorized

Famous Wills and Estates

Jimi Hendrix Rock star Jimi Hendrix died 50 years ago in 1970 but is a perfect example of the importance of having a Will. The battle over his estate raged on for more than 30 years because he had no Will. What makes matters more complicated is that musicians often generate money through royalties after they’ve died. William Shakespeare The famous playwright’s Will is an interesting one and is even more fascinating because it’s signed 3 times. Most notably he left his wife his second-best bed, but according to the national archives, he left the bulk of his estate to his elder daughter, Susannah Hall and he left £300 to his younger daughter, Judith. Robert Louis Stevenson Well renowned novelist Stevenson, famous for works including Treasure Island and Jekyll and Hyde sadly died of a stroke in December 1894. One gift that the writer left was to a young girl who he befriended. As she was born on Christmas day, she remarked that she felt cheated out of a ‘real birthday’ so, on his death, RLS left Annie his own birthday (November 13th). Harry Houdini The escape artist’s death is a sad tale. He had a ruptured appendix and could have received medical attention but instead, decided to continue his show. The 4 blows he received to his midriff ultimately lead to his death and have been explained at the following link: https://www.thegreatharryhoudini.com/death.html. His Will is an interesting one. As an escape artist and dare-devil, he had the foresight to plan ahead and to write his Will. In his Will, he also planned to be able to communicate from the afterlife, instructing his wife to conduct a seance every year on the anniversary of his death. Dusty Springfield The famous singer is a perfect example of how a Will can be used to make provision for our pets. In her Will, she wanted to ensure that her cat Nicholas would be provided for and kept in the life of luxury. As such she expressed her wish that he would be serenaded to sleep with Dusty’s hits on a stereo system (this was 1999)… She also instructed that his food be imported from the USA and she expressed her wish that Nicholas (the cat) marry the cat of the person she placed him in the care of. Michael Jackson It’s amazing to think that the king of pop died 11 years ago in 2009 7 years after he had written his Will. Whilst the legislation governing his Will differs somewhat from the law that we work to, there are some interesting and valuable lessons we can draw from it. Michael had 3 minor children and he appointed his mother as the guardian of them. Guardianship is key to ensuring that people we trust will be able to look after our kids if something happened to us. Another valuable lesson we can learn from MJ is that he had three Wills prior to this document all of which are revoked by the ‘Last Will and Testament’. Arguably the most valuable lesson we can learn is that the singer used trusts to provide for the intended beneficiaries and these are important estate planning tools for maximising the inheritance we can leave as well as making sure that the sums or property within them are protected against misuse, abuse, or neglect. George Michael Another sad tale here. George Michael was found dead on Christmas Day in 2016 by his boyfriend. We now know the legacy that the Wham star left behind extends beyond his Will. Prior to his death George Michael was happy to give away huge chunks of his wealth to good causes, charities, and fans but much of this remained a secret until after his death and was recently reported in the Mirror. Gifting to charities that you support is a great way to leave a lasting legacy but also reaps benefits for those with Inheritance Tax issues. George’s Will left a few surprises and again, a Mirror article tells all about who got what.   There are a few valuable lessons here about why estate planning is important, the scope of your Will works beyond just leaving money to family and how famous people have highlighted these lesson, sometimes unknowingly.

Uncategorized

Films / Movies about Inheritance

Best Movies Dealing With Inheritance There are a number of movies about money and more specifically about an inheritance. Here are some of the best movies dealing with the important subject of writing your Will. Its worth noting that some of the messages get a little confused… For clarity here are a couple of key messages before we list the movies Now onto the movies. Richie Rich Born into wealth, Richie’s parents are super wealthy. He has staff, luxury but no real friends except for his butler who look out for him. A plot is unveiled to kill his parents so that the family business can be controlled by a villain and Richie works to prevent this corruption. Light-hearted and fun! The Descendants A land baron tries to reconnect with his two daughters after his wife suffers a boating accident. This film deals with an inheritance, trusts, living Wills and all manner of estate planning whilst also being an -award-winning film with George Clooney in it. Big, Steal Little If you can get past Andy Garcia playing a pair of twins, this movie highlights the pain money brings to a waring family and the greed and jealousy an inheritance can bring. Inheritance This is a new movie (2020) where a patriarch of a wealthy and powerful family suddenly passes away, leaving his daughter with a shocking secret inheritance that threatens to unravel and destroy the family. Simon Pegg is one of my favourite actors and plays his role well. Rather far fetched and the film hasn’t had the best reviews. It’s not too bad in my opinion. The Weekend Murders This is an older movie where a family heads to a British Estate to hear the reading of a Will but while there, they are murdered one by one. Brewster’s Millions One of the most classic inheritance movies and had to make the list! Well worth a watch and it’s a real rags to riches story! Rainman Another award winning film. This time Charlie, a selfish automobile dealer, kidnaps his autistic brother Raymond and tries to manipulate him into giving up his inheritance from their late father. Dustin Hoffman at his finest! The Ultimate Gift Jason Stevens (Drew Fuller) lives a life of wealth and privilege. When his grandfather (James Garner) dies, Jason expects to receive a hefty inheritance. Instead, however, Jason must set out on a journey of self-discovery to earn the true gift his grandfather meant for him to have. Howards End This one has a star studded cast. A true inheritance movie in which Helen Schlegel falls for Paul Wilcox, but is rebuffed. Her sister Margaret becomes friends with his mother, who promises her the family house, Howards End. Unfortunately, after her death, the Will disappears and it appears the inheritance will disappear. Until the widower, Henry Wilcox, becomes attracted to Margaret. The Batchelor With a number of well-known actors, this light-hearted and dare I say fun film is about a gent who learns that if he doesn’t get married by 6:05pm on his 30th birthday, which is the next day, he misses out on his inheritance. He sets out tracking his past girlfriends in a bid to find a wife. The Last Will and Testament of Rosalind Leigh Not for the feint hearted. This one is a horror film in which an antiques collector inherits his mother’s house and discovers that her involvement with a mysterious cult of angel worshippers might have led to her death. How many of these have you seen? Which was your favourite and are there any films we have missed from our list?

Uncategorized

Probate and Estate Administration Explained

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.

Uncategorized

What is Estate Administration?

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.

Uncategorized

How much does a Will cost?

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.

Uncategorized

What is a Business Will?

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.

Uncategorized

How Inheritance Tax Works (IHT)

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.

Uncategorized

What does a Lasting Power of Attorney do?

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.

Uncategorized

Common myths about LPAs (Lasting Powers of Attorney)

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.

Scroll to Top