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Remembering those who have passed away in 2023. Lisa Marie Presley (January 2023) Lisa Marie Presley (54) was a singer-songwriter and the only daughter of Elvis Presley and Priscilla Presley. She passed away from a suspected heart attack. Robbie Knievel (January 2023) Robbie (60) was the son of famous dare devil ‘Evil Kneivel) and passed away after a battle with Cancer. Robbie was known for following in his father’s footsteps and was also a well renowned stunt rider. Paco Rabanne (February 2023) Famous designer Paco Rabanne passed away in February at the age of 88. Burt Bacharach (February 2023) The signer Burt Bacharach, known for songs like ‘Raindrops keep falling on my head’ passed away at the grand age of 94. Tom Sizemore (March 2023) Legendary actor – Tom Sizemore died at the age of 60 from a brain aneurysm. Tom was known for roles in award winning films such as Black Hawk Down and Saving Private Ryan. Nicholas Lloyd Webber (March 2023) Son of famous composer Andrew Lloyd Webber, Nick was a composer himself and passed away at only 43 following a battle with Cancer. He was Grammy nominated. Paul O’Grady (March 2023) Much loved comedian, drag queen, actor, and writer – Paul (67) passed in April 2023. He was known for having presented shows like ‘For the love of Dogs’ and ‘The Paul O’Grady Show’ as well as for being the drag queen – Lily Savage. Barry Humphries (a.k.a. Dame Edna Everage) (April 2023) Australian comedian – Barry, known for his on screen performances as Dame Edna Everage was an iconic comedian who passed away in April at the age of 89. Len Goodman (April 2023) Len Goodman, former head judge of Strictly Come Dancing ran his own dance studio and was a professional ball room dancer. He passed away in a hospice in Kent in April 2023. Jerry Springer (April 2023) The legendary talk show host and entertainer Jerry Springer passed away at his home in the USA in April at the age of 79. Jerry was best known for hosting ‘The Jerry Springer Show’ which ran for 27 seasons (over 27 years). Tina Turner (May 2023) Tina Turner was an American-born singer. Known as the “Queen of Rock ‘n’ Roll”, she rose to prominence as the lead singer of the Ike & Tina Turner Revue before launching a successful career as a solo performer. She died in Switzerland on the 24th May. Trevor Francis (July 2023) Trevor Francis was a striker who played for Birmingham City, and who became the first £1 million footballer when he moved to Nottingham Forest. He sadly died this month at 69 years of age of a heart attack. George Alagiah (July 2023) George was a renowned journalist – the face of BBC One’s News At Six since 2007 but was sadly diagnosed with stage four bowel cancer in 2014. He died at the age of 67. Meg Johnson (July 2023) Meg sadly passed away at the age of 86. She was a loved actress who had appeared on Coronation Street and Emmerdale. She had suffered from Dementia in her later years. Meg Johnson (July 2023) Ray Stevenson (July 2023) Actor – Ray Stevenson sadly died following being hospitalised whilst filming in Italy. He was only 58 years old. Tony Bennett (July 2023) Much loved American singer and entertainer Tony Bennett, famous for recent duets with singers such as Lady Gaga, Stevie Wonder, Christina Aguilera, and Amy Winehouse sadly passed away on the 21st July. He was reportedly diagnosed with Alzheimer’s in 2016 and following a 7 year battle, sadly passed away.

When it comes to estate planning, creating a comprehensive Will can be vital to ensuring that your assets are distributed according to your wishes. One powerful tool that plays a crucial role in effective estate planning is the trust. Trusts offer flexibility and control over the distribution of assets while allowing individuals to protect their loved ones and minimise any tax implications. At SLS Wills and More, we understand the importance of tailoring estate planning solutions to meet our clients’ unique needs. In this article, we will explore two commonly used types of trusts in Wills in England and Wales: Life Interest Trusts and Discretionary Trusts, with a special focus on Vulnerable Person Trusts which is something we’re seeing a lot more. Life Interest Trusts: A Life Interest Trust, also known as an Interest in Possession Trust, provides a beneficiary (known as the life tenant) with the right to receive income from the trust assets during their lifetime. Upon the life tenant’s death, the trust assets are then distributed to one or more ultimate beneficiaries (known as the remaindermen). Key features of Life Interest Trusts include: a. Preserving assets: Life Interest Trusts can help protect the value of assets by preventing beneficiaries from misusing or depleting them. b. Flexibility: The settlor (the person creating the trust) has the power to determine the beneficiaries of the trust after the life tenant’s death. c. Care for dependents: Life Interest Trusts can be particularly useful in cases where the life tenant wants to ensure that their spouse, partner, or children are provided for after their passing. Discretionary Trusts: Discretionary Trusts provide the trustees with significant discretion in distributing trust assets to beneficiaries. Rather than specifying fixed entitlements, the settlor grants the trustees the authority to make decisions based on the needs and circumstances of the beneficiaries. Key features of Discretionary Trusts include: a. Asset protection: Discretionary Trusts can be effective in protecting assets from creditors, divorce settlements, and potential financial mismanagement by beneficiaries. b. Tax planning: Discretionary Trusts can help manage inheritance tax (IHT) liabilities, as the assets held within the trust are not considered part of the beneficiaries’ estates for IHT purposes. c. Beneficiary flexibility: Discretionary Trusts cater to changing circumstances, allowing the trustees to adapt distributions based on changing needs or unforeseen events. Vulnerable Person Trusts: Vulnerable Person Trusts are a specific type of Discretionary Trust designed to protect the interests of individuals who lack the capacity to manage their financial affairs. They are often created to safeguard the assets of vulnerable or disabled individuals. Key features of Vulnerable Person Trusts include: a. Financial protection: Vulnerable Person Trusts ensure that the assets of vulnerable individuals are managed responsibly, protecting them from exploitation or mismanagement. b. Means-tested benefits: By placing assets in a Vulnerable Person Trust, individuals can preserve their eligibility for means-tested benefits, as the assets are not considered the individual’s own for assessment purposes. c. Care provision: These trusts can assist in funding care or support services for the vulnerable person while preserving their assets for the future. Creating a well-structured estate plan involves careful consideration of various factors, including the selection of appropriate trusts. Life Interest Trusts, Discretionary Trusts, and Vulnerable Person Trusts offer unique benefits and play crucial roles in achieving your estate planning goals. The way that these trusts are drafted is also crucial and that is where we come in. At SLS Wills and More, our team of experienced professionals are here to guide you through the complex landscape of estate planning. We can help you understand the legal requirements, tax implications, and practical considerations related to trusts, ensuring your assets pass to who you want and making sure that those you’d like to benefit from assets can do so appropriately. For more information, book in a complimentary appointment to discuss your circumstances.

Anne Hathaway is widely known as the wife of the iconic playwright William Shakespeare. However, beyond her association with the legendary wordsmith, Anne’s life and her relationship with estate planning during the Elizabethan era offer intriguing insights into the legal landscape and the evolving rights of women in England. This article delves into the concept of testamentary freedom, the introduction of women’s property rights, and the rising claims against estates, particularly focusing on the notion of reasonable financial provision. Testamentary Freedom in Shakespeare’s Time During William Shakespeare’s era, testamentary freedom granted individuals the autonomy to distribute their property as they saw fit upon their death. This concept was upheld by the legal system and allowed for the execution of one’s final wishes through a legally binding document known as a Will. The Testator (the person making the Will) had the authority to determine how their assets and belongings would be distributed among family members, friends, or charitable causes. Evolving Women’s Property Rights In Elizabethan England, women faced numerous restrictions regarding property ownership and inheritance. A married woman, known as a feme covert, had limited rights over her property. Upon marriage, her assets were typically transferred to her husband, and she had little control or say in their distribution. Consequently, women often found themselves dependent on their husbands for financial stability. Anne Hathaway’s Rights and Grievances As Shakespeare’s wife, Anne Hathaway lived during a time when women’s property rights were still evolving. It is believed that William Shakespeare left the majority of his estate to his eldest daughter, Susanna, in his Will. While Anne received a modest inheritance, her portion was considerably smaller than Susanna’s share. Given the societal norms and legal constraints of the time, Anne’s discontentment or feelings of being aggrieved may have stemmed from the disparity in inheritances between herself and her daughter. The Rise of Claims Against Estates In recent years, there has been a noticeable increase in claims against estates. One of the key reasons behind this rise is the concept of reasonable financial provision. Under the Inheritance (Provision for Family and Dependants) Act 1975, certain individuals can make a claim against an estate if they believe they have not been reasonably provided for in the deceased’s Will. This legislation has expanded the scope for potential claimants, including spouses, children, and dependents, to challenge the distribution of assets. Anne Hathaway’s situation, had it occurred in the present day, might have given her the opportunity to make a claim for reasonable financial provision if she felt she had been unfairly treated in her husband’s Will. However, it is important to note that such laws did not exist during Shakespeare’s time, and the concept of reasonable financial provision was not recognised. Anne Hathaway’s role in history extends beyond her marriage to William Shakespeare. Her experience sheds light on the limited rights women had regarding property ownership and inheritance during the Elizabethan era. While the concept of testamentary freedom prevailed during Shakespeare’s time, women were often marginalised in the process. As the rights of women evolved over the centuries, including the recognition of reasonable financial provision, the legal landscape surrounding estate planning has undergone significant changes. Anne Hathaway’s story serves as a reminder of the progress made and the ongoing pursuit of fairness and equality in matters of inheritance and estate distribution. It’s advisable at the present time to seek advice to ensure that you don’t open your estate up to potential claims and we can provide this support at SLS Wills and More.

When we think of wills, we often envisage legal documents that distribute assets and possessions after a person’s passing. However, some wills transcend their legal purpose and become windows into the lives of remarkable individuals, shedding light on their values, desires, and lasting legacies. In England, a country with a rich history, there are numerous famous wills that offer a glimpse into the lives of prominent figures who shaped the nation and captured the world’s attention. Let us embark on a journey through time as we unveil the extraordinary stories behind these famous wills. One of the most renowned playwrights in history, William Shakespeare, left behind a will that captivates literary enthusiasts to this day. His will, written in 1616, left his “second-best bed” to his wife Anne Hathaway. Although this bequest may seem peculiar, it carries symbolic significance as it was customary for the best bed to be reserved for guests. By leaving his second-best bed to his wife, Shakespeare seemingly conveyed a more intimate and personal connection, highlighting the complexities of their relationship. Another iconic figure, Sir Winston Churchill, known for his leadership during World War II, crafted a will that reflected his profound love for his country. In his will, Churchill requested a simple funeral with no pomp or ceremony. He wanted to be buried near his family home in the countryside, a place where he found solace and inspiration during tumultuous times. This humble request showcased Churchill’s desire to be remembered not as a political figurehead but as a man deeply connected to the land and people he cherished. In more recent times, the world mourned the loss of Princess Diana, a beloved member of the British royal family. Her will, written in 1993, created a trust fund for her sons, Prince William and Prince Harry, ensuring their financial security as they grew older. Additionally, Diana expressed her wish for her personal belongings to be divided between her sons and other family members, emphasizing the importance of sentimental value over material wealth. The late pop icon George Michael left behind a will that revealed his philanthropic endeavors. In a generous act of kindness, he donated a significant portion of his estate to charitable causes, reflecting his dedication to making a positive impact on society even after his passing. This act not only demonstrated his desire to leave a lasting legacy but also inspired others to consider the potential of their wealth in creating positive change. While these famous wills offer intriguing insights into the lives and values of remarkable individuals, they also highlight the importance of Will writing for people from all walks of life. Crafting a Will allows individuals to ensure their final wishes are carried out, providing clarity and guidance to loved ones during a difficult time. It allows for the preservation of personal legacies, be it through sentimental items, charitable bequests, or the distribution of assets to family members. In a world where digital assets and virtual lives have become increasingly significant, it is essential to adapt our Wills to encompass these aspects as well. At SLS Wills and More, we’re experts when it comes to estate planning and whilst we never wrote Shakespeare’s Will, we are trusted by countless others to help protect, preserve and pass on their estate to their loved ones and it always starts with a free no-obligation conversation.

Writing a Will is an essential task that ensures your assets are distributed according to your wishes after you’re gone. However, many individuals make critical errors when drafting their wills, leading to legal complications, family disputes, and unintended consequences. At SLS Wills and More, we have witnessed these common errors time and again. With over 35 years of experience in the field and a team led by the esteemed founder, Sara Sheppard, we are here to guide you through the process and ensure your Will is clear, comprehensive, and legally sound. Here are some of the issues we’ve seen but this is by no means an exhaustive list: Lack of Clarity One of the most frequent errors we encounter in Wills is a lack of clarity. It is crucial to clearly state your intentions and wishes, leaving no room for ambiguity. Failing to articulate your desires precisely can lead to confusion and disputes among beneficiaries. At SLS Wills and More, our expert team understands the importance of clarity and will assist you in crafting a Will that leaves no room for misinterpretation. Failed Gifts Another common error in Wills is the inclusion of failed gifts. People often make provisions for specific assets or properties without considering the possibility that they may no longer possess them at the time of their passing. This oversight can leave beneficiaries disappointed and frustrated. Our team at SLS Wills and More will ensure that your Will accurately reflects your current assets, minimising the risk of failed gifts and ensuring that your wishes are fulfilled. Lack of Residue Clause A residue clause is a critical component of a well-drafted Will, yet it is frequently overlooked. This clause addresses the distribution of assets that are not specifically mentioned elsewhere in the Will. Without a residue clause, valuable possessions or funds may end up being distributed in a manner you never intended. By choosing SLS Wills and More, you can trust that our experienced professionals will carefully include a residue clause in your Will, leaving no room for oversight. Poor Choice of Executor The appointment of an executor is a crucial decision in Will writing, but it is often underestimated. An executor is responsible for carrying out your wishes, handling legal matters, and ensuring the smooth administration of your estate. Unfortunately, many individuals select executors who lack the necessary skills, knowledge, capacity or availability to fulfil these duties effectively. At SLS Wills and More, our team can provide guidance in choosing an executor who is trustworthy, competent, and capable of carrying out your wishes efficiently. We can even support by acting as a professional executor. No Appointments of Executor or Trustees In some cases, individuals neglect to appoint an executor or trustees altogether. This oversight can lead to significant delays and complications in the administration of your estate. Executors and trustees play crucial roles in managing your affairs and ensuring the smooth transfer of assets. By working with SLS Wills and More, you can rest assured that our professionals will help you identify suitable individuals to appoint as executors and trustees, ensuring a seamless transition for your loved ones. Choose SLS Wills and More for a Peace of Mind When it comes to Will writing, it is crucial to seek the guidance of professionals who possess extensive expertise in the field. SLS Wills and More, led by founder Sara Sheppard, is a trusted name in the industry. Sara’s 35 years of experience, membership to the Society of Trust and Estate Practitioners (STEP), full TEP status, fellowship with the Society of Will Writers (SWW), position on their Professional Standards Board, and role as a tutor for the College of Will Writing demonstrates her commitment to excellence and upholding industry standards. By choosing SLS Wills and More, you will benefit from our comprehensive understanding of Will writing and estate planning. Our team of experienced professionals will work closely with you to avoid common errors, ensure clarity, and draft a Will that accurately reflects your wishes. With our guidance, you can have peace of mind, knowing that your loved ones will be taken care of according to your intentions.

Nottingham, 13th June 2023 – The recent terror attack that shook the heart of Nottingham, UK has left a community in shock and mourning. SLS Wills and More, a leading Will writing firm, expresses its deepest condolences to the families and friends affected by this tragic event. Our thoughts and sympathies are with them during this difficult time. The incident serves as a stark reminder that life can take unexpected turns, and we can never truly predict what may lie ahead. It is during such distressing circumstances that the importance of having a well-drafted Will in place becomes even more evident. While contemplating the inevitability of our mortality may be uncomfortable, the events in Nottingham underscore the urgency of making appropriate estate planning arrangements. A Will not only ensures that your final wishes are respected but also provides peace of mind for your loved ones, allowing them to focus on healing and moving forward. Whilst one of the victims was at an age where many of our clients already have estate planning in place, Ian Coates (65) never expected to meet such a devastating end. Just as sad, two students, both aged 19 were taken far too soon and would likely not have thought about estate planning as they undertook their studies. SLS Wills and More emphasises the following key reasons why having a Will is crucial, especially in times of uncertainty: SLS Wills and More encourages individuals to reach out and seek professional advice to help create or update their Will. In these trying times, we must come together as a community to support one another. SLS Wills and More stands ready to assist those affected by the Nottingham terror attack and anyone seeking assistance in protecting their loved ones through comprehensive estate planning. As we extend our heartfelt sympathies to the grieving families, we urge everyone to reflect on the importance of estate planning. Let us honor the memory of those impacted by taking proactive steps to safeguard our own families and ensure a legacy that lives on. For further information or to discuss your estate planning needs, please head to our contact form.

There is an important change in the UK State Pension system that will take place in July 2023. If you’re aged between 45 and 70, this change could affect the amount of State Pension you are eligible for, making it a critical issue to understand. As it stands, the State Pension serves as the cornerstone of retirement income for many, providing over £10,600 per year, indexed for life. However, to qualify for the full State Pension, you must have contributed to the National Insurance system for 35 full years. If you’ve taken a career break, worked abroad, or didn’t meet the income threshold in a certain year, your National Insurance record could be incomplete. What’s changing? Until now, you could make voluntary contributions backdated to the 2006-2007 tax year to fill any gaps in your National Insurance record. From July 31, 2023, this look-back period will be reduced to just six years. This means that any incomplete years before 2017-18 will remain as such, and you will not be able to make them up. The clock is ticking, and this is an opportunity to maximise your State Pension benefits. Remember, after July 31, 2023, you will no longer be able to backdate contributions more than six years to make up for missed years. Useful links: Check your state pensionCheck your National Increase Record Money Savings Expert guideFuture Pension Centre To ensure you’re prepared for this change, consider taking the following steps: Check Your National Insurance Record Check whether you have sufficient years in the system by logging into the gov.uk website and examining your State Pension forecast. This will provide information about how many more years you need to contribute to be eligible for the full State Pension. Determine Your Future Contributions Based on your current record and future work years, estimate if you’ll reach the 35- year mark. If you believe you might not, consider making voluntary contributions to claim missed years. Decide on the Next Steps Assess the cost of filling up a year of missed contributions against the potential long-term returns. One year’s National Insurance contribution equates to approximately £303 of annual State Pension income, indexed for life. This investment could result in significant, inflation-protected returns over your lifetime. Deciding whether to make these contributions can be a complex process. You may want to consider consulting professional resources or the government helpline, Future Pension Centre, for further advice. Please consider this information carefully, as it may significantly impact your financial future. Share it with anyone who could benefit from it. If you have any questions or require further clarification, don’t hesitate to seek advice. This article was submitted as a guest article by Kron Wealth. Kron Wealth is a trading style of Sandringham Financial Partners Ltd, which is authorised and regulated by the Financial Conduct Authority. Sandringham Financial Partners Ltd is a wholly owned subsidiary of M&G plc. E: hello@kron.uk | W: www.kron.uk T: 0207 173 6544

In recent years, there has seemingly been an increase in the number of people having their Wills written in England and Wales (based on an increasing population and the decreasing percentage of people without a Will), with individuals seeking to safeguard their assets and ensure their loved ones are adequately cared for after they are gone. However, concerns surrounding the regulation and standards of Will writing services have also been on the rise, prompting a much-needed investigation by the Competition and Markets Authority (CMA). SLS Wills and More wholeheartedly welcomes this investigation as a crucial step towards instilling trust and reliability in the profession. Current State of Affairs: The Need for Regulation As of the current state of affairs, Will writing in England and Wales remains largely unregulated. Unlike other legal professions that undergo rigorous oversight and monitoring, Will writing has not seen substantial regulatory scrutiny. This has led to variations in service quality, and unfortunately, instances of unscrupulous practices by certain providers have caused distressing outcomes for clients. The CMA study has been partially brought about by firms who promises Wills at rock-bottom prices to create demand who then ‘lump-on’ additional services to increase their prices. Even worse, some firms are ‘selling’ services which are not even necessary! The lack of comprehensive regulation in the Will writing sector makes it difficult for clients to differentiate between trustworthy professionals and opportunistic entities and fly-by night traders, thereby compromising the integrity of this crucial legal process and ruining trust in practitioners who have supported clients successfully for years. The Last Review: Assessing the Past Traditionally, Will writing was often handled by self-regulated Estate Planning Practitioners or solicitors, guaranteeing a certain level of expertise and adherence to ethical standards. However, it was in 2013 when the Lord Chancellor decided not to regulate the profession, despite many thinking he would, the door was metaphorically opened to invite various Will writing providers, some of whom lacked the requisite expertise or accountability into the profession. Since then, the sector has undergone significant changes, notably in the funeral planning sector, where pre-paid plans now fall under the FCA. Authorities clearly recognised the need to protect consumers from potential financial and emotional distress. While this was a positive step in the right direction, it also highlighted the importance of revisiting the regulation of Will writing to ensure the protection of clients’ interests and areas like pre-paid probate are now under scrutiny (rightfully so in our opinion). Reasons for Review: Safeguarding Clients’ Interests The primary motivation behind the CMA investigation is to safeguard the interests of clients who seek professional Will writing services. The investigation aims to assess whether adequate protection and fair treatment are being provided to clients during the creation of such critical legal documents. By delving into the industry’s practices, the CMA aims to identify any potential issues and pave the way for improvements that foster greater trust between Will writing professionals and their clients. SLS Welcomes the CMA Investigation As a practitioner who has supported clients with Wills for over 35 years and as someone reputable within the legal industry, SLS Wills and More and Sara Sheppard TEP is committed to ensuring the highest standards of service and ethics in Will writing. We firmly believe that all clients deserve documents produced by providers they can trust. As such, we wholeheartedly welcome the CMA’s investigation and support their efforts to introduce much-needed regulation. SLS Wills and More recognises the importance of safeguarding our clients’ interests and providing them with peace of mind during this sensitive process. We have consistently adhered to strict ethical standards laid out by the Society of Will Writers and Sara has joined the Professional Standards Board to ensure that we drive best practice throughout the membership, and the CMA investigation will further reinforce our commitment to maintaining transparency, reliability, and client satisfaction. In conclusion, the introduction of the CMA investigation in Will writing in England and Wales is a significant step towards ensuring that clients receive trustworthy and reliable services. By addressing the current gaps in regulation, we hope that the CMA aims to enhance the credibility of the profession, making it more accessible and dependable for all. SLS Wills and More fully supports this initiative and remains dedicated to serving our clients with the utmost professionalism and integrity.

When we think about estate planning, asset protection is a key focus for many of us. As a result, lots of firms have taken to advertising Asset Protection Trusts (APTs) as a critical tool for safeguarding one’s wealth from potential creditors, and other financial threats. These legal instruments are designed to hold and protect an individual’s assets, ensuring they are passed on to beneficiaries according to the settlor’s (the person settling assets into a trust) wishes. However, the use of these trusts comes with nuanced complexities and potential risks that must be navigated with caution. What Are Asset Protection Trusts? Asset protection trusts are a form of legal structure where assets are transferred into a trust to shield them from passing to other people through divorce of your loved ones, bankruptcy and other financial issues, providing a level of security and privacy not available through direct ownership. They can be established during an individual’s lifetime (inter vivos trusts) or upon their death through a will (testamentary trusts). Intervivos Trusts (Lifetime Trusts) vs. Testamentary Trusts (Will-based Trusts) The primary difference between inter vivos trusts and testamentary trusts lies in their timing and control. Intervivos trusts, also known as living or lifetime trusts, are created and operate during the lifetime of the settlor. These trusts offer immediate asset protection and can be revocable or irrevocable, allowing for flexibility in management and control over the assets. On the other hand, testamentary trusts, also known as Will-based trusts are established through a Will and come into effect upon the testator’s death. Testamentary trusts do not provide asset protection during the testator’s lifetime but can be a useful tool for managing and distributing assets upon death, particularly for minor beneficiaries or those needing financial guidance. They can also be commonly used to protect a share of a property for the benefit of specified beneficiaries. Common Reasons for Using Asset Protection Trusts Asset protection trusts are commonly used for several reasons: – To shield assets from the creditors of your loved ones: APTs can offer protection against potential legal cases, bankruptcy, and other financial risks. – Estate planning and inheritance management: Trusts can help bypass the probate process, allowing for a smoother and more private transfer of assets to beneficiaries. – Tax planning: Certain types of trusts can offer tax advantages, though this requires careful planning to comply with tax laws and regulations. Unwrapping a Lifetime Trust Unwrapping or dissolving a lifetime trust involves transferring the assets out of the trust and back to the settlor or directly to the beneficiaries. This process can be complex and may require the assistance of legal and financial professionals to ensure that all assets are properly accounted for and that all legal and tax implications are considered. Especially as it’s a reserved legal activity to create the trust deed in the first place. A Cautionary Note The importance of due diligence cannot be overstated when establishing an asset protection trust. A poignant example of what can go wrong is the situation involving The Nottingham Building Society and the subsequent failure of the Will Writing Company and the Philips Trust Corporation (PTC). Between 2011 and 2017, The Nottingham referred elderly customers to these companies for estate planning services, including the establishment of trusts. Unfortunately, the collapse of these companies led to long, costly battles for homeowners to regain their properties, highlighting the potential risks associated with poorly managed or ill-conceived trust arrangements. The Financial Conduct Authority (FCA) concluded that the introduction of customers to these trust schemes did not fall within its regulatory remit, underscoring the lack of protection for consumers in certain aspects of estate planning. This situation serves as a stark reminder of the necessity for individuals to conduct thorough research and seek reputable advice when considering the use of asset protection trusts. SLS Wills and More advises against the use of such trusts. The risks, as evidenced by the experiences of those affected by the failures of the Will Writing Company and PTC, highlight the importance of understanding and carefully managing the potential downsides of asset protection strategies. SLS Wills and More founder – Sara Sheppard has over thirty years of industry experience and has supported thousands of clients both in private practice and since launching SLS Wills and More back in 2017. Our role is to ensure that our client’s wishes are carried out in the safest possible way whilst adhering to the relevant and current regulations.

For many of us, pets are not just animals but cherished members of our family, offering companionship, loyalty, and love. As responsible pet owners, it’s natural to worry about what will happen to our four-legged friends should we pass away before them. In England and Wales, while the law does not permit pets to inherit assets directly, there are still ways to ensure they are cared for, according to our wishes, through our Wills. The Legal Landscape: Pets and Inheritance Under the law of England and Wales, animals, including dogs, are considered property and cannot inherit assets or money directly. This legal standpoint might initially seem like a barrier to those wishing to provide for their pets posthumously. However, with proper planning and advice, it’s entirely possible to ensure your pet’s future welfare. A Tail-Wagging Solution: Trusts and Wills The most effective method to ensure your pet is looked after once you’re gone is through the establishment of a trust within your Will. This involves allocating a portion of your estate to the care of your pet, managed by a trusted individual you appoint as the trustee. This trustee’s responsibility will be to use the funds to care for your pet, adhering as closely as possible to your wishes. They will have legal responsibilities. Choosing a Caretaker When making provisions for your pet in your Will, it’s crucial to appoint a caregiver who is both willing and able to take on the responsibility of looking after your pet. This should be someone you trust, who understands the commitment involved and is likely to outlive your pet. Letter of Wishes Accompanying your Will with a Letter of Wishes can provide invaluable guidance to your pet’s caregiver. This letter can detail everything from your pet’s dietary preferences and routine veterinary care to how you’d like them to be treated day-to-day. While not legally binding, this document can ensure your pet continues to live a life that mirrors the care and love they received from you. Appropriateness of the Bequest It’s important to consider the size of the legacy you leave for your pet’s care. An excessive amount might not only be impractical but could also lead to legal complications or disputes among beneficiaries. Instead, aim for a sum that realistically reflects the cost of caring for your pet over their lifetime. Additionally, specifying what should happen to any remaining funds after your pet passes away, such as donating to an animal charity, can be a thoughtful and meaningful gesture. Notable Cases and Considerations While the idea of leaving a fortune to a pet might sound extreme, there have been notable instances worldwide. One of the most famous is the case of Gunther IV, a dog purportedly inheriting $80 million from Carlotta Liebenstein in 1992. Although aspects of this story, including the inheritance ballooning to $372 million and the purchase of Madonna’s Miami mansion, have been met with skepticism, it highlights the lengths some will go to ensure their pets are cared for. Practical Advice and Support At SLS Wills and More, we understand the bond you share with your pet and the importance of ensuring their well-being, even in your absence. Our team can offer sound, practical advice on incorporating pet care into your estate planning, ensuring your beloved companion will continue to receive the love and care they deserve. We can also guide you towards animal charities that offer re-homing services, ensuring a safety net for your pet’s future. Planning for your pet’s future might not be the first thing on your mind when considering your estate, but it’s an act of love that can give you peace of mind, knowing your cherished companion will be looked after when you’re no longer able to do so yourself.