Willadvice.org Advice Blog

Can I sell or gift my home to my children?

183:839597468 (Ian Cooney) — Fri, 21 Jan 2022 08:00:00 GMT

What are the implications if I sell or gift my home to my children?

One of the most common question I am asked as an Estate Planner; " Can we sell or gift our house to our children? "

The simple answer is YES , However there are many elements to consider before proceeding, it is not a financially viable or effective option, read on to see why and what you can do instead.

In this Blog I will explore the benefits , the disadvantages , the finish by suggesting an alternative course of action which avoids many of the issues I will discuss here.

So what are the benefits as so many people want to consider it?

Your house value is removed from your estate which means it won't be used in the calculation for paying Inheritance Tax. (Subject to certain conditions)
Your house does not make up part of your estate, should you need social or medical care, your home is not included in Social Services assessment of means. (Subject to certain conditions)

That is not many benefits for an asset most people have worked their whole life to accrue and is often the largest value of any asset held.

Lets look at the disadvantages to selling or gifting your home to your children, then I will suggest an alternative route to achieve your goals.

Mentioned in the benefits, your home value is removed from your estate, however it will remain as an asset that can be included in your IHT calculation for 7 years. If you are elderly this may have significance or if something unexpected were to happen to you.
Again in the benefits, your home does not make up part of your estate, as far as Social Services means test assessment, they will look at the circumstances around the sale/gifting of a property and have the power to claim it back in to your estate to enable it to be used in the assessment for how much you may be liable to pay for your care.
If you sell/gift your house and continue to live in it, then you will need to pay your children full market value rent.
The rent you pay your children if a second income will need to be declared and is subject to 40% tax.
If your children already own a property, they are exposed to Capital Gains Tax.
If your children don't own a property it will block them from taking advantage of any Government or other schemes such as Help to Buy, stamp duty relief, grants or anything designed for a first time buyer, including mortgage offers.
Everyone says they get on well with their children, however, what happens if there was a falling out? You essentially are tenants in their property and they would have the power to evict you.
What happens if your children have a break down in their relationship, their partner may be entitled or put a claim in to take part of the property or its value in a separation or divorce settlement.
If your children default any payments, become insolvent or bankrupt, your property is liable to be used to settle any debt accrued.
Should they need social care, your home will be included in their financial assessment.
You ultimately have no control over your own home.

There is certainly a lot of implications if you are considering selling or gifting your house to your children. Looking at how much the disadvantages out weigh the benefits (of which have certain caveats) it doesn't appear to be a financially viable option not to mention all the other potential pit falls.

What can you do?

When estate planning we look at your whole estate and the options that suit your individual circumstances.

If you are mortgage free we would consider using a Trust to enable your property to be protected for your family to benefit from. This can be an effective way to minimise or mitigate many of the disadvantages listed above.

If you are not mortgage free, there are other options available to you which work in similar ways but have certain constraints.

When looking at Trusts you need to ensure you take advice from Trust specialists.

To book a free consultation to explore your option and your specific requirements please get in touch:

Request Call Back or Contact Us for a free appointment and advice for your specific situation. Or click here to book an appointment directly in my calendar .

www.willadvice.org

We offer free advice for your Estate Planning needs, including Wills , Lasting Power of Attorney , Trusts , Pre-Paid Funeral Plans , and Probate services .

Or complete the form below to contact our specialists directly and get a FREE Estate Planning Checklist:

Download your FREE Estate Planning Checklist Now

Is a Will enough?

183:839597468 (Ian Cooney) — Fri, 10 Sep 2021 08:00:00 GMT

So you have a Will, but is it enough?

As part of our full Estate Planning service we don't just provide you a Will, we will take time to go through your whole situation and recommend the best solution

Unlike many Will Writers, we are Specialist Estate Planners, we will not just give you a Will , but instead we will give you all the options open to you and your individual circumstances as a whole picture, this allows you to make an informed choice what course of action to take, rather than just getting a Will and leaving yourself exposed.

Is a Will enough?

First we must be clear what a Will actually does. It is quite simple: A Will only distributes your estate in line with your wishes to those you choose i.e. your house, investments, savings, and personal items are passed to partner, children, family, friends, and/or charity after you pass away, and your Will states who gets what. (lists here are not exclusive and may not all apply to every ones individual circumstance) Importantly a Will does not protect any of your estate.

What does that mean to me?

As a Will provides no protection for your estate, you are left exposed to the possibility that those you wish to inherit may not. Some of the factors that could affect your wishes include:

Relationship failure
Dependant beneficiaries loosing benefits
Future generation provision
Family disputes
Bankruptcy
Sideways disinheritance
Paying for additional services
Selling your home for funds
Losing control over your assets
Government making your decisions

(lists here are not exclusive and may not all apply to every ones individual circumstance)

What can I do about it?

Your first course of action is to get a FREE appointment to discuss your needs and requirements. Once you have all the information specific to your circumstances, you can then make an informed decision to go forwards on our recommendations, or choose the option that suits your needs.

I'm still unsure where I stand?

If you're unsure, it costs nothing to ask the question and find out where you stand, we offer FREE WILL REVIEWS and FREE ADVICE.

To find out what options are open to you, click the Request Call Back or Contact Us for a free appointment and advice for your specific situation. Or click here to book an appointment directly in my calendar .

www.willadvice.org

We offer free advice for your Estate Planning needs, including Wills , Lasting Power of Attorney , Trusts , Pre-Paid Funeral Plans , and Probate services .

Or complete the form below to contact our specialists directly and get a FREE Estate Planning Checklist:

Download your FREE Estate Planning Checklist Now

Estate Planning considerations coming out of Covid 19

183:839597468 (Ian Cooney) — Tue, 29 Jun 2021 10:22:05 GMT

What you should consider now we are coming out of Covid 19...?

As we begin the journey back to 'normality' for many, returning to work, visiting people and places, there are many aspects to consider regarding your Estate Planning.

For many people Covid 19 was a wake up call to get documents in place should the worst happen, however, it is worth considering if they are fit for purpose and fulfil your specific requirements as many client I have spoken with rushed an option just to ensue there was 'something' in place.

Why not take half an hour with our consultant to go over your specific needs and have a free Will review to ensure it is fit for purpose, at the same time we can advise you on the additional areas of your Estate Planning which at the time may well have been missed tin favour of taking the easy or cheaper solution.

When you have an appointment with our advisor, either by phone, video call, or now face to face (in line with current guidance and restrictions) we will cover these areas (where applicable to your specific circumstance):

Conduct a free Will review.
Make recommendations based on your needs and circumstance to the effectiveness of the WIll (for some clients the recommendation is "keep this Will in place it does exactly what you need." others may need a new Will writing)
If there is no Will in place or the current one needs revising we will explain the process and significance to all the aspects to putting a new Will in place.
Look at the options for Lasting Power of Attorney to protect you as individuals should you lose capacity, this allows you simply to appoint someone you trust to act on your behalf should you be unable to make the decisions yourself.
Consider the advantages to using Trusts to ensure your beneficiaries actually get the maximum benefit from your inheritance. We will recommend the most suitable option as there are a range of options available, circumstances dependent.
The conversation many people struggle with about Funeral Planning, we will approach this in a sensitive manor and advise you of the options and the significant advantages that having your Funeral arrangements in place can offer both you and more importantly your family at a very challenging time.

All of these areas are extremely important aspects when considering Estate Planning, unfortunately not all 'Will Writers' will explain all the options. We believe you should have all the information to be able to make an informed choice.

So, coming out from Covid 19, as life begins to get back to some form of 'normal' it has been apparent from conversations with many clients that they have had significant changes to their circumstances and needed to update documents to reflect those changes.

Some of the more significant chances people have experienced and would prompt a conversation, (not just through Covid):

New addition to the family (whether children, grandchildren, great grand children...)
A family member passing (this may also have impact if you are set to receive inheritance from them)
Moved house (Bought your first house, upsized, downsized, or just a change of address)
Changed your investments (moved them to different companies, increased in value, reduced through cashing in)
Retired
Come into some money (inheritance, won the lottery, pension pay out)
Added additional properties to your name

These changes listed are not the only things to consider but the ones we see most frequently.

Are you unsure where you stand?

If you're unsure, it costs nothing to ask the question and find out where you stand, we offer FREE WILL REVIEWS and FREE ADVICE.

www.willadvice.org

We offer free advice for your Estate Planning needs, including Wills , Lasting Power of Attorney , Trusts , Pre-Paid Funeral Plans , and Probate services .

Or complete the form below to contact our specialists directly and get a FREE Estate Planning Checklist:

Download your FREE Estate Planning Checklist Now

Wills, Did You Know...?

183:839597468 (Ian Cooney) — Thu, 20 May 2021 09:00:00 GMT

Wills, Did you know...?

There are many aspects to consider when thinking about your Will requirements,

Did You Know...

1. You can’t leave your estate to your Pet ☹

Your pet might be the most loved member of your family, so you might be upset to read that you cannot leave your pet any of your money. Pets cannot own property or money, so you cannot leave anything to them in your will.

However, there are different ways you can plan for them in your will to make sure that your pets have a good life after you die.

2. Your debts do not die with you

Any debts that you have which are outstanding when you die will need to be paid from estate funds. Once these have been paid the remainder of your estate can be distributed in accordance with the wishes expressed in your will. It is possible for an estate to be insolvent or ‘bankrupt’ if there are not enough assets to repay the debts.

3. Care Home Fees and Inheritance Tax

You may not realise that a will can be used to assisting in protecting assets from being used to fund care home fees.

A carefully planned will can also reduce the amount of Inheritance Tax your estate has to pay, or make your estate exempt from Inheritance Tax altogether.

4. A murderer cannot inherit from the person they have killed

The forfeiture rule is a common law rule derived from public policy, which states that a person who is criminally responsible for the death of another person cannot inherit as a result of their criminal act. In other words – you cannot inherit a person’s estate if you are criminally responsible for their death.

5. Specific instructions, e.g. A Rose a day

US comedian Jack Benny left a very romantic instruction in his will when he died in 1974.

“Every day one long-stem red rose to be delivered to my wife for the rest of her life.”

A very specific request, but there are many options that can be added to your Will for when you have passed away.

6. Gifts to charity

You may not have known that any gift you make to a UK Charity in your will is free of Inheritance Tax.

As well as the gift itself being tax-free, charitable gifts can also reduce the amount of Inheritance Tax that the rest of your estate will pay.

If you give at least 10% of your taxable estate to charity, the Inheritance Tax rate for the rest of your estate drops from 40% to 36%.

7. A very common misconception - I don't need a Will

“I don’t need to make a will because my spouse will receive everything automatically”

It’s a common misconception that if you die without having a valid will, your spouse will automatically inherit all of your estate. This is not necessarily correct. If you have children and die without a will, your spouse will inherit only £250,000 of your financial assets, your possessions, jointly held assets, and only an interest in the other half of the estate.

If there are no children, then the spouse will receive only the personal possessions and the first £450,000. The remainder is then halved between your spouse and the rest of the family.

8. Shocking Statistics

Wills are not something people think a lot about, as these statistic show:

• Around 54% of adults do not have a will

• 59% parents either do not have a will or have one that is out of date

9. Your will cannot appoint someone to make decisions for you if you lose capacity

A will is a document that only ever comes into force upon a person’s death. You therefore cannot grant powers or instructions to be followed while you are alive within your will.

If you want to make arrangements for someone you trust to make financial and health decisions on your behalf then you should arrange a Lasting Power of Attorney to be drawn up by a solicitor.

10. A Will offers no protection

The purpose of the Will is to distribute your assets according to your wishes, it does not protect any of those assets. The only way to gain protection is by considering the effects of Trusts, these can be complex, but we offer free consultations to discuss your requirements.

Are you thinking of making or updating your Will?

If you're unsure, it costs nothing to ask the question and find out where you stand, we offer FREE WILL REVIEWS.

www.willadvice.org

We offer free advice for your Estate Planning needs, including Wills , Lasting Power of Attorney , Trusts , Pre-Paid Funeral Plans , and Probate services .

Or complete the form below to contact our specialists directly and get a FREE Estate Planning Checklist:

Download your FREE Estate Planning Checklist Now

Concerned how to get witnesses for your Will because of Covid-19 restrictions?

183:839597468 (Ian Cooney) — Wed, 16 Dec 2020 13:41:09 GMT

The UK Government have changed the law around witness signatures for Wills.

The BBC have reported in this article: https://www.bbc.co.uk/news/uk-53530228

that the Government have made a decision to enable Wills as a legal document to be witnessed via video.

What does that mean for you?

For many people putting their legal documents in place can be a daunting task and many have may have been putting it off. Now with the new government legislation change you now have the option to get your Will witnessed via a video chat. This can enable you to ensure your wishes are current and legal.

The change is being back dated to January 2020 and will be in place until January 2022 when the situation will be reassessed.

Considerations.

For all our clients we are recommending, within manageable constraints to try to get a live signing of their legal documents, this can be achieved in a range of ways which may suit your circumstances, however the most effective to date is to have a neighbour outside the house looking in through a closed window witnessing you physically sign the documents in line of sight inside the house, the documents then passed through the letterbox for the witness to then sign (using their own pens also)

Where it is not possible to get a live signature then the video option will enable you to proceed, however we would strongly recommend at the earliest, safe time to up date your documents with live witnessed signatures.

Is my Will Valid?

For a will to be legally valid, as the law stands you must:

~ Be 18 or over

~ Make it voluntarily

~ Be of sound mind

~ Make it in writing

~ Sign it in the presence of two witnesses who are both over 18

~ Have it signed by your two witnesses, in your presence

~ You cannot leave your witnesses (or their married partners) anything in your will

If you are unsure it costs nothing to ask the question and find out where you stand, we offer FREE WILL REVIEWS.

www.willadvice.org

We offer free advice for your Estate Planning needs, including Wills , Lasting Power of Attorney , Trusts , Pre-Paid Funeral Plans , and Probate services .

The impact of Covid-19 on the Care home situation

183:839597468 (Ian Cooney) — Wed, 09 Dec 2020 10:34:47 GMT

What has the impact of Covid-19 been on the care system?

Before Covid-19 struck, the BBC reported in May that the Government were in discussions about implementing a pay cap at £72,500 for people requiring care to pay before the Councils and Government take on the cost burden. The full article can be read here: https://www.bbc.co.uk/news/uk-politics-52748652

Unfortunately no decision was agreed on and passed so the system once again hasn't changed.

It was then reported in June, also by the BBC, that due to the onset of Covid-19 residents could expect to see a hike in fees by up to 15% to cover additional costs for staff PPE among other things. The full report can be found here: https://www.bbc.co.uk/news/uk-52944751

Unfortunately there is still a great number of people who are having to pay for their own care in what is seen by many as an unfair system.

However, there is hope for many of us, there are options available to you through your Estate Planning to look at securing your Estate for generations to come.

If you have any concerns, you're not sure what options are available, you just want some advice on your potential circumstances, please get in touch for a free no obligation appointment to look at what may be done for you and your families future inheritance.

www.willadvice.org

We offer free advice for your Estate Planning needs, including Wills , Lasting Power of Attorney , Trusts , Pre-Paid Funeral Plans , and Probate services .

Christmas ~ time to celebrate, time to plan for the future

183:839597468 (Ian Cooney) — Wed, 02 Dec 2020 10:00:00 GMT

Christmas is such a wonderful time of year for many of people, the whole family together, time off work, time to plan for the future...

It is amazing how many people miss out on the opportunity over the Christmas period to take stock and action with regards their Estate Planning.

December is an ideal time for many reasons:

Time away from work distractions
Time with the family to remember what is important to you
Time with the family to talk about your wishes
Thinking of the New Year, New Year Resolutions, and new starts
Start a New Year knowing you and your family are protected
Keep those family traditions alive with the Legacy you leave

Although this article from last year in the Financial Times is talking about USA stats it is still mirrored in the UK, and the message it gives is still very relevant to the majority of people today:

https://www.ft.com/content/286a93ed-d16b-4c10-8585-896c9dd04995

Estate Planning can be very simple or extremely complicated, whatever your circumstances may be it is vital you consider your options to avoid any unnecessary issues in the future and have your wishes known, acted on and enforced, safe in the knowledge that you are actively helping those who you wish to inherit to have an easy transition.

A conversation costs nothing.

www.willadvice.org

We offer free advice for your Estate Planning needs, including Wills , Lasting Power of Attorney , Trusts , Pre-Paid Funeral Plans , and Probate services .

Kate Garraway speaks of financial issues with husband becoming ill

Thu, 05 Nov 2020 09:11:50 GMT

It's a challenging time for everyone at the moment, however, what would be the impact if a loved one were to be taken ill?

https://www.mirror.co.uk/3am/celebrity-news/kate-garraway-opens-up-financial-22947881

Kate Garraway has spoken out about her and her families financial challenge they are currently experiencing since her husband went in to hospital having contracted Covid-19. She has been very honest and frank about their circumstances where they are struggling financially due to the majority of their accounts being in her husbands name or joint. This has meant that due to him having temporarily lo st his capacity, in order to protect him, all his accounts and financial affairs have been frozen. Kate therefore has no access to his finances to pay bills, mortgage, or even everyday food shopping.

This is a terrible position to be in and now for her to gain access to his financial affairs could become extremely costly by seeking to get a Deputyship to allow access through the Court of Protection.

Hindsight is a great tool, however it can provide a valuable insight for people to understand some of the issues other people have had and identify opportunities to prevent the same situation happening to themselves.

A possible solution:

The most important aspect of this case is ensuring that your legal documents are in place well in advance of them actually being needed. Both the Property and Finance and the Health and Welfare Lasting Power of Attorney would have meant that Kate would have been able to make decisions on her husbands behalf, allowing her to have access to the finances with her husbands name on, with both Lasting Power of Attorney documents in place life (as far as access to accounts and associated decisions) would continue as normal.

A common misconception is that "We have a joint account, so I can access the money." however this is not so, the only way to have access is with a Property and Finance Lasting Power of Attorney in place.

To find out what options are open to you, click the Request Call Back or Contact Us for a free appointment and advice for your specific situation.

www.willadvice.org

We offer free advice for your Estate Planning needs, including Wills , Lasting Power of Attorney , Trusts , Pre-Paid Funeral Plans , and Probate services .

Free online event ~ What you need to know about Wills

183:839597468 (Ian Cooney) — Fri, 16 Oct 2020 13:18:55 GMT

We are running a live Zoom information session with Q&A at the end!

I will go through some of the key information you should know about how to maximise your inheritance for your family, and explore how you can protect your estate to maximise your families inheritance. There will hopefully be time for some Q&A at the end. Access via Zoom (just click the link below to find out more on my Facebook page)

https://fb.me/e/1HksDZ7PY

Which Profile Are You?

183:839597468 (Ian Cooney) — Fri, 16 Oct 2020 09:27:49 GMT

Which circumstances are similar to yours? ... What solutions should you consider?

There are different options depending on your specific circumstances, look at these profiles that may suit your needs as an initial guide:

Single Person

Couples

To find out what options are open to you or to go into your specific needs further, click the Request Call Back or Contact Us for a free appointment and advice for your specific situation.

www.willadvice.org

We offer free advice for your Estate Planning needs, including Wills , Lasting Power of Attorney , Trusts , Pre-Paid Funeral Plans , and Probate services .

Can I leave everything to my pet? (and more...)

183:839597468 (Ian Cooney) — Thu, 15 Oct 2020 09:31:18 GMT

Can I leave my Estate to my pet? (and other related questions...)

Some of the most common questions we get asked are about peoples pets.

For many their pet is an extension of the family and loved like a child, quite rightly, people often want to ensure they are cared for when they have passed away.

So what options are available to you?

Can you leave everything to your pets?

The simple answer is Yes! Even if there are other family members alive it is your choice where your Estate goes to.

The practicalities to allow your pet to inherit can happen in two ways:

Number 1: (which very few Will Writers will actually do) you can name your pet as a beneficiary, however in reality what will happen when you pass away, the Executors who are distributing your estate as your Will dictates will have to identify a suitable animal charity who would be able to take on the care of your pet and then gift them the Estate for the upkeep of your pet, they also then have the benefit in kind donation of any excess.

Number 2: The best option is to nominate a charity of your choice who when you pass away will take on the responsibility for your pet and gain access to your Estate as set out in your Will as a charitable donation, this gives you the control, to ensure the right organisation is looking after your loved pets.

How do I give my pet to a relative/friend/neighbour when I pass away?

If you want someone close to you to look after your pet rather than an organisation, there are two things to consider:

1. Does the person need financial support to look after your pet?

2. How old is your pet, are they potentially going to out live you?

These two questions may not seem relevant but are very important. For example if you have a horse, the costs to keep can be considerable, even if the pet is a cat or dog, vet bills can again soon mount up.

So you need to consider if you are leaving a pet to someone whether in your Will you provide a gift of an amount to provide for the pets future care.

If you envision your pet out living you then although we are talking about using your Will to cater for their needs, what would be a better course of action would be to use a Memorandum of Wishes which is linked to your Will .

A Memorandum of Wishes has significant advantages, firstly it is not legally binding, if the circumstances are not right the outcome can be flexible to cater for the change. For instance: If the pet has passed away first then the financial support isn't needed to be paid and so can be put back into the pot to be distributed with the remaining estate. If the person nominated to care for your pet either is no longer here or is unable to, adjustments can be made to allow someone else to step in or an organisation/charity if more appropriate.

The Memorandum of Wishes makes clear what you would like to happen in the ideal situation, but allows for unforeseen changes to enable a best fit where practical and achievable.

To find out what options are open to you or to go into your specific needs further, click the Request Call Back or Contact Us for a free appointment and advice for your specific situation.

www.willadvice.org

We offer free advice for your Estate Planning needs, including Wills , Lasting Power of Attorney , Trusts , Pre-Paid Funeral Plans , and Probate services .

Martin Lewis Morning TV, Wills, Lasting Power of Attorney

183:839597468 (Ian Cooney) — Wed, 14 Oct 2020 12:23:32 GMT

Martin Lewis reinforces on This Morning Breakfast TV the importance for having a Will in place and Lasting Power of Attorney .

A Possible Solution:

Wills : In reality everyone needs a Will , if you haven't put yours in place or you think it needs updating get in touch and we can advise what you need specific to your individual circumstances.

Lasting Power of Attorney : As Martin said it is an area that is rarely discussed, however, we make a point to ensure that when we have a consultation we will give you all the information so that you can make an informed choice for your best course of action. We believe as Martin does Lasting Powers of Attorney should be in place for everyone.

To find out what options are open to you, click the Request Call Back or Contact Us for a free appointment and advice for your specific situation.

www.willadvice.org

We offer free advice for your Estate Planning needs, including Wills , Lasting Power of Attorney , Trusts , Pre-Paid Funeral Plans , and Probate services .

Who has to pay for their care?

Tue, 13 Oct 2020 09:12:10 GMT

Who has to pay for their care?

This article by Which? clearly sets out the circumstances and threshold points which would make someone eligible to pay for their own care fees, and the circumstances when local authorities or NHS step in.

https://www.which.co.uk/later-life-care/financing-care/care-home-finance/paying-for-a-care-home-a4p376v5rfjf

I will jump straight to the importance paragraph in the report:

"If the value of your savings and assets is more than the capital limit in your area you’ll need to pay for your own care. The upper capital limits for care home funding in 2020-21 in England and Northern Ireland: £23,250"

What does that actually mean to you?

Simply put, if you have over that value of money in either: bank accounts, savings, investments, or property including your home (or any other form of financial asset) then you will have to pay for your care fees (on average £1000 a week) this for many people leads to the need to sell your home in order to cover the costs.

A possible solution:

Depending on your specific circumstances there are however options available to you which can work in your favour.

First:

Ensuring you have Finance and Property Lasting Power of Attorney in place will enable your chosen Attorney acting on your behalf to have a say and control over your financial affairs including your home. This give the decision whether to sell or not in your control.

Second:

Ensuring you have Health and Welfare Lasting Power of Attorney in place will enable your chosen Attorney acting on your behalf to have a say and control over your medical and care needs, this gives them the decision for such matters as to which care home you go to rather than whichever is the cheapest or where there is a space.

Third:

(Circumstances dependant) The use of a Trust can be a very effective way to ensure your family legacy is protected and give you the complete control over your most valuable asset - your home, there are two types of trust we can use and both have different advantages depending whether you have a mortgage or are mortgage free.

To find out what options are open to you, click the Request Call Back or Contact Us for a free appointment and advice for your specific situation.

www.willadvice.org

We offer free advice for your Estate Planning needs, including Wills , Lasting Power of Attorney , Trusts , Pre-Paid Funeral Plans , and Probate services .

Forced to sell home to pay for care, Stats for the first time

183:839597468 (Ian Cooney) — Fri, 09 Oct 2020 10:19:11 GMT

Boris Johnson pledged nobody should sell a house for care costs!

The Prime Minister Boris Johnson has pledged that in the future no one should be forced to sell their homes to cover their care costs. In this article from the Daily Mail, they have set out some of the current circumstances where you must pay for your care fees.

https://www.dailymail.co.uk/news/article-8680105/Number-people-forced-sell-home-pay-nursing-care-counted-time.html

Most people have worked hard all their lives to pay off their mortgage and own their home as a significant life goal, it doesn't seem right then to have to sell it and not leave a legacy for the family from all your years of hard work.

A possible solution:

Depending on your specific circumstances there are however options available to you which can work in your favour.

First:

Second:

To find out what options are open to you, click the Request Call Back or Contact Us for a free appointment and advice for your specific situation.

www.willadvice.org

We offer free advice for your Estate Planning needs, including Wills , Lasting Power of Attorney , Trusts , Pre-Paid Funeral Plans , and Probate services .

Intestacy, What happens when you die without a Will?

Thu, 08 Oct 2020 08:39:40 GMT

Intestacy, What happens when you die without a Will?

https://www.legalandgeneral.com/life-cover/over-50s/news-and-articles/planning-for-later-life/dying-without-a-will/

This report from Legal and General gives you some idea of what the process is if you die without a valid Will in place and importantly what happens to your estate and who inherits it.

The flow charts are particularly effective at demonstrating the outcomes, obviously everyone's circumstances are different and one size doesn't fit all, but in the worst case your estate can end up going to the crown/government if you don't have a valid Will expressing your wishes.

A potential solution: As a MINUMUM - EVERYONE needs a Will in place to ensure your wishes are carried out, and that your family/those you wish to inherit don't have any unnecessary complications.

Further options would be to consider using a Trust which would provide different elements of protection to ensure the estate is protected for those who you wish to inherit.

In the UK over 60% of people still don't have a Will in place! If you are one of those people - it is so easy to get your Will in place, equally if you need an update to an existing Will I can help, get in touch and we can discuss your requirements.

www.willadvice.org

We offer free advice for your Estate Planning needs, including Wills , Lasting Power of Attorney , Trusts , Pre-Paid Funeral Plans , and Probate services .