Is a Will enough?
Ian Cooney • 10 September 2021
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 .
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
Contact Us
In this Blog post I reveal the advantages and disadvantages of selling your property to your children. Many people consider it to avoid paying Inheritance Tax
So we are coming out of Covid 19, but what should you be considering when it comes to your Estate Planning requirements?
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. 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:
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. 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 .
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. 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 .
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. 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 .
Unfortunately we don't know what's around the corner, Kate Garraway has spoken about the issues her and her family have been having since her husband went in to hospital with Covid-19.
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 circumstances are similar to yours? ... What solutions should you consider?
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 .
