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

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

What if your loved ones don't inherit? A Will may no longer be enough, we have some options to consider which could provide extensive protection for your estate for the future.

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?