WILLS & PROBATE ...

Wills and Inheritance
We can help you make your will and deal with any other inheritance matters.

These are complicated matters and should not be undertaken without the appropriate legal advice. Please contact Elainne Lawrie on 0161 442 6240 or email : Elainne@twpsolicitors.co.uk    for assistance

The Importance of Making a Will
Without making a will your estate may pass to beneficiaries that you would not have chosen for yourself. Decisions about your money and property may be made by people who are unaware of your wishes. Intestacy may also lead to costly and complex legal disputes. It is important to remember the Rules of Intestacy make no provision for loved ones unrelated by blood or marriage. If you have no family everything you leave may pass to the state.

Remember making a will

· Gives you peace of mind

· You can choose who you wish to deal with your estate by appointing Executors who you trust.

· You can choose suitable guardians to look after your children who are under 18.

· Your can decide who should receive your possessions and make specific provisions for personal effects such as gifting your jewellery to named beneficiaries.

· You can Incorporate your funeral arrangements and or wishes.

· Allows simplification and being able to extend your Trustee’s duties in particular if you have children under the age of 18.

· Can prevent family conflict as failure to make a will can often lead to confusion, disappointment and bitterness.

· Allows tax planning and can reduce or eliminate Inheritance Tax.

There is no good reason why not to make a Will. The cost is modest for a straightforward Will. We are always happy to give a quote.

Once you have made a Will it is important to review it to make sure that it still reflects your wishes.

Anyone who wishes to identify those who are to benefit from the estate and specify which items or parts of it they are to inherit.

It is very important that you make a will if:

• You wish to leave money to charity
• You are married
• You have children, stepchildren or other children that you have adopted or fostered.
• Your marriage is in difficulty
• You are divorced
• You are re-marrying
• You have a disabled child
• A person named in your existing will has died
• There has been or is likely to be a change in your circumstances

So, who should be giving serious consideration to their Inheritance Tax position?

Tax is payable at 40% if the net estate (ie. what remains after payment of debts) exceeds £325,000.00. This is known as the “nil rate band”.  Recent legislation means that the estates of married couples and civil partners have the potential to double that nil rate band to £650,000.00.  Also, as married couples and civil partners enjoy an exemption from Inheritance Tax if they leave everything to each other,  the tax may not be such a problem after all.

Those who are single, or divorced, or who are cohabiting receive none of the above exemptions or privileges given to married couples or civil partners, and even inheriting a house that was owned jointly with someone else does not mean there will be no Inheritance Tax to pay.

Please note this is not a comprehensive list

These are complicated matters and should not be undertaken without the appropriate legal advice. Please contact Elainne Lawrie on 0161 442 6240 or email : Elainne@twpsolicitors.co.uk    for assistance

	Probate & Administration of Estates
	Enduring power of Attorney
	Other Associated Matters

Mitigating Inheritance Tax
Inheritance Tax can considerably affect the amount of your estate that your beneficiaries (most importantly, your children) receive. With simple planning we can help you draft a will that can substantially reduce your liability to Inheritance Tax and protect your loved ones. This is an important aspect of making a will and the benefits should not be overlooked.

Our wills and probate department are experts in this field.

Variation of the Will of Deceased Person
In certain circumstances, it is possible to vary the will of a spouse or family member who has died.

Such a variation can be employed for many reasons, most usefully to reduce and, in some cases, avoid the incidence of Inheritance Tax, not only on the deceased’s estate, but also when the surviving spouse dies. This can be of particular importance to children who might otherwise find their prospective benefits from their parents' estates substantially reduced by Inheritance Tax.

Please note that such a variation must be effective no later than two years after the death of the person whose will is to be altered. If you wish to challenge a will you need to act as soon as possible.

Probate and Administration of Estates
When someone dies a Grant of Representation must be obtained before their estate can be administered. We can help you do this and advise you on the next steps.

We can act on your behalf on the administration of the estate, whether you are an Executor appointed by the will or a member of the deceased family where no will exists.

We know that dealing with bereavement is emotionally difficult. You can be sure of our sympathy and understanding throughout.

Lasting Power of Attorney
On 1^st October 2007 the Enduring Power of Attorney (EPA) became the Lasting Power of Attorney (LPA). The latter is more powerful and has more safeguards built in.

As well as replacing the EPA’s use as a document to protect your PROPERTY AND AFFAIRS, The introduction of the Lasting Power of Attorney also meant the introduction of a SECOND document allowing you to specify somebody to look after your PERSONAL WELFARE.

These TWO NEW documents are:-

· The Lasting Power of Attorney – Property & Affairs ‘(LPA – PA)’ – Which allows you to appoint somebody to look after YOUR MONEY and related affairs. This effectively replaces the old Enduring Power of Attorney (EPA).

· The Lasting Power of Attorney – Personal Welfare ‘(LPA – PW) – Which allows you to appoint somebody to look after YOU and your personal welfare and healthcare. This effectively replaces what was commonly known as the ‘Living Will.

Who can make an LPA?

Anyone aged 18 or over, with the capacity to do so, can make and LPA appointing one or more Attorneys to make decisions on their behalf. You cannot make an LPA jointly with another person; each person must make his or her own LPA.

People involved in making an LPA.

There are different people involved in the making of an LPA comprising of the donor, an attorney, notified persons, certificate providers and witnesses. We would be happy to advise you and assist you with your application to safeguard your rights and protect your interests.

If you are acting on behalf of someone else.

We can assist in applications where a member of your family has become incapable of managing their own affairs.

An application can be made in relation to:-

· Finances;

· Approving a will;

· Personal welfare, such as giving or withholding consent to medical treatment and or social care interventions.

Powers given will depend on the needs of the person you have been appointed to assist and also the Court’s decision

We deal with applications sensitively and will fully explain your responsibilities to you and register the Power of Attorney with the Office of Public Guardian on you behalf.

Other Associated Matters

There are many other provisions you can make to protect and help your family and loved ones. If you are considering or would like to discuss any of the following we have the legal expertise to help you.

• Gifts of property to family members
• Establishing a family trust
• Providing for Grandchildren during their minority
• Taking action to limit Inheritance Tax

Links

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