Making a Will, whether updating your existing Will or writing your first, is never an easy thing to do! It’s not that it’s difficult, in fact we make it very simple. It’s just one of things that we know we need but for one reason or another we just never seem to get around to it.
The fact that you are on this page means you have taken the first important step to putting this right. Now all you need to decide is whether we are the right people for you? We have the experience, we have been established for over 15 years, we have a good reputation, so the only thing stopping you is whether you like us or not. You wont really know that unless we visit you.
Our home consultations are without obligation to commit. If you are genuinely interested in making a Will we will visit you at home at a day and time that suits you, we will explain why it is important to have a will and if you are happy we will take your instructions. Our prices start at £180 plus VAT (£216 all inclusive) for a standard single will, but more complex wills which includes Trusts and Inheritance tax planning do cost more but we will explain the fees in full before you agree to go ahead. You will know exactly the cost before we start.
Estate Planning is the new buzz word for the Willwriting industry. It simply means creating a plan around your Estate. Your estate is everything you own, whilst you are alive it is everything that you own such a property, businesses and money. In terms of the Will is is everything you leave behind when you die.
Create an Estate Plan can involve understanding what will happen to everything you own if you lose mental capacity and what happens to everything when are no longer here to sort it all out. Having an effective estate plan takes these two factors into account. It can also look at whether inheritance tax will become due on your estate. Under normal circumstances inheritance tax effects estates if they are valued at more than £325,000. This amount is known as the ‘nil rate band’. If your estate is more than the nil rate band then inheritance tax may be payable and an estate plan should be put in place.
Some people unwisely think that inheritance tax threshold has changed in recent years, well it has not. The threshold before inheritance tax becomes due has not actually changed for many years. What has however changed is the allowances that Executors can claim to offset any potential inheritance tax, these allowance include the Transferable Nil Rate band allowance and the Residential Allowance. This is why estate planning has become so important, an effective estate plan would look to see if your estate can claim these allowances and thus reduce any potential of inheritance tax.
The Lasting Power of Attorney (LPA) was introduced in 2007 to replace the Enduring Power of Attorney. The government at the time felt that the Enduring power of attorney was not robust enough in looking after vulnerable people and as such introduced the Lasting Power of Attorney.
As with all things Government related this was never going to be simple and in their defence the document has changed considerably over the last 11 years. When it was first introduced it was 26 pages long and extremely complex. Fortunately it is now just 11-12 pages and is far simpler.
Understanding the terminology used is a key part to understanding the LPA.
Firstly, there are two types of LPA – one covers your Property and Financial Affairs, the other covers your Health and Welfare. Both are equally important and discounts are available for people who chose to prepare both.
The people are involved in preparing an LPA are as follows:
- The Donor – this is you. The person who is giving the Power
- The Attorney – this is usually a spouse or adult child. The person you are giving the Power of Attorney to.
- Replacement Attorney – The person who steps in if the attorney cannot act for any reason.
- The Certificate Provider – This can be us as your Willwriters, a Doctor or perhaps a neighbour. It is the person who agree that you have the mental capacity to appoint a person as your attorney.
- The Notifier – This is the person you would notify that you are preparing a Power of Attorney. Generally an independent person who is not party to the LPA itself but someone who has your best interest at heart.
Here are the main reasons people do not make a Will. We like to call these reasons the ‘Excuses’
- I’m not ready yet! (When will you be ready – moments before you go?)
- My Union offer a free service! (There is nothing in life that is free! If it’s free why haven’t you done it!)
- I can get it cheaper! (There is always someone who does something cheaper – but is at as good!)
- I work late! (We offer day time, evening or weekend appointments!)
- My bank do it free! (This is the funniest! Banks – Free – Really!)
- I don’t know if I need it! (Intestacy Rules apply where there is no Will – Isn’t it better to do what you want!)
- My wife will get everything anyway! (Really – have you checked Intestacy Rules – what if you go together?)
What’s your Excuse? Remember Geoffrey Chaucer – Canterbury Tales:
‘People can die of mere imagination’
Have a question or need more information?
Our friendly and knowledgable team are happy to answer any questions you may have and can easily arrange a FREE Consultation.
