I have a Will, so why do I need a Lasting Power of Attorney?
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It is important to consider the potential consequence of not having a Lasting Power of Attorney (LPA) in place. Many assume that their spouse or in the alternative that their adult children will automatically have the authority to make decisions on their behalf. However, this is not the case, and without an LPA, those close […]
Selecting an Executor in your Will
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nat_B0m
An Executor is a person you appoint in your Will who is tasked with the responsibility of administrating your estate. It is by no means an easy role and imposes a personal liability on the Executor should they fail to carry out the role correctly. Given that even the most straightforward estates can become […]
New Year’s Resolutions
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nat_B0m
As we come to the end of 2023, many take the opportunity to reflect on the past year and look at setting resolutions for the new year. A brief history lesson Setting resolutions in a new year dates back to Babylonian times (around 4000 years ago) where promises would be made to repay debts. Years […]
The importance of updating your Will
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nat_B0m
Your Will is one of the most important legal documents that you will create during your lifetime. However, it is a common oversight to not review and update your Will consistently, whether this be by an entirely new Will or a Codicil. It is important that you update your Will as certain changes occur in […]
I have been notified that I am an Executor under the Will of a relative or friend, who has recently passed away. What do I do?
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An Executor is a person named in the Will of the deceased who is responsible for carrying out the deceased’s instructions, administering the estate properly and ultimately ensuring that the estate is divided in accordance with the Will’s provisions. Being an Executor is an onerous task in light of the duties and responsibilities afforded to […]
A Tale of Two Deeds of Variations – Part 2
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Last time in my previous article, I demonstrated how a variation could be used, whether in an intestacy situation, or, with a pre-existing will, to ensure that the person inheriting had use of the assets for the remainder of their lifetime, but without the inheritance tax implications on their death of those being in their […]
A Tale of Two Deeds of Variations
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Suffering the death of a family member or any other loved one is a difficult time which can be made even worse if there is no Will or ‘an inappropriate Will’ which does not fit changed circumstance. I use the term ‘an Inappropriate Will’ as an umbrella term to cover circumstances were the Will has […]
When might a trust be useful?
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nat_B0m
HMRC reported a staggering 198,000 trusts have been registered with their Trust Registration Service as at 31 March 2022. This figure does not take into account trusts yet to be registered or which do not need to be due to HMRC’s requirements. Trusts are given a bad name because of their often-complex nature and the […]
Changes to intestacy rules
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On Fifth of July 2023, the Administration of Estates Act 1925 (fixed net sum) Order 2023 became law and is applicable. Previously, if a person passed away without a Will in place or valid Will in place leaving a spouse or civil partner together with children who survived them, then that widowed spouse or civil […]
What can possibly go wrong with a standard life insurance policy, and what can be done about it?
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Perhaps the first generation of people who engaged with financial advisors, ‘en masse’, are now starting to reach the end of their lives, and either pass away or lose mental capacity. Frequently, whole of life insurance policies, often put into trust many decades ago are coming back into view as a result of those changes. […]