wills & probate brochure

LEGAL SOLUTIONS FOR YOU AND YOUR BUSINESS

01283 526 200elselaw.co.uk

Helping you to manage your personal and financial affairs efficiently and effectively, now and for the future.

WILLS & PROBATE

SOLICITORS

WILLSPROBATE

AND

01283 526 200 elselaw.co.uk

YOU’RE NEVER TOO YOUNG TO START PLANNING FOR BEING OLD!

DID YOU?KNOWUK INDIVIDUALS SPEND

MORE THAN ANYTHING THESE

£9BILLION PER YEARON LEGAL ADVICE, OFTEN IN STRESSFUL CIRCUMSTANCES.

AND PRACTICAL

WHO IS GENUINELY

ON THEIR SIDE.

INDIVIDUALS LOOK FOR

STRONG, ACCURATE

ADVICE FROM SOMEONE


Getting your personal and financial affairs in order can often seem daunting and complex. With a little foresight and forward thinking you can look towards a future that retains your wealth and reflects your wishes with a greater degree of certainty and confidence.

HOW WE DO THIS We provide accurate advice and use practical solutions within; Wills, probate and estate administration, Inheritance Tax planning, Lasting and Enduring Powers of Attorney and trusts.

PRIVATE CLIENT SERVICESHELPING FAMILIES ACCESS THE BEST POSSIBLE ADVICE FOR THEM AND THEIR LOVED ONES

WHAT MAKES US DIFFERENT We aim to build productive, long term relationships with our clients and their families. There are often sensitive and difficult situations to think about, and we promise to offer a friendly, personal and confidential service that puts your needs and wishes first.


WILLSPUTTING YOU IN CONTROL OF HOW YOUR MONEY AND POSSESSIONS WILL BE DISTRIBUTED AFTER YOUR DEATH

WHY MAKE A WILL Simply put, by making a Will you are giving those you love peace of mind for the future.

Provision can be made for all members of the family, friends and charities as you wish.

Choose who your Executors are and ensure that it’s the people you trust who administer your estate.

IF I DON’T HAVE A WILL If you die without leaving a valid Will you leave your estate in uncertainty which can often lead to stressful family disputes.

Without a Will, your family could face a larger Inheritance Tax bill than necessary.

Unmarried partners may not receive anything from your estate, unless you have made a Will in their favour.

GETTING IT RIGHT The legal language around drafting a Will can be complicated, and it is easy to make mistakes which is why using a solicitor can spare you worry and stress.

Updating your Will is also important if your circumstances change; for instance if you divorce, re-marry, have children or set up your own business.


60%DID YOU?KNOW

OF PEOPLE DON’T HAVE A WILL.

THIS LEAVES LOVED

IS IT ABOUT

TIME YOU GOT

ROUND TO SORTING

YOUR WILL?

COMPLICATED

FINANCIAL MATTERSWHICH OFTEN LEAD TO

DISPUTES.FAMILY

AND EXPENSIVE

ONES TO DEAL WITH


“WE WERE VERY PLEASED WITH THE SERVICE WE RECEIVED. ELSE MADE IT SO EASY FOR US.”

DID YOU?KNOW

PEOPLE AGED OVER 65 WILL DIE WITH SOME FORM OF DEMENTIA.

LOSING CAPACITY

1 IN 3

TO LOOK AFTER YOUR OWN

CONCERN.

LEGAL AND FINANCIAL AFFAIRS

IS A REAL


POWERS OF ATTORNEYGIVING YOU THE POWER TO CHOOSE WHO YOU WANT TO MAKE THE IMPORTANT DECISIONS ABOUT YOUR WELFARE, MONEY OR PROPERTY ON YOUR BEHALF

WHAT ARE ‘POWERS OF ATTORNEY’ Now called ‘Lasting Powers of Attorney’ (LPA), this powerful document is often thought of as an insurance policy for the future. Hopefully you will be able to deal with matters yourself for as long as possible, but should you lose mental capacity to do so, then you can be assured that it will be the people you know and trust who will make the decisions for you.

Those who care for elderly friends or relatives may need help and assistance in dealing with their money and belongings, and also with decisions concerning their well-being and healthcare.

GETTING IT RIGHT Preparing an LPA requires careful thought and planning and specialist experience is often required in drawing up these important documents. We can guide you through the process and help you with the drafting of all the elements so that sufficient protection is in place for you and your loved ones.

DEPUTYSHIPS Both Deputyship Orders and Lasting Powers of Attorney authorise someone to make decisions for somebody else. The difference is that an LPA is made by someone who still has mental capacity however a Deputyship is made by a court for someone who has already lost that capacity.

HELP IS AT HAND If you need to apply for a Deputyship Order, you will have the best chance of success if the application has been properly drawn up and submitted by a legal expert. At Else Solicitors we are able to provide advice and help with preparing applications to the court, obtaining the necessary medical evidence and implementing the Order once it has been granted.

Our Private Client team will continue to support the Deputy after their appointment including assistance with the preparation of annual accounts if needed.


INHERITANCE TAX PLANNINGPLAN NOW TO PROTECT YOUR ASSETS AND MAKE LIFE EASIER FOR THE PEOPLE YOU CARE ABOUT

HOW MUCH IS INHERITANCE TAX If you leave an estate valued at more than £325,000, your loved ones may have to pay 40% on anything above that figure. Many people think that Inheritance Tax will not apply to their estate when they die but investments and savings can put many people above the tax-free threshold.

DID YOU?KNOWIT HAS BEEN ESTIMATED THAT

THIS COULD

£1.3BN IS BEING WASTED IN UNNECESSARY INHERITANCE TAX PAYMENTS.

WHAT CAN BE DONE TO REDUCE INHERITANCE TAX There are specific allowances, exemptions and reliefs which may be available to you.

Another very popular way of reducing the amount of tax paid can be to place some assets into a trust.

Also by working with your legal adviser and your accountant you can explore the best ways of passing on as much as you can to your chosen beneficiaries.

EFFECTIVE PLANNING USING YOUR WILL Special types of Wills can be drawn up to further reduce the Inheritance Tax bill. By placing a trust in your Will you can leave assets to beneficiaries who are exempt from Inheritance Tax, such as a spouse or civil partner or by leaving gifts to charities.

However it is worth noting, if you have the wrong type of Will drawn up all the tax benefits could be lost, so it is vitally important you seek the advice of a solicitor to ensure you get this right.

AVOIDEDWITH BASIC TAX

HAVE BEEN

PLANNING IN PLACE.


TRUSTSTRUST FUNDS ARE AN EXCELLENT WAY TO HELP PROTECT YOUR LOVED ONES AND ENSURE THEY CAN BE PROVIDED FOR IN THE FUTURE

WHY A TRUST Trusts are generally made for one of three reasons:

WHAT KINDS OF TRUSTS ARE THERE There are many types of trusts for different purposes which each have their own tax rules. Some of the most commonly created are:

• TRUSTSFORMINORS- under 18s

• PILOTTRUSTS- for Inheritance Tax planning purposes, intended to receive pension funds or the proceeds of a life policy

• LIFEINTERESTTRUSTS-providing funds for the lifetime of one person

• DISCRETIONARYTRUSTS-where there are a number of people who can benefit at the trustees’ discretion

• TRUSTSFOR DISABLED PERSONS - specially designed to give favourable tax considerations

• CHARITABLETRUSTS-providing income for charitable concerns

• BARETRUSTS- held for children or adults unable to look after the money themselves

• PERSONALINJURYTRUSTS- set up as discretionary or bare trusts to benefit someone who has received a cash settlement following injury to allow them to continue receiving benefits

• DECLARATIONSOFTRUST-used to define how proceeds from the sale of property would be split if one party has put more into the purchase than the other

1. PROTECTING YOUR ASSETS - so they cannot be sold in order to pay for residential care

2. PROTECTING YOUR FAMILY - ensuring vulnerable loved ones are not left to manage funds directly but can still benefit

3. HELP REDUCE OR AVOID INHERITANCE TAX - ensure money, investments and property are passed on in the most tax efficient way

Setting up trusts can often be a complicated process but can have great benefits for you and your family.


PROBATE & ESTATE ADMINISTRATIONPROBATE SIMPLY PUT IS THE PROCESS WHEN APPLYING FOR THE RIGHT TO DEAL WITH A DECEASED PERSON’S ESTATE

WHO DEALS WITH THE ESTATE The administration of an estate is normally dealt with by the Executors who are named in the Will. In order to collect assets, sell property and wind up an estate, you would need to obtain a Grant of Probate from court which confirms the executors’ legal authority to manage the estate and deal with banks and building societies.

WHAT IF THERE IS NO WILL If there is no Will, the beneficiaries of the estate will be determined by the Intestacy Rules, and it is only one (or more) of these beneficiaries who can apply to be appointed as an estate administrator. A court can appoint other people to take on a similar role to Executors, but they have no authority to do anything until Letters of Administration have been applied for and are granted by a court.

HOW LONG DOES PROBATE TAKE Once a Grant of Probate has been applied for it takes approximately two weeks to be received. The administration of an estate will usually take between four and six months, however in some cases up to a year depending on the complexities of the estate.

DEED OF VARIATION If beneficiaries of a Will want to make an additional gift to someone not named in the Will, or a charity, a Deed of Variation may be the answer. This may avoid the tax consequences that would apply if the money was just gifted.

We have many years experience in handling estates and can give you the advice and support you need whether you are acting as an Executor or Administrator. We can thoroughly explain the benefits of Deeds of Variation and guide you through the necessary processes, whether applying for Grant of Probate or for Letters of Administration.


DID YOU?KNOWTHERE ARE

IN SOME FORM

“THANK YOU FOR YOUR PATIENCE AND THE WEALTH OF KNOWLEDGE YOU IMPARTED TO US.”

SERVICESWILL BE REQUIRED

FOR ALL.

500,000DEATHS INENGLAND AND WALES

EVERY YEAR.

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