Wills and Probate - Now Legal

Plan for your tomorrow giving peace of mind for today lasting powers of attorney wills and probate

Wills
Probate
Lasting Powers of Attorney

For more information or a ‘no obligation chat’ please do not hesitate to contact Christopher Paterson on 01489 865170 or by email: [email protected].

Why make a will?

To enable YOU to control what happens to your property and loved ones after you die.

If you do not have a Will in place, or your Will is invalid, your estate will be distributed strictly in accordance with the Intestacy Rules upon your death. This may not work in accordance with your wishes The only way to be certain that your loved ones will receive assets and care you wish them to receive is to ensure you have a valid, professional Will.

Intestacy Rules work harshly against the interests of cohabitees. It is therefore essential for unmarried couples to make Wills.

An existing Will becomes ineffective upon marriage or entering into a civil partnership. It is essential you update your Will once your marital status changes.

Other reasons include:

To provide for your funeral wishes e.g. burial, cremation, organ donation
To identify whom you wish to administer your estate – known as Executor(s)
To appoint guardians for your children
To give specific gifts to specific people
To include thanks and gifts for kindness shown during life as well as gifts to charities
For tax planning purposes

Inheritance tax

Inheritance Tax (IHT) is a tax charged on what you own when you die. Practically everything a person owns when they die is relevant for IHT purposes.

Did you know that IHT is payable at a rate of 40 per cent on the value of a person’s estate over £325,000? There are exemptions and reliefs available to reduce the tax liability, and considering the approximate value of the estate when drafting a Will can be a useful way of mitigating this liability.

Further, administrative clauses in your Will can relax strict statutory rules which may cause practical difficulties for your Executors/Trustees in relation to the administration of your estate which is particularly relevant where you have children and/or a business.

Property is often the most valuable asset an individual owns. In planning for your future and that of your loved ones you may wish to make changes to the way your family’s property is held. Our expert conveyancing department is on hand to provide any advice and assistance you may require regarding this.

Reviewing your will

Even if you have a Will you are advised to REVIEW YOUR WILL every 5-6 years or upon a change in circumstances. Even if, upon review, you have minor amendments i.e. an updated address or a change in an Executor, such changes can be made by making a Codicil. A Codicil contains the changes only and is witnessed in the same way as the original Will. We will be happy to have a no obligation discussion with you to establish whether a Codicil or a New Will is appropriate to your situation.

Why make lasting powers of attorney?

There are two types of Lasting Powers of Attorney:-

Property and Financial affairs
Health and Care decisions

Making a Property and Finance LPA ensures that there is suitable provision for someone you trust to effectively step into your shoes to deal with any financial matters when you need them most due to lack of mental or physical capacity. This LPA could be used by your appointed Attorney to assist with matters such as:-

Paying your bills;
Running your bank and savings investments;
Buying or selling your house;
Making or selling investments.

Making a Health and Welfare LPA allows you to appoint the person or people of your choosing to take decisions on your behalf in the event that you are no longer able to make them. This LPA could be used by your appointed Attorney to assist with matters such as:-

Deciding where you live;
Day to day matters such as your diet and daily routine;
The type of health care and medical treatment you receive, including life-sustaining treatment.