Author Archives: Helen Eynon

Divorce: Why you must make a new Will

With the divorce rate ever increasing, it is essential that a new Will is executed.

So many clients over the years have been so stressed by the divorce, that the idea of putting a Will in place is that one step too far. But please take a moment to understand why you should do a new Will as soon as possible.

In cases where the divorce is extremely contentious, and it is taking a long time to agree the financial position. Always do what I call a “holding Will”. This is a Will that confirms at that point where you would like your assets to go. A side Letter of Wishes explains the reasoning behind the contents of the Will and why your spouse is NOT in the Will.

In one tragic case no such Will was put in place. In this case the divorce was part way through, however the absolute HAD NOT been obtained. The sudden death of the husband meant that his original Will was still valid. The person who he least wanted to have his Estate (his wife) inherited. In law she was his wife on his death and so she received his Estate!

If you are in the process of divorce, get your Will provision sorted out! Once the divorce is finalised and you know your post-divorce financial position, you can then put in place a Will which will last you several years.

Many of you reading this will think this is in effect 2 bites of the same cherry. However with the cost of the first Will being nominal, and the final Will being in place for some years. It’s better to pay now than have your family paying for the rest of their lives!

Lasting Powers of Attorney

Cold Weather Warning

With the weather being so bad towards the end of 2010, this has brought it home to many about how hard it has been on our parents and grandparents. Many of us could not get out of our front door!! Just think if it was bad for those of us who are young and fit, imagine what it was like for your elderly aunt?

Whilst doing a little shopping for an elderly friend or relation was helpful.  Other problems have raised their heads.

It’s easy if your elderly relative lives up the road. However, for many of us (myself included) parents, grandparents, aunts and uncles live miles away. Many elderly people when the weather is bad, can’t pay bills or order supplies easily.

Many families have tried to help a relative, thinking that by picking up the phone they can organise bill paying/order food etc. Unfortunately, it is not easy because unless a Power of Attorney is in place – families often CANNOT help their own relatives.

If this winter has been difficult, it might be time that a Lasting Power of Attorney is put in place by your parents/grandparents/aunts or uncles. Once one is in place the attorney/s can sort out paperwork, deal with bills and phone up on their relative’s behalf.

Please call me so I can explain how putting in place an Attorneyship may help the whole family. If a Power already exists, it may be time to activate it.

 

University Fees

Save tax and assist your family

Now that University fees are going to continue to rise for your grandchildren, many people will be looking into ways that they can help. One way is to make regular monetary contributions to grandchildren.

Did you know that by making regular gifts out of your income, you not only benefit your grandchildren but can also benefit yourself!

If tax on your Estate is a concern for you, making regular gifts out of your income will have no adverse tax implications as regards your Estate.

The rules if followed correctly can mean that you can legitimately give away thousands of pounds tax free!! Making substantial and larger gifts from capital often has tax implications both during your life and upon your death. If you make regular payments out of your income instead this is tax efficient and gives very real benefits to your family.

If you would like to discuss whether this is a way forward for you, or want further information please contact us on 01483 564833, or email Helen@wills-etc.co.uk

I want to make a Will.

But how do I find a professional Will Writer?

The question for consumers is how can they put a Will in place and make sure that the company or individual they are dealing with has the expertise to provide a proper service?

There has long been a call for regulation of the Will Writing market. The Society of Will Writers and Estate Planning Practitioners (of which I am a member), has been increasingly involved in the drive towards regulating this field of law.

With regulation far off ensuring you have a Will in place that fits your needs, is valid and will ensure your family is protected is essential.

Use my list of Do’s and Don’ts and you cannot go far wrong.

What to look for – the Do’s!!

  • The person who is taking your instructions is a member of a professional body, for example The Society of Will Writers and Estate Planning Practitioners.
  • If a person holds himself out as a member of a professional body this can be checked on the Society’s own website, please email www.willwriters.com
  • All members of the professional bodies in existence should have ID confirming they are a member. Just like anybody you allow into your home always check their ID.
  • Only use a company or individual who is fully indemnified to the industry standard, which is 2 million. In the case of The Society, members must be indemnified to be allowed to practice.
  • On a company’s website it should exhibit the Society’s logo and confirm that the required indemnity insurance is in place.

What to look for – the Don’ts!!

  • If a company advertises very low cost Wills, typically well under £100 for a single Will, don’t touch. You get what you pay for, and if the service is very cheap it is unlikely that it is being provided by a qualified professional.
  • On searching the web, if a company does not confirm it is a member of a professional body, it isn’t. Steer well clear.
  • On a website it should always confirm that the company holds indemnity insurance. If it does not, keep away. If things do go wrong, you have no protection.
  • On meeting with a Will Writer you should be informed at the outset, or as soon as possible after the meeting, as to the costs of the services to be provided. This information should be provided to you in writing.
  • On taking your instructions for your Will, often it becomes clear that you may need advice regarding other legal issues. Typically, when discussing Will provision it is often a good idea at the same time to also consider putting in place Lasting Powers of Attorney.
  • Be sure of exactly what additional services are to be provided. A qualified Will Writer will confirm to you in writing what services they are to provide and at what cost.
  • You have rights, if someone comes to your home to discuss Will instructions and you change your mind that’s OK. You have 7 working days “cooling off” period to confirm you no longer want the services. If you feel you have been sold products you don’t want cancel as soon as possible in writing!

If you have any further queries, please contact me on 01483 564833, email Helen@wills-etc.co.uk or via my website www.wills-etc.co.uk

Buyer Beware

On the BBC’s Rip Off Britain programme dated 7th December, yet another case was aired of a person who when making a Will was mis-sold other services.
Through no fault of her own the lady was persuaded by what could only be called a salesman, into signing up for probate services which in her case would be unnecessary.  This involved the appointment of the company she was dealing with as a professional Executor.

Appointing the company as a professional Executor entitled them to charge for their services when dealing with her Estate.  It should be noted that such charges usually only occur on death, and as such come out of the Estate itself.
However the company concerned sold their client a package with the upfront costs of over £3000. Not having the ready funds to pay this high sum, an onerous credit agreement was entered into.

The case in point only required a straight forward Will, the cost of which should have been in the region of £100.

Please be aware that in most cases it is fine to have your family as your Executors. If your family feel they need assistance in dealing with your Estate, they can obtain such advice and assistance when they need it. In simple cases your family will be capable of dealing with the bulk of the administration of your Estate themselves.

In putting in place a Will, always ensure that the person or company you are dealing with will NOT sell you something else, which you might not need. Never sign up for “future probate services”, as what you own on your death may be completely different from what you have now.

If you have signed with a company, and you did this in your own home you have a cooling off period of 7 days in which to cancel! If you do cancel you must do this in writing. Finally, do not be intimidated into signing anything you are unsure of!!