Tag Archive for: Wills & Probate

We’ve expanded our Wills, Trusts & Estates team

We’re delighted to welcome Georgina Roberts to our growing Wills, Trusts & Estates team.

Georgina, who grew up on the Wirral, joined us in September and specialises in all aspects of private client work.

She said: “Private Client is an interesting area of the law and I really enjoy helping people at what can sometimes be a difficult and stressful time of their lives.”

Georgina is also a full member of Solicitors for the Elderly, which means she is trained to work with older and more vulnerable clients.

You can find out more here about our Wills, Trusts & Estates work which includes the creation of wills, trusts and inheritance tax planning, Powers of Attorney, administration of estates and Court of Protection work.

Louise Holmes​, Cullimore Dutton Wills, Trusts & Estates

The Inheritance

New TV drama puts spotlight on protecting your inheritance

Channel 5’s new drama, The Inheritance, which started last night is set to be one of the TV hits of the Autumn. With an all-star cast including the actors Larry Lamb and Gaynor Faye, Channel 5 says: “Secrets are exploded, relationships ripped apart, and lives lost as the siblings try desperately to claw back their inheritance and make sense of what is happening around them, asking the question: Is blood really thicker than water?”

The subject of inheritance, and the likelihood of another family battle, has also been in the news following the death of the former Harrods tycoon Mohamed Al Fayed. Reports have suggested the scene is set for a Succession-style fight for the 94-year-old businessman’s £1.7billion empire involving his second wife and his four surviving children.

While the amount of money, assets and complexity surrounding the above may be greater than the norm, a lot of the issues are the same.

This is particularly the case when people have children from previous relationships and the first to die leaves everything to their new partner.

The new partner then rewrites a will to leave everything to their own children thus disinheriting the first spouse’s children. People often don’t think it will happen to them, but it happens more than you think.

The key to avoiding issues further down the line is to put in place the necessary protections at the outset, the benefits of which we will always explain to clients who come to see us.

This could be a couple embarking on their first marriage or someone setting out on a new relationship following the death of their partner or because of a divorce.

One popular option is to create a Life Interest Trust, something that is written into a will and which allows you to provide future security for particular individuals, such as your spouse and children.

In such a trust, the entitlement to an asset is split into its capital and income elements. One good example of this in action concerns an investment property whereby the capital is the property and the income is the rent received. The person who has the ‘life interest’ is entitled to the income from the property, but once the life interest ends (usually when the ‘life tenant’ dies) the capital passes to the beneficiaries stipulated in your will.

The Wills, Trusts and Estates team at Cullimore Dutton specialise in protecting our clients and pre-planning what may be required in the future, such as a Life Interest Trust, something that is becoming ever more important, not least with the increase in blended families. Putting the right protection in place at the outset of a relationship can help to avoid a lot of unnecessary heartache and bitterness further down the line.

Life Interest Trusts are also commonly used to protect people’s assets from care home fees.
By including a Life Interest Trust in your will, you can ring-fence your share of the property and place this into a Trust, giving your partner a life interest in it.

This means that when you die, your share of the property will not pass to them, but they will still be able to live in the property for the rest of their life, or sell it if required. The deceased’s share will be held in a Trust and can be passed on in line with the terms of your will when your partner dies.

It means that your share of the property should not be used to pay for your partner’s care home fees, but instead is ringfenced for your children or grandchildren.

If you would like a free initial consultation with a member of the Wills & Probate team simply click on the “Speak to Our Experts” button on this page, call us on 01244 729 073 or email info@cullimoredutton.co.uk

Please note: This is not legal advice; it is intended to provide information of general interest about current legal issues.

Louise Holmes​, Cullimore Dutton Wills, Trusts & Estates

Estate Planning for Blended Families

Estate Planning for Blended Families: Navigating Wills and Inheritance

Blended families have become increasingly common in today’s society. As relationships evolve and individuals remarry or enter into new partnerships, estate planning becomes a crucial consideration to ensure the fair and smooth transfer of assets to loved ones.

In the context of blended families, where there may be children from previous relationships, navigating wills and inheritance requires careful thought and legal expertise. This article aims to provide valuable insights and guidance for UK residents in such situations.

Understanding the unique challenges
Blended families face unique challenges when it comes to estate planning due to the complex dynamics involved. Considerations such as protecting the interests of biological children from previous relationships, providing for a new spouse or partner, and addressing potential conflicts among family members require thoughtful planning.

Updating your will
One of the most critical steps in estate planning for blended families is updating your will. A well-drafted will ensures that your wishes regarding asset distribution are clearly outlined. Failing to update your will after entering a new relationship may lead to unintended consequences, with assets potentially passing to the wrong beneficiaries or even causing legal disputes.

When updating your will, it is essential to consider the following points:

Spousal/civil partner inheritance rights
In the UK, a spouse or civil partner has certain automatic inheritance rights, regardless of what is stated in a will. It is important to understand these rights and ensure that your wishes align with them. Consulting with a knowledgeable solicitor will help you understand and navigate these legal requirements effectively.

Provision for biological children
If you have children from a previous relationship, you may wish to ensure that they are adequately provided for in your estate plan. This can be achieved through specific provisions in your will, such as leaving assets or establishing trusts to benefit your children.

Providing for a new spouse or partner
Many individuals want to provide for their new spouse or partner while also ensuring that their children receive their fair share. Various strategies, such as life interest trusts or discretionary trusts, can be implemented to strike a balance between these competing interests. Seeking legal advice will help you determine the most suitable approach based on your specific circumstances.

Guardianship of minor children
If you have minor children, it is vital to address guardianship arrangements in your will. Clearly, designating who will assume guardianship responsibilities ensures that your children will be cared for according to your wishes.

Communication and managing expectations
Open and honest communication is essential when navigating estate planning matters within blended families. Discussing your wishes and intentions with all relevant parties can help manage expectations and minimise potential conflicts. Consider involving family members, especially those directly affected by your estate plan, in the discussion process. While conversations about inheritance can sometimes be uncomfortable, addressing these matters proactively can help avoid misunderstandings and resentment later on.

Seek professional guidance
Given the complexities involved in estate planning for blended families, it is strongly recommended to seek professional guidance from a reputable law firm specialising in estate planning and family law. An experienced solicitor can provide tailored advice, help you understand the legal implications, and ensure that your estate plan is comprehensive and legally sound.

Regular review of your estate plan
Lastly, it is crucial to periodically review and update your estate plan and will to reflect any changes in your family dynamics, financial situation, or legislation. Life events such as births, deaths, divorces, or significant financial changes may necessitate adjustments to your Will or other estate planning documents. By conducting regular reviews, you can ensure that your estate plan remains up-to-date and aligned with your current wishes.

Navigating your will
Estate planning for blended families requires careful consideration and professional expertise. Updating your will, effectively communicating with your loved ones, and seeking the guidance of an experienced solicitor will help you navigate the complexities and ensure that your wishes are met. By undertaking these essential steps, you can achieve peace of mind, knowing that your estate will be distributed according to your intentions, ultimately providing for both your new family and your children from previous relationships.

How we can help
Our expertise and assistance can provide you with confidence when Estate Planning for Blended Families and ensure that your wishes are accurately reflected. Our team are all specialists in this area of law so we can ensure the best possible outcome for you and your family.

If you would like a free initial consultation with a member of the Wills & Probate team simply click on the “Speak to Our Experts” button on this page, call us on 01244 729 073 or email info@cullimoredutton.co.uk

Please note: This is not legal advice; it is intended to provide information of general interest about current legal issues.

Sarah Gill

Why use a legal professional to make an LPA

Why use a legal professional to make an LPA

Using legal professionals such as Cullimore Dutton to make a Lasting Power of Attorney (LPA) offers several benefits and can provide peace of mind throughout the process.

Here are some reasons why engaging with legal professionals can be advantageous:

  1. Legal expertise: We specialise in this area of law, including wills, estate planning and LPAs. We possess in-depth knowledge of the relevant laws, regulations, and formalities associated with creating an LPA. This expertise ensures that the document is correctly prepared, reducing the risk of errors or invalidation in the future.
  2. Tailored advice: Your circumstances are unique, and as legal professionals we can provide personalised advice based on your specific needs. We will take the time to understand your situation, explain the legal implications, and guide you through the decision-making process. This can help you make informed choices regarding your LPA, such as selecting the most appropriate attorneys and specifying their powers.
  3. Ensuring legal requirements are met: LPAs must comply with certain legal requirements to be valid. As legal professionals we can ensure that all necessary forms are completed accurately, witnessed correctly, and signed by the relevant parties in the appropriate order. This reduces the risk of your LPA being rejected or challenged on technical grounds.
  4. Safeguarding against abuse or disputes: As legal professionals we can help safeguard against potential abuse or disputes by ensuring that the LPA is clear, comprehensive, and accurately reflects your intentions. We can guide you on the appointment of suitable attorneys and advise on any restrictions or conditions that can be included in the document to protect your interests.
  5. Managing complex situations: If your circumstances involve complexities such as business interests, overseas assets, or blended families, as legal professionals we can provide invaluable guidance. We can help navigate these complexities, identify potential issues, and develop appropriate solutions to address them within the LPA.
  6. Continuing support: As legal professionals we can offer ongoing support beyond the initial creation of the LPA. We can keep a copy of the document in safe custody, provide advice on amendments or revocation, and assist in the event of challenges or disputes relating to the LPA.

How we can help
While engaging a legal professional involves some cost, our expertise and assistance can provide you with confidence in the legal validity of your LPA and ensure that your wishes are accurately reflected. Our team are all specialists in this area of law so we can ensure the best possible outcome for your LPA.

If you would like a free initial consultation with a member of the Wills & Probate team simple click on the “Speak to Our Experts” button on this page, call us on 01244 729 073 or email info@cullimoredutton.co.uk

Please note: This is not legal advice; it is intended to provide information of general interest about current legal issues.

 

Louise Holmes​, Cullimore Dutton Wills, Trusts & Estates

Aretha Franklin – You better think…

You better think…

Aretha Franklin’s family feud over her estate proves it is better to plan ahead than to leave a dispute for your loved ones.

Aretha Franklin

The tale of Aretha Franklin’s disputed estate has been heavily covered recently across the media including on the BBC.

Aretha Franklin died in August 2018, apparently leaving no Will for her estate worth millions. However, nine months later, handwritten Wills (with different dates) were found in a cabinet and under a sofa cushion at her home in suburban Detroit, leading to an ongoing battle between her four sons.

While many of us do not have the multitude of millions to leave behind for our loved ones, the situation clearly illustrates the benefits, indeed the need to plan ahead and write and register your Will.

We consider planning ahead and writing your Will essential for the following key reasons:

  1. Distribution of Assets: A Will allows you to specify how your assets, including property, investments, and personal belongings, should be distributed after your death. This ensures that your wishes will be respected, minimising the potential for family disputes, and ensuring that your assets are distributed in line with your intentions.
  2. Guardianship of Minor Children: If you have minor children, a Will allows you to name a guardian who will be responsible for their care in the event of your passing. Without a Will, the court may have to make this decision, which may not align with your wishes.
  3. Minimise Family Conflicts: Clear instructions in a Will can help reduce conflicts among family members and loved ones. When your intentions are clearly outlined, it can help avoid misunderstandings, disagreements, and potential legal battles that could arise without a Will.
  4. Executor Appointment: Writing a Will allows you to appoint an executor, who will be responsible for managing your estate, paying debts, and distributing assets according to your wishes. Choosing a trusted person as an executor ensures that your estate is handled by someone you deem capable and reliable.
  5. Tax Planning and Asset Protection: A well-structured Will can also include provisions for tax planning and asset protection, potentially reducing the tax burden on your estate and ensuring that your assets are safeguarded for your beneficiaries.

It’s important to consult with legal professionals such as ourselves when creating a Will to ensure that it adheres to all specific legal requirements.

How we can help
Our team are all specialists in this area of law and are either qualified members or working towards membership of STEP (Society of Trust and Estate Practitioners).
If you would like a free initial consultation with a member of the Wills & Probate team simple click on the “Speak to Our Experts” button on this page, call us on 01244 729 073 or email info@cullimoredutton.co.uk

Please note: This is not legal advice; it is intended to provide information of general interest about current legal issues.

Kainat Jones

Can I include digital assets in my will?

Can I include digital assets in my will?

Yes, you can include digital assets in your will. Digital assets can encompass a wide range of items, such as online accounts, digital media, cryptocurrencies, domain names, intellectual property, and more. Including these assets in your will allows you to express your wishes regarding their management and distribution after your passing.

Here are some steps you can take:

  1. Identify Your Digital Assets: Begin by creating an inventory of your digital assets. This includes listing all relevant online accounts, email accounts, social media profiles, websites, blogs, online storage, digital files, cryptocurrencies, and any other valuable digital assets you possess.
  2. Appoint a Digital Executor: Designate a trusted individual as your digital executor or digital asset trustee in your will. This person should be tech-savvy and capable of handling your digital assets according to your wishes. They will be responsible for managing and distributing your digital assets as specified in your will.
  3. Nominate a Contact: Some companies, for example Facebook and Apple, allow you to nominate a person to deal with your account once you have passed away, they’re usually referred to as a ‘legacy contact’. You should make enquiries to see if you can nominate someone on your account.
  4. Provide Access Information: In your will, include instructions on how to access your digital assets. This may involve sharing passwords, encryption keys, or other necessary access credentials with your digital executor. Ensure this information is kept secure and updated regularly, and ensure you are not in breach of any T&C’s before doing so.
  5. Specify Your Wishes: Clearly express your wishes regarding the management and distribution of your digital assets. Specify who should inherit or have access to specific digital assets and how they should be handled. For example, you may want certain online accounts to be closed, transferred to others, or preserved as a digital legacy.
  6. Consider Legal and Practical Considerations: Consult with a legal professional such as ourselves to ensure your digital assets are addressed correctly in your will.

Remember to regularly review and update your will, including the provisions related to your digital assets, as circumstances change. By addressing your digital assets in your will, you can help ensure that your wishes regarding these assets are known and respected your passing.

How we can help
If you would like a free initial consultation with a member of the Wills & Probate team simple click on the “Speak to Our Experts” button on this page, call us on 01244 729 073 or email info@cullimoredutton.co.uk

Please note: This is not legal advice; it is intended to provide information of general interest about current legal issues.

Louise Holmes​, Cullimore Dutton Wills, Trusts & Estates

At what age should I write a will?

At what age should I write a Will?

While the age at which you should write a Will can vary depending on your personal circumstances, it is generally recommended for adults to consider creating a Will as soon as they have assets or dependents they want to protect and provide for after their passing.

Here are a few factors to consider:

  1. Legal Age: In the UK, the legal age is 18 years old. Once you reach this age, you are considered an adult and have the legal capacity to create a Will.
  2. Accumulation of Assets: If you have acquired assets such as property, investments, savings, or valuable possessions, it is a good time to consider writing a Will to ensure that they are distributed according to your wishes.
  3. Dependents: If you have dependents, such as children or individuals who rely on you financially, it becomes essential to create a Will to outline guardianship arrangements and provide for their needs in the event of your passing.
  4. Life Changes: Major life events like marriage, divorce, or the birth of a child often prompt individuals to review or create a Will to reflect their changing circumstances.

While it is advisable to write a Will sooner rather than later, it is never too late to create one. It’s important to keep your will up to date and revise it as needed to reflect any changes in your assets, relationships, or wishes. Consulting a legal professional such as ourselves is recommended to ensure your Will is legally valid.

How we can help
If you would like a free initial consultation with a member of the Wills & Probate team simple click on the “Speak to Our Experts” button on this page, call us on 01244 729 073 or email info@cullimoredutton.co.uk

Please note: This is not legal advice; it is intended to provide information of general interest about current legal issues.

Kainat Jones

Are you too young for an LPA?

As a solicitor specialising in this area of law, I’m pleased to see that more and more people are understanding the importance of putting Lasting Powers of Attorney (LPAs) in place. It’s a common misconception, however, that LPAs are something for the older generation only and not needed by younger adults.

We routinely find that we are contacted by adults who want to ensure that LPAs are in place for their older friends and relatives, but those same adults often have not considered the importance of having LPAs in place for themselves, this is despite understanding the importance and relevance of them for their relative.

Having seen first-hand the application of LPAs for young adults I find this concerning and would stress the importance of LPAs for all adults including young adults. Why is that? Before I go into the importance of LPAs, I’ll briefly outline what they are and what they can be used for:

What are Lasting Powers of Attorney (LPAs)?
An LPA is a formal legal document which gives a person or persons of your choice (called your Attorney(s)), the power and authority to make decisions on your behalf during your lifetime. There are two types of LPA:

1) Property and Financial Affairs LPA – This LPA allows your Attorney(s) to make decisions about your money and property; for example, paying bills, receiving income, or buying and selling a house. You can also have LPAs to cover business affairs if you run a business.

The property and Financial Affairs LPA can, if you choose, be capable of use while you have mental capacity (that’s the ability to manage your own affairs) and if you lose mental capacity. It can therefore be used if for example you need someone to assist with your affairs on a temporary basis as well as being capable of long-term use.

2) Health and Welfare LPA – This LPA enables your Attorney to make decisions about all health, care and wellbeing matters, such as where you live, what you eat and medical matters. You may also give your attorney(s) the power to accept or refuse life-sustaining treatment on your behalf. This LPA can only be used in the future if the person who made the LPA lacks the ability to make a health and welfare decision for themselves.

Both types of LPA must be registered with the Office of the Public Guardian before they can be used. This is the government body that supervises all lasting powers of attorney

Too soon?
For younger adults, it may feel too soon to create LPAs. As young adults we can feel invincible and hold the belief that LPAs simply will not be needed because we will be fully capable for many years to come, however they may be more useful than you think.

Why would a young adult need LPAs?

  • Just in case, LPAs can only be made at a time when you have the mental capacity to make them – that means the ability to understand the nature and effects of the LPA document you are making. Therefore if a young adult has an accident or illness that results in them losing mental capacity, either temporarily or permanently, it is not possible to make one at that point.
  • If you lack mental capacity to make an LPA, it will be necessary to make an application to the Court of Protection for a Deputyship Order. This can be a long, stressful and particularly costly process for your loved ones and there is no guarantee over who the Court would appoint as your Deputy. There are annual requirements and costs associated with a Deputyship order that aren’t an issue with an LPA. In addition, court of protection orders are rarely entirely satisfactory for health and care issues.
  • The effects can be devastating; not just for you, but for your dependants. If you lose the ability to manage your financial affairs while you are young, even if the condition is temporary, the effect on your loved ones can be huge. Young adult life is likely to be one of the times in life where an individual has many responsibilities. Not having an LPA in place could mean leaving your partner, with no way to access your money. They could face a long and costly battle to access your funds and in the meantime be unable to pay the mortgage, household bills, or even pay for childcare and child maintenance. Even if you have critical illness cover in place, without legal authority in place, your partner may be unable to access it on your behalf.
  • The impact can reach further than just your family; if you run a business and have staff and customers who are financially dependent on you. For example, can your business pay wages and honour contracts if you are absent?
  • Unmarried couples many couples co-habit as opposed to getting married. Living together and purchasing properties together means a level of financial co-dependence. If married, it is less likely that a spouse would meet resistance from other family members if it was necessary to apply for a deputyship order if one of the couple lost the ability to manage their affairs. LPAs would ensure that in a difficult time your partner could deal with your funds to arrange payment of household bills, pay the mortgage and insurance and deal with any other financial matter relating to the property.What can be more distressing for an unmarried couple, however, is that whilst a hospital can in certain circumstances liaise with a ‘next of kin’, that relationship link is not as obvious for a non-married couple as it is for a spouse or other relative. No person can give medical instructions on your behalf without a health and welfare LPA in place, but for non-legally related persons, the walls can be higher and they can feel even more helpless in an already difficult situation.
  • Back packing and working abroad? LPAs can often be useful to allow parents, for example, to manage financial matters for adult children while backpacking. I’ve seen this work well for several families. Those who work abroad, for example Military families can also benefit from having the added certainty and flexibility of having a trusted person assist with the management of finances while they are away.

Once you have created your LPAs they are there ready for using when required. They can only be used with your consent and can be revoked at any time if your situation changes.

How we can help
If you would like a free initial consultation with a member of the Wills & Probate team simple click on the “Speak to Our Experts” button on this page, call us on 01244 729 073 or email info@cullimoredutton.co.uk

Please note: This is not legal advice; it is intended to provide information of general interest about current legal issues.

Sarah Gill

Wills & LPAs – What are they and why do you need them?

Wills & LPAs – What are they and why do you need them?

Wills and LPAs; what are the differences, what does each document cover and who should have them in place? In this article Senior Paralegal Sarah Gill TEP provides an overview on these two essential legal documents.

Download your free leaflet: Wills & LPAs – What are they and why do you need them?
Click here to download your free Wills & LPA Leaflet

What are Wills?
A Will is a legal document which sets out how you would like your property, finances and other affairs to be distributed upon your death. Having a Will is the only way to ensure that these issues will be dealt with in-line with your wishes.

But what if I have nothing to leave
It is a common misunderstanding that you need to be wealthy to need a Will. This is not the case. Many people own their own house or have life assurance policies, investments, building society accounts and shares. Those assets alone could be worth very large sums of money.

Everything will go to my nearest relative anyway
Many people assume that if they die, their partner will automatically receive everything. There is nothing automatic about it at all and if you are not married, this is definitely not the case. A Will is essential. This can be a complicated area of law, a Will provides certainty and helps to prevent claims against your estate.

Who should make a Will
A Will is something that everyone should have; yet only about a third of people do. We spend most of our lives working to provide for our loved ones and a Will is essential to ensure that your assets are distributed to those loved ones in the most efficient and legally binding way possible. Everyone should have a Will, but it is even more important when you have a partner, children, grandchildren, or if you own property.

What happens if I die with no Will in place?
If you die without making a will it is called “dying intestate”. The UK intestacy rules are very rigid and present a number of difficulties. Couples who are not married or in a civil partnership do not inherit under the intestacy rules, with blood relatives inheriting in a strict order. In addition, the Inheritance Tax (IHT) burden for people who die without leaving a Will can often be higher leaving loved ones with a large IHT bill which will reduce the value of your estate.

Case Study
Comedian Rik Mayall died in 2014 with no Will in place leaving his family with a large tax inheritance bill. This could have been prevented if he had put a will in place.

What are Lasting Powers OF Attorney (LPAs)?
LPAs are legal documents which give a person or persons, who are appointed by you, the power and authority to make decisions on your behalf during your lifetime when you are unable to do so. These appointed persons are called your Attorney(s). There are two types of LPA:

  1. A Property and Financial Affairs LPA,which gives your Attorney(s) authority to deal with your property and finances;
  2. A Health and Personal Welfare LPA which allows your Attorney(s) to make welfare and health care decisions on your behalf. This could also extend, if you wish, to giving or refusing consent to life-sustaining treatment.

Choosing your Attorney(s)
You should choose people you trust completely who are over 18. People usually choose their spouse and often their children, and other relatives or close friends. An alternative is to choose a professional such as a solicitor.

Who should have LPAs
No one knows the future and anyone could lose mental capacity at anytime either through illness or injury, so in an ideal world we would all have LPAs. However, LPAs are essential if you are at a stage of life where you may need additional help or support, especially if you are considering support from a professional care provider.

What happens if I lose mental capacity with no LPAs in place?
If you lack capacity, then it will be necessary to make an application to the Court of Protection for a Deputyship Order. This can be a long, stressful and particularly costly process for your loved ones and there is no guarantee over who the Court would appoint as your Deputy.

Case Study
The husband of broadcaster Kate Garraway lost mental capacity with no LPA in place during the pandemic leaving her unable to refinance their mortgage, access accounts in his name, manage his care or even see his medical notes.

To download your free copy simply complete the form below:

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If you would like a free initial consultation with a member of the Wills & Probate team simple click on the “Speak to Our Experts” button on this page, call us on 01244 729 073 or email info@cullimoredutton.co.uk

Please note: This is not legal advice; it is intended to provide information of general interest about current legal issues.

Louise Holmes​, Cullimore Dutton Wills, Trusts & Estates

Free will review for all clients

Have your personal or business circumstances changed recently? Our Wills & Probate Team are offering all clients a free will review.
With the many tax changes that have taken place in recent years, now is a good time to make or review your will.
Louise Holmes, Associate Director, said: “Regularly reviewing your will is one of the most important things you can do. It does not take long and it allows you to ensure that your loved ones are provided for, that your estate is as tax efficient as possible and that your wishes are respected upon death.
“A good time to review your will is after setting up a new company, after the purchase or sale of a property, the birth of a child or if your personal circumstances have changed.”
If you would like to arrange an appointment with one of our specialist team, please email wills@cullimoredutton.co.uk or call 01244 729072.