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40RTY reasons to have Power of Attorney #4 - because mental and physical health is promised to no one.
40RTY reasons to make your Will No.4 - because tomorrow is promised to no one.
40RTY Explanations - Jules, what's a common-law spouse?
40RTY reasons to have power of attorney #3 - it's far cheaper than a deputyship.
40RTY reasons to make your Will #3 - choose your own executors.
40RTY reasons to have power of attorney #2 - avoid unnecessary stress caring for elderly parents.
40RTY reasons to make your Will #2 - name the guardians for your children.
40RTY reasons to...have power or attorney #1 - peace of mind that someone you trust is in charge of your affairs
40RTY reasons to make your Will #1 - control how your estate is divided
The Office of the Public Guardian (OPG) recently announced delays in registering new Lasting Powers of Attorney (LPA) documents. The cause, the pandemic of course. So, to help us all along, they have produced the eight errors they see and explained what should be done to avoid these.
English Law recognises two forms of beneficial ownership, joint tenancy and tenancy in common. When I explain their meanings, differences and how each type impacts one’s choices within a Will, a common question from people is: how can I recognise if my/our property is held as tenants in common Jules?
If you own property jointly, we suggest you read this! It might surprise you.
As a consequence of coronavirus and to make it easier for people to record their final wishes during the pandemic, on July 25th 2020, the Government announced the following temporary changes:
The role of a trustee is not to be underestimated. The duties and responsibilities of such offices are serious and as such should be undertaken with care.
If within a Will there are any trusts created, there will also be an appointment of people to look after the assets of the trust. These people are known as the trustees.
The role of an executor is not to be underestimated. The duties and responsibilities of such offices are serious and as such should be undertaken with care.
It is the responsibility of the executor to ensure the terms of a Will are adhered to. As such it may be seen as quite a compliment to be asked to be an executor.
No matter how many years cohabiters have lived together, no matter how many children they might have together, the fact remains that upon death, there exists no automatic cohabiter rights to a partner's estate. Moreover, in some circumstances, death can leave the survivor with nothing.
When recommending a client follow this advice, it is very rare to not get asked: so what’s the benefit of writing life insurance into trust? Well, quite simply, doing so is one of the best and easiest ways of shielding a slice of your estate from Inheritance Tax (IHT) and thus safe guarding your wealth for the benefit of those who will ultimately benefit. Life insurance policies can make up a significant portion of your estate. By placing it in a trust, you can preserve it in its entirety and determine how and when your beneficiaries receive their inheritance.
To reiterate, anyone over the age of 18 and who has capacity can make a Will. I strongly recommend doing so to anyone in a relationship, who has children, assets or a combination of all three. And importantly, Wills are not for just sorting out finances and property in the event of death; you can specify what should happen if you become incapacitated (known as an advanced decision, advance directive or living Will), appoint guardians for your children and even leave money to your friends or a charity.
As with most budgets, there is speculation surrounding inheritance tax (IHT) changes. The chatter is especially strong at the moment due in part to the recent recommendations by the All-Party Parliamentary Group for Inheritance & Intergenerational Fairness (APPG IIF). The word is there could be changes focussed particularly on Agricultural Property Relief (APR).
The original signed versions of legal documents, such as Wills and Powers of Attorney are the only legally binding versions. For a small annual fee, 40RTY provides a complete storage solution that solves all of the problems of protecting important legal documents.