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Wills and Trusts
Around 70% of the population do not have a Will, which means your possessions will be distributed according to the law of intestacy.
Good reasons to have a Will:
- In your Will you can appoint a Guardian - a person of your choice to look after your children if they are under 18.
- It is commonly believed that husbands and wives are automatically entitled to inherit everything from each other - but this is not the case.
- If you are not married or in a civil partnership, your partner will not inherit from you unless you have a Will.
- A carefully prepared Will - drafted with appropriate trusts can minimise the amount of inheritance tax paid.
- You may want to prevent certain members of your family benefiting from your estate. This can only be done through a Will.
- You may want to leave something to friends, colleagues or charities; this will only happen if you make a Will.
TRUSTS
Life Interest Trust
This trust is usually used to ensure that a partner or spouse from a later relationship will not be deprived of a place to live, but ensuring that the children from a previous relationship do not lose their inheritance if the surviving spouse/partner is involved in a new relationship.
Rights of Occupation Trusts
These trusts are very similar to the life interest in that they can protect assets from creditors and from the asset being passed to someone the testator does not want it to pass to.
Discretionary Trusts
A Discretionary Trust gives the chosen Trustees the power to give varying amounts of money to a beneficiary as and when they need it. The fund for the rest of time is being invested for the beneficiary.
In order for a trust to be “discretionary” there must be more than one potential beneficiary, otherwise the trustees’ powers are not discretionary in respect of who benefits.
Trusts for Minors and Other Young Children
These types of Trusts are set up to look after monies for children. The idea is that the money is invested for the children until they reach the age specified by the testator. The age can be anything from 18 upwards but the usual ages are 18, 21 or 25.
This includes 2 visits to your home (within a 20 mile radius). Basic Will to include Children's Trust (where applicable). To control who inherits your assets and to choose who will administer your estate and the powers they should have, establishing your funeral wishes and whether you require any further services offered.
Same as Basic Will but for spouse/civil partner.
An alternative way of transferring wealth between generations. Examples of these trusts are; Life interest and discretionary.
An amendment to an existing Will, which needs to be signed, dated and witnessed.
Lasting Power of Attorney
It is a document that a person (the Donor) signs whilst they have mental capacity to make decisions for themselves, in which they can appoint Attorneys to act for them in either all or certain aspects of their property and affairs. He or she will have the legal authority to handle your affairs, together with guidance and instructions on how they should act.
If someone becomes mentally incapacitated and unable to make decisions for themselves and they had not previously executed a Lasting Power of Attorney, then someone will have to be appointed by the Court to make decisions on their behalf. This results in an application to the Court of Protection to be appointed as a Deputy. The person who lost mental capacity will then be known as a “patient of the Court”. There are numerous disadvantages to this happening for both “patient” and “Deputy”.
Health and Welfare
An essential document to have in place giving your Attorney the power to make decisions on your behalf relating to health and welfare. If you were to lose mental capacity, for example, this would include medical and care treatment decisions for your day to day care and treatment.
Property and Finance
An essential document which gives a person of your choice (Attorney) the power to deal with your finances in the event of your loss of mental capacity through illness, stroke or accident.
Provision to organise your affairs should you become unable to look after yourself during your lifetime through accident or illness.
*Please note: There is an additional charge of £82 to register each Lasting Power of Attorney, payable to The Office of the Public Guardian.
Provision to organise your affairs should you become unable to look after yourself during your lifetime through accident or illness.
*Please note: There is an additional charge of £82 to register each Lasting Power of Attorney, payable to The Office of the Public Guardian.
Provision to organise your affairs should you become unable to look after yourself during your lifetime through accident or illness.
*Please note: There is an additional charge of £82 to register each Lasting Power of Attorney, payable to The Office of the Public Guardian.
Advance Decision
“A decision made by someone after reaching the age of 18 and when they have the capacity to do so, stating what specific treatment they refuse (or would wish to be discontinued) if, at the material time they were lacking the capacity to make that decision for themselves”
A Donor to a Health and Welfare Lasting Power of Attorney (LPA) may give the Attorneys power to make decisions regarding life-sustaining treatment. If they do this, any previous Advance Decision will be revoked. However, if the Lasting Power of Attorney doesn't give authority to the Attorney(s) then the Advance Decision made on or after 1st October 2007 will be legally binding provided it is
- In writing
- Signed and witnessed
- Includes a declaration that life could be at risk as a result of the Advance Decision.
WILL STORAGE
National Will Safe is a complete document storage solution that solves all our problems of protecting important legal documents, for a small annual fee.
One place you should never keep an original Will is at home. If you have a flood, fire or burglary, you risk losing your Will. If your Will is damaged in any way, then the courts could declare the Will invalid.
The original signed document you paid for is the ONLY legally binding version of the Will. Scans, photocopies and computer records are not legally valid because they don't have your original signature on them.
PAYMENT
I accept cash, cheque, and bank transfer
CONTACT US
Catherine Kay
16 Green Road
Poole
Dorset
BH15 1QN
Phone: 01202 801941
Mobile: 07771 663140
email: wills@dorsetwillwriting.co.uk
website: dorsetwillwriting.co.uk
Compliant with IPW Code of Practice