Posts tagged “Estate Planning”

A valid Will makes it much easier for your executors to administer your estate when you die. Your friends and family will receive their inheritance as you intended, and people will be reassured that they understand your wishes. 
 
There are almost six million businesses in the UK, most of them ranging from sole traders to businesses with around 10 employees, but many people don’t put the same measures in place for their business
Man working on a lathe in a workshop
If you make a gift to a young person in your Will which they receive when they reach a certain age you will create either a bereaved minor’s trust or a bereaved young person’s trust, depending on their age. 
 

A bereaved minor’s trust 

A bereaved minor’s trust is created if you make a gift in your Will to your children on the condition that they reach the age of 18. 
 
These trusts can only be created for your children or stepchildren. A grandparent, for example, can’t create this type of trust in their Will for their grandchildren. 
 
The following conditions must be met: 
at least one of the child’s parents must have died 
the trust must have been created by a parent’s Will, intestacy, or under the Criminal Injuries Compensation Scheme 
the trust must meet inheritance tax (IHT) conditions so that the child becomes absolutely entitled to the trust assets no later than their 18th birthday and, before then, the child benefits from any capital growth and income generated. 
 
While the child is under 18, money generated by the trust can be saved or used for the child’s maintenance, education or other benefits. Trustees can therefore use any income and capital directly for the child or by paying the child’s surviving parent or guardian. 
Since the 1960s, owning an idyllic holiday or retirement villa in a beautiful corner of Spain has been a dream for many people. 
 
It’s estimated that 800,000 to 1 million homes in Spain are owned by British citizens, with over 380,000 living there full-time. 
 
Many British property owners in Spain are retirees with grown-up families. If this sounds like you or a family member it is important to give some thought to what should happen to property and assets in the UK and in Spain. 
People are now more than ever realising that their affairs should be put in order. And with the situation as it currently is, there is a sharp rise in people suddenly jumping on the bandwagon and setting themselves up in their bedroom as Will Writers, offering cheap online Wills. So why should you choose someone like Angela Jane Will Writing over a online cheap will? 
 
The Covid-19 pandemic puts things in perspective and shows just how crucial it is to make and put in place a Will or Lasting Power of Attorney. With concerns at the forefront for both clients and Will Writers in the event of a ‘lockdown. 
 
There will be a lot of advisors worried about carrying out face to face meetings, in particular with vulnerable clients, and how it will affect themselves too. 
 
The outbreak of Covid-19 in the UK population will, for many, bring into sharp focus the importance of having in place an up-to-date will. As it become necessary for companies to work at home, and restrict face to face contact with clients, or even close their doors temporarily, this could impact on the ability of clients to put in place new wills or Lasting Power of Attorney documents. 
 
For clients who are self-isolating or do not wish have a face-to-face meeting, there are other options available. I can offer Telephone call for will writing services in which I can take instructions and provide advice over the telephone, and then providing draft and final wills via email or post. 
 
In usual circumstances, those with complex needs will usually benefit from a face to face meeting, but if face to face contact is restricted, there is no reason a detailed conference could not take place over the telephone or by video call. 
 
The position in relation to vulnerable clients, including those in nursing homes or hospitals, is likely to be more complex. Such people often need face to face meetings as it may not be possible to take their instructions using other methods, and there are more likely to be concerns about issues such as capacity and undue influence. I where possible will remain for as long as possible willing to carry out visits to such clients, but hurdles will be faced if, for example, many nursing homes and hospitals are restricting visits. In such cases it will probably be necessary to liaise closely with family members and relevant parties such as nursing home staff, in order to try and facilitate the most appropriate arrangements for meetings to take place with these vulnerable clients. It goes without saying that those undertaking visits will need to be mindful of guidance regarding close contact with individuals in order to protect themselves and others as far as possible. 
 
I am always at the end of a phone for help and advice. 
Many of us would like to make a difference when we die by leaving a gift to charity. We might have supported the charity or benefitted from its work in our lifetime. However, there are some possible pitfalls. 
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