Will Writing - Mark One Estate Planning

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Mark One Estate Planning

WILL WRITING | TRUSTS | POWER OF ATTORNEY

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With a will you can

Appoint people you trust to look after your children under 18 years (called Guardians).

With a will you can

Name the people or charities you want to benefit from your estate (called Beneficiaries).

With a will you can

Appoint people you trust to carry out the terms of your Will (called Executors).

With a will you can

Leave gifts of specific items or fixed sums of money (called Legacies).

Why do I need a Will?

The vast majority of people put off making a Will for a variety of reasons, either believing that the people they would wish to inherit will automatically do so, or because they don’t think it is relevant to them at this particular time.

The reality is that you can put off making a Will until it is too late and this poses all sorts of problems for the people left behind and could mean that some or all of your inheritance either goes to the wrong person or to the state.

Who needs to make a Will?

The answer is Everyone.

In particular, anyone with dependant relatives, (children under the age of 18, elderly relatives or relatives with a disability who have special needs), anyone who owns property or has any type of asset which you would wish relatives, friends or charities to benefit from.

But won’t everything go to my husband / wife / civil partner/ parents / children etc automatically?

This is a common misconception and dependant on the size of your estate, there are set rules which will be applied to determine who inherits and how much if you do not make a Will.

So what happens if I don’t make a Will?

This is called dying Intestate.

There are specific rules of intestacy which set out who will inherit and by how much if you do do not leave a valid will, this may not be what you would have wished and in the worst case scenarios where relatives cannot be traced, your assets will be taken by the Crown.

Or alternatively call our office on 01698 283206

BY LEAVING A WILL THAT SAYS CLEARLY WHO SHOULD GET YOUR PROPERTY AND MONEY WHEN YOU DIE, YOU CAN PREVENT UNNECESSARY DISTRESS AT AN ALREADY DIFFICULT TIME FOR YOUR FAMILY OR FRIENDS.

What If I Am Unable To Manage My Affairs?

Power of Attorney.

There may come a time in your life when you are unable to manage your financial affairs or personal welfare, owing to some form of incapacity and you will need someone to act on your behalf.

Even when we are young, we can find ourselves incapacitated owing to illness or injury and it can be invaluable having a reliable person, who is able to manage your personal affairs and remove the anxiety of having unpaid bills, at a time when you most need peace of mind.

Similarly as we get older, the need for an attorney increases as we are more prone to illness and injuries.

By creating an Attorney in advance ensures that if the worst were to happen, you can rest assured that both your financial affairs and personal welfare are in safe hands.

So Who Do I Choose?

You can appoint a friend, relative, or a professional as your Attorney which allows them to act on your behalf.

It is important that you choose who you would like to act on your behalf very carefully. You should choose people you can trust to act in your best interests, giving consideration to how they manage their own affairs.

How Do I Protect My Home And Assets From Care Costs?

The Cost of Care.

Most of us work very hard over the years to buy our own homes and build up our savings for our retirement and would like to leave a “little something” for our children and grandchildren after we are gone.

Unfortunately, the costs involved in moving into a Care Home can literally wipe out your entire savings and your home may have to be sold to pay for care fees. This could mean that your loved ones could receive very little, or even nothing at all of what you originally intended them to have.

When someone enters care they are automatically “means tested” and ALL of your assets, including your home are taken into account. Only those who have very few assets will escape the costs of care.

So what can be done?

Firstly, it is important to safeguard your home and the first step is to look at the way you currently own your home.

The majority of people own their homes Jointly which means that on first death, the survivor would then own 100% of the full property value and this is when your home becomes vulnerable to attack from Care.

By simply changing the way you own your home to what is known as Tenants In Common, combined with the appropriate Trust planning, will effectively ensure that your property is fully protected should either of you enter care.
So what about my other assets- my bank accounts and savings?
Once again, by changing the way your assets are invested and held, can ensure that your cash or liquid assets are also fully protected from Care.

Or alternatively call our office on 01698 283206

or alternatively call our office on 01698 283206