What is a Will and when should I get one?
If you don’t make a will, you cannot control who will inherit your money and property.
If you die without making a will, your property will be distributed according to the law (the law of ‘intestacy’), which is likely to be against your personal wishes and the people you want to inherit your possessions may not benefit. By making a will, you can determine precisely who will inherit your property and let your loved ones know that you have considered their needs.
And the answer to when ? Now! Do you know what is going to happen tomorrow?
What happens if I die without a Will?
Unfortunately when it comes to property and money complications are inevitable if you die without a Will in place, your family could find that the situation you have left behind isn’t as simple as you might have imagined.
The only sure way to ensure that your wishes are carried out and have control of what happens when you die is to make a Will.
Dying without a Will places your estate into the hands of the “rules of intestacy” and monetary values, marital status and family relationships in the eyes of the law are called into question. For example, your estate does not always automatically go to your wife, husband or even children – if you’re not married (and even if you’ve lived with your partner for numerous years), your partner is unlikely to be entitled to any of your estate. The same rules also apply to any stepchildren you live with, as well as half-brothers and sisters.Back to Index
How much does it cost to write a Will?
Fortunately, not as much as you may think!
Nene Legal provide various options to match our clients budget and lifestyle, The Telephone based Will Service is priced at just £69 for a single will and £99.00 for a mirror will.
For those clients that have a more complicated estate or prefer a home/office appointment, we can assist those too with our Face to Face Will Service at £125.00 for a single will and £175.00 for a mirror will.Back to Index
What is a power of attorney?
In simple terms, a lasting power of attorney or ( LPA ) as is often referred to, is a legal document that gives someone else the right to deal with your property or to make decisions for you. By creating a Lasting Power of Attorney, you can select both who and how such decisions are made on your behalf.
A Lasting Power of Attorney is often a pivotal part of estate planning and safeguarding your future. A Lasting Power of Attorney is a very different document to a Will. Its purpose is to allow your property and affairs to be dealt with whilst you are alive.
This means nominating a person or group of people who you’d like to make decisions for you if something happens, such as being involved in an accident or simply becoming ill through old age.
It can relate to your health and welfare, ensuring that if something happens to you your most trusted people could make decisions for you on things such as medical care and life-sustaining treatment.
You can also nominate someone to officially act on your behalf on things such as collecting benefits, paying bills or selling your home if these have become too much for you.
At Nene Legal, our specialist team can assist you through the Power of Attorney process and avoid additional fees by using our fixed prices.
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What if my Will is contested by a 3rd party?
Nene Legal constantly receive 5* reviews based on our patience, attention to detail, experience, and quality of service, therefore, creating your Will with us and it shouldn’t be contested.
However, in the unlikely event that you will is contested we will be on hand to make sure your wishes are fully explained on your behalf.Back to Index
Can I change my Will ?
Indeed you can!
In fact, it is recommended that you update your will periodically or after a significant change. We have listed some examples below.
Buying a Property
Buying a property or increasing your assets is usually a good time to review your Will and make sure it still reflects your wishes given the acquiring of new assets.
If you’re an unmarried couple holding the property as tenants in common, remember you would need to include your partner in your Will otherwise they will not be entitled to your share of the property or of anything from your estate, which can cause a number of problems especially if children are involved.
Marriage invalidates any previous Wills you may have had in place so it’s a good time to review your circumstances and put a new Will in place.
If you are separated but still married, the law will treat you as legally married and with no Will (or updated Will) in place your spouse will still inherit under the rules set out for inheritance regardless of the separation.
Unlike marriage, divorce does not automatically invalidate a Will, therefore you will need to review the content of your Will (such as removing your ex-spouse). Your ex-spouse will be treated in the reading of the Will as if they had died before you and therefore not benefit or act in anyway stipulated. It is best however to update your Will in case a claim is made against your estate.
New Children or Grandchildren
In your Will, you can, of course, leave assets to your children and should anything happen to you before they reach the age of 18 or at the age, your specify these assets would automatically be held in trust, but just as important is you can appoint guardians for your children should the worse happen.
Having new grandchildren is usually a good time to review your Will and maybe include something for them.
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Where should I store my Will?
Where you store your Will is completely up to you, but we would recommend using the Nene Legal Will Storage Service.
Your document will be stored and electronically scanned and is available to be accessed within short notice.
The charge for this service is just £2 per month and includes free upgrades to your will whilst enrolled in our will storage service.
However, one thing that is important is that you should always tell your executor (the person you’ve chosen to carry out your will) exactly where your will is stored.Back to Index
What is a trust?
A trust enables you to instruct those you leave money to on how you wish it to be spent.
There are numerous types of trusts, therefore, we would recommend calling us to ensure that the right one is matched to the needs of your estate. Trusts are an increasingly popular way of leaving money to your loved ones – especially if you have children or are worried about inheritance tax.Back to Index
What is a trustee?
A trustee is the legal owner of the assets held in a trust.
It is worth noting that a trustee can change, but the trust can always continue, so it is vitally important that your trustee/trustees are someone who you are confident will deal with your assets according to your wishes, and importantly as set out in your Will. The trustee/s will also manage your trust, pay any taxes due and then decide how to invest or use your trust’s assets, should you leave instructions for them to do so.Back to Index
What is inheritance tax?
Inheritance tax is a tax on your estate ( property, money, and possessions ) when you die – but how and when it is paid, depends on the value of your estate.
The 2016-2017 tax year threshold is £325,000 individual / £650,000 married couple – meaning your estate won’t incur inheritance tax if it’s under this amount. Some things are exempt from inheritance tax, including wedding gifts, for example, and the amount of inheritance tax due can be reduced in many circumstances.
Inheritance tax estate management can be rather complicated, Nene Legal will advise you should it be apparent that during taking you will instruction that your estate is exceeding this threshold we will advise you of this and discuss potential addition services,Back to Index