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Will

What Are the Risks of a DIY Will?

DIY Will

Having a Will is the responsible thing to do to ensure that your loved ones are taken care of and that your estate is protected after you pass away. Many people try to save money by creating a DIY will, however, a DIY Will containing mistakes can cause complications and even render your Will invalid.

Potential Risks of a DIY Will

Here are some common mistakes made in DIY Wills:

  • Not using the Executors or beneficiaries full names. 
  • Amending your Will after you have signed it.  The Probate Registry will query any changes on the face of the Will which were made after the Will was signed.  This will cause delay and may be costly.
  • Not following the strict rules in place for witnesses.  This will invalidate the Will.

When you use a template to create a DIY Will, you simply fill in blanks on a standard document. There is no one to guide you, let you know if there are mistakes and no one to accept responsibility should your Will be incorrectly written.

Without a valid Will, the intestacy rules set out who benefits from your estate. So while it may be tempting to save money and write your own Will, turning to a professional will be better for your loved ones in the long run. 

What Are Rules of Intestacy?

If a person dies and there is no valid will in place, their estate gets distributed according to intestacy rules. A person who passes away without a Will is referred to as having died intestate.

Intestacy rules allocate your estate to members of your family in a specific order.  They are as follows:

  • If you are married or have a civil partner with no children, your spouse or civil partner will inherit your entire estate.
  • If you are married or have a civil partner with children (biological or adopted), your spouse or civil partner and your children will each receive half of your estate.
  • If you are unmarried with children (biological or adopted) or grandchildren, your children will receive the proceeds of your estate when they turn 18. If you have more than one child, they will receive an equal share. If a child is deceased, your grandchildren or great-grandchildren will inherit their parent’s share.
  • If you are unmarried with no children, your estate will go to your parents, your siblings (if your parents are deceased), your grandparents (if you have no surviving parents or siblings), and then to aunts, uncles, or cousins.
  • If you are unmarried and have no living family, your entire estate will go to the Crown.

You can see the importance of having a valid Will in place. If you do not, people that you don’t want to leave property to may receive it. 

Benefits of a Solicitor Drafting Your Will

Drafting a Will can be a complicated process. Your Will must be worded correctly to communicate your wishes accurately. 

An experienced solicitor will also know what questions to ask to ensure all property and interests that make up your estate are included in your Will. They can also advise you on more complex financial or family situations, as well as how to set up your Will to reduce the tax burden that will fall upon your beneficiaries when inheriting your assets.

Don’t Risk Your Family’s Future on a DIY Will, Call Elizabeth Middleton Solicitors. 

Something as important as your Will shouldn’t be left to chance. That’s why you should leave creating a Will up to an experienced professional solicitor who can ensure that your will gets drafted in a legal manner so that your estate can be distributed how you intended.

Making a Will and updating it regularly is the best way to ensure your assets are distributed according to your wishes after you die. Elizabeth Middleton Solicitors can help you write a Will that will state your wishes and make sure that it protects your family from any unnecessary taxes and care fees. We can even review a DIY will to ensure its validity.

Contact us today to schedule a consultation.

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Will

What Makes a Will Invalid?

makes a will invalid

In the past, it was common for people to instruct their solicitors to draft their Will. In recent years, however, do-it-yourself Wills have become common. While it may seem simple enough to fill in the blanks on a template, by not hiring a solicitor to draft your Will, you are leaving your Will open to the risk of being contested and possibly even being deemed invalid by the courts.

The requirements for a valid Will are set by law. When a Will doesn’t meet the requirements, it can be considered invalid. If that happens, the distribution of the estate is done according to the rules of intestacy.   An intestate person is one who dies without a Will.  If intestacy rules come into play, the people who inherit your estate are set by law.

To avoid causing undue stress and heartache to your family when you pass away, you need to make sure that you have a Will.

Below, we list some of the most common reasons why a Will can be found invalid after one’s death.

The Will Was Executed Improperly

A Will must be in writing, signed by the owner, in front of two witnesses.  This means that the person writing the Will (the testator) must sign their Will, or they need to acknowledge their signature in front of two witnesses who will then sign the Will.

The Witnesses must be over the age of 18 years old. If they or their spouse are beneficiaries of the Will, anything gifted to them in the Will fails. 

The Testator Was Under ‘Undue Influence’

For a Will to be valid, the testator must make it voluntarily. It must reflect their own wishes. A testator cannot make their Will while under duress. If someone claims that the testator made the Will under undue influence, the claimant must provide proof.

The Testator Didn’t Have the Mental Capacity to Make the Will

If the testator didn’t have the required mental capacity when signing the Will, it can be challenged.  If the challenge is successful, the estate will be divided according to the intestacy rules. 

you know the extent of the property that you own.

Marriage Revokes a Will

Many people are unaware of this rule, but it’s important to remember that marriage will revoke a your Will. Therefore, please contact us so that we can draft a new Will for you after your marriage..

If can have a Will made in contemplation of marriage.  That will make sure that your Will remains valid even if you get married.

Let the Experts at Elizabeth Middleton Solicitors Draft Your Will

An invalid Will can cause significant problems when it comes to applying for the Grant of probate.  It can also cause rifts in the family and lead to litigation. That is why it is essential to take all steps possible to ensure there is nothing in your Will causes it to be deemed invalid after your death.

To ensure your estate is taken care of promptly, having a Will is the best course of action because it enables your Executors to either apply for the Grant of Probate themselves or instruct a solicitor.  

Elizabeth Middleton Solicitors are an experienced and considerate team.  We will assist you with all your estate planning needs. Contact us for more information about writing your Will, as well as your other legal needs for Probate, Lasting powers of attorney and equity release.

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Will

Writing a Will? Avoid These Common Mistakes

writing a will

For such a crucially important document, it’s surprising how many adults in the UK don’t have a Will in place to protect their estate and provide for their loved ones in the event of their passing. What’s more, due to the complicated legal nature of this vital document, many Wills can contain easy-to-miss errors.

So whether you’re writing up a Will for the first time or reviewing an existing one, take a look at these tips to avoid common mistakes that could leave your loved ones in a tough spot.

10 Mistakes to Avoid When Writing a Will

1. Not Having a Will at All!

As we mentioned, a surprising number of adults don’t have any kind of Will at all. If you die without a Will in place, your assets will be distributed according to intestacy rules – a strict legal hierarchy that prioritises some family members over others. From greatest to least priority, this list is:

  • Spouse or civil partner
  • Children/grandchildren
  • Parents
  • Brothers and sisters
  • Grandparents
  • Uncles and aunts

Naturally, this system leaves no room for the different dynamics within families and can potentially leave beloved family members (or non-relatives) with nothing. 

2. Incorrect Number / Type of Witness

For a Will to be valid, it must be signed in the presence of two different witnesses, who must also sign the document. If a Will doesn’t have enough witnesses, or if the people chosen cannot legally serve as witnesses, your Will is at risk of not being valid. 

To be considered a valid witness, a person must be at least 18 years old and be physically present at the document’s signing. However, the most common and easiest mistake to make is that a witness must neither be a beneficiary of the Will nor can they be married to a direct beneficiary otherwise they cannot benefit from the Will.

3. Making Changes to a Signed Will

Once a Will has been witnessed and signed, making changes on the face of the Will do not make them effective.  If a change is necessary, it must be written up as a codicil – (a document adding or changing a clause) or it can be rewritten.  . 

4. Failing to Keep the Original Copy

While keeping photocopies of essential documents is a smart and practical idea, you need to be sure you keep the original copy of your Will in a place where it will be both safe and easily accessible after your passing. 

Without this original copy, the executor will have a complicated and expensive process to enable them to get a Grant of probate before they can make to ensure that your wishes are met.

5. Excluding Stepchildren

Many don’t realise that simply referring to “my children” in one’s Will does not cover stepchildren. While adopted children are considered legally the same as biological ones, you will need to specifically mention your stepchildren to successfully pass assets on to them.  

6. Failing to Update After Major Life Events

Life is often complicated and your Will needs to be updated after big life events. Did you know that your Will is automatically invalidated if you get married after it’s written?

It’s necessary to look over and update your Will after major life events such as getting married, getting divorced, or the death or birth of a family member. 

7. Being Too Specific

While being clear and unambiguous is vitally important in a Will, being too specific with personal items can lead to problems or confusion. One of the commonest issues is with vehicles – if you want to leave a car to a specific family member, referring to the vehicle by make or model in your Will can confuse your intentions if you no longer own that specific car at the time of your death. 

It’s best, therefore, to use general terms like “the vehicle in my possession” or, if you do want to be very specific, to always update your Will after buying or selling major assets so that your wishes can be accurately followed (which is highly recommended, regardless).

8. Lacking Capacity

A Will is only binding if it’s made while you are of sound mind.  You can’t give instructions or draft a Will if you are drunk or under heavy medication. 

9. Assuming You Will Die Before Beneficiaries

While it’s usually assumed that the owner of the Will will die before their beneficiaries,, it doesn’t always happen that way. Just to be safe, you should always include backup plans and conditional scenarios to account for the premature death of any of your beneficiaries, and update your Will in the case of the passing of a beneficiary. 

10. Writing a DIY Will

If there’s anything to glean from this article, it’s that writing a Will can be a messy and complicated process. Simply writing up some instructions and signing a piece of paper leaves a high chance for something going wrong. Don’t leave your estate planning to chance — work with a legal professional to ensure that your Will is legally binding and crafted for you and your loved ones’ best interests.

It’s No Secret That You Need a Will

To ensure your estate is taken care of promptly, a Will is the best course of action. Your loved ones will be able to handle your last wishes with ease when they are outlined clearly.

Elizabeth Middleton Solicitors are at the ready with an experienced and considerate  team to assist you with your estate planning needs.  Contact us for more information about writing your Will, as well as your other legal needs for Probate, Lasting Powers of Attorney and Equity Release.

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Will

Appointing a Legal Guardian in Your Will

legal guardian

No one wants to think of something happening to them that leaves their children without parents. However, appointing a legal guardian in the event of your death is essential.

The role of a guardian is important when it comes to protecting the well-being and interests of a child under the age of 18 or a person unable to care for themselves. A legal guardian is an individual appointed by a court to be responsible for a child or a person who cannot care for themselves due to disability, illness, or age.

Before making this important decision, it’s essential to know what is involved in not only naming a guardian but also what is expected of this person. This article will discuss the importance of appointing a legal guardian, their responsibilities, and how to appoint one in a Will.

Importance of Appointing a Legal Guardian

Appointing a legal guardian is crucial to ensure that your child or dependent is taken care of in the event of your death or incapacity. Without a legally appointed guardian, the court must determine who should take custody of the child or dependent, which can cause unnecessary stress and conflict for all parties involved. By appointing a legal guardian, you can ensure that your child or dependent is cared for by someone you trust and who shares your values and beliefs.

Responsibilities of a Guardian

A guardian has several important responsibilities that they must fulfill to ensure the well-being and safety of the child or dependent. These responsibilities include:

  • Providing for the basic needs of the child or dependent, such as food, shelter, and clothing.
  • Making decisions regarding the child’s education, healthcare, and general welfare.
  • Managing the child’s assets and finances.
  • Ensuring that the child’s emotional and social needs are met.
  • Providing a stable and loving home environment.
  • Advocating for the child’s best interests.

It is important to choose a guardian willing to take on these responsibilities and capable of doing so. Consider the guardian’s age, health, financial stability, and ability to provide a stable home environment when selecting a guardian.

How to Appoint a Legal Guardian in a Will

Appointing a legal guardian is typically done through a Will. Here are the steps you can take to appoint a legal guardian in your Will:

  1. Choose a Guardian: The first step is to choose a guardian for your child or dependent. It’s important to select someone willing and able to take on the responsibility of being a guardian.
  2. Create a Will: You will need to create a Will that outlines your wishes regarding the care of your child or dependent in the event of your death or incapacity. Your Will should include the name of the guardian you have selected.
  3. Consult a Qualified Solicitor: It is advisable to consult with a solicitor to ensure that your Will is legally binding and accurately reflects your wishes.
  4. Communicate Your Wishes: It’s important to communicate your wishes to your selected guardian and any family members or loved ones affected by your decision. This can help avoid confusion and conflict in the event of your death or incapacity.
  5. Update Your Will: You should review and update your Will periodically to ensure that your wishes are accurately reflected and to make any necessary changes to your choice of guardian.

It is important to note that appointing a legal guardian in a Will does not guarantee that the court will follow your wishes. The court has the authority to override your selection if it is deemed to be in the child’s or dependent’s best interests.

Let Elizabeth Middleton Solicitors Help You Draft Your Will to Protect Your Family

You know what’s best for your children, including knowing who is best to take care of them in the event of your untimely death. Naming a legal guardian in your Will can give you peace of mind knowing that someone you love and trust will be caring for your children if you can no longer. Following the steps outlined above, you can appoint a legal guardian in your Will and ensure your wishes are accurately reflected.

At Elizabeth Middleton Solicitors, we want to help you draft a Will that can provide you with peace of mind for the future. We can help you write a Will that protects your family to ensure that you can care for your loved ones even after you’re gone, and we can help you keep it updated as life’s circumstances change.

Contact us today for a consultation in our private office in Winnersh Triangle or in the comfort of your home.

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Will

The Importance of a Will: Why You Should Make a Will While You’re Young

importance of a will

When you turn 18 in the UK, you become a legal adult, meaning you can make important decisions about your life, such as where you live, what you study, and how you spend your money. However, many overlook one aspect of adult life: creating a Will.

While it may seem like a task for the elderly or the terminally ill, writing a Will is something every adult should consider. This article will discuss what a Will is and why writing one is crucial as soon as you reach legal age.

What is a Will?

A Will is a legal document stating how you would like your assets and property distributed upon your death and identifies who should be your children’s legal guardian. While having a Will isn’t likely to resolve every issue that may come up after your death, your Will addresses many of those issues.

Reasons to Make a Will While You’re Young

Protect Your Assets

One of the primary reasons you should write a Will as soon as you reach legal age is to protect your assets. Many times, young people believe that they don’t have enough assets to worry about a Will, but that’s not necessarily true.

Your assets may include your bank accounts, investments, property, and personal belongings. Your Will ensures that your assets are distributed per your wishes after your death. Without it, your assets will be distributed according to intestacy laws, which may not align with your wishes.

Provide For Your Loved Ones

Another reason you should create a Will as soon as you reach legal age is to provide for your loved ones. Your loved ones may include your spouse or partner, children, parents, siblings, and other relatives or friends.

A Will allows you to specify who should receive your assets and how much they should receive. You can also include provisions for minor children, such as appointing a guardian to care for them if you pass away before they reach legal age.

Avoid Family Disputes

Creating a Will can help prevent family disputes after your death. As we mentioned, your assets are distributed according to intestacy laws if you die without a Will. This distribution may not reflect your family’s wishes or expectations, which can lead to disagreements and disputes among family members.

These disputes can be costly and time-consuming to resolve. By creating a Will, you can provide clarity and guidance for your loved ones and help prevent family disputes.

Choose an Executor

An executor is responsible for administering your estate after your death. They will pay off debts, taxes, and expenses and distribute your assets according to your wishes. By creating a Will, you can choose an executor you trust who can fulfil their duties. Without a Will, the court will appoint an executor, who may not be your chosen person.

Make Funeral Arrangements

Creating a Will can also help you make funeral arrangements. In your Will, you can specify whether you want to be buried or cremated, where you want to be buried, and what kind of funeral service you want.

You can also provide instructions for your funeral expenses, such as whether you wish to have a simple or elaborate funeral. By including these instructions in your Will, you can help alleviate the burden on your loved ones during a difficult time.

Keep Your Will Up-To-Date

Creating a Will is not a one-time task. Therefore, you should regularly review and update your Will to ensure it reflects your current wishes and circumstances.

You may need to update your Will if you get married or divorced, have children, acquire new assets, or if there are any changes to tax laws or other regulations. By keeping your Will up-to-date, you can ensure that your assets are distributed according to your wishes and provide peace of mind for yourself and your loved ones.

Elizabeth Middleton Solicitors Can Help You Start Planning for the Future

Creating a Will is crucial for every adult, regardless of age or health status. It may be uncomfortable to think about your own mortality, but creating a Will can provide peace of mind for yourself and your loved ones. In addition, it’s never too early to start planning for the future; writing a Will is essential to that process.

When writing a Will, it’s essential to seek professional legal advice. At Elizabeth Middleton Solicitors, we will help ensure your Will is valid, legally binding, and reflects your wishes. We can also help you navigate complex legal issues like inheritance tax, trusts, and guardianship arrangements.

Contact us today for a consultation.

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Will

When Should I Review My Will?

review your will

Creating a Will is crucial for anyone who wants to ensure that their estate and assets are distributed according to their wishes after their death. In addition, a Will can help prevent disputes among family members and provide peace of mind for the testator, knowing that their affairs are in order.

However, creating a Will is not a one-time task. Reviewing and updating your Will regularly is essential to ensure it still reflects your current wishes and circumstances. This article will discuss what a Will is and the most common reasons you should review your Will.

Why Make a Will?

A Will is a legal document you write to communicate what you would like to happen to your estate; this includes money, property, and personal possessions in the event of your death. Wills can also include essential details such as naming an executor and whom you wish to be your children’s guardian.

By making a Will, you can help ensure that your family and friends are cared for after your death. Dying without a Will can make it hard for your family to know your wishes. Also, planning can help avoid intestacy rules, minimise inheritance tax, and protect your dependents.

Reviewing Your Will

While writing a Will is important, it’s just as important to ensure that you review it regularly, ensuring it’s up to date and reflects your current wishes. Failing to do so could cause problems for your loved ones after your death. Here are some of the circumstances that should prompt updating your Will.

Changes in Personal Relationships

Changes in romantic and family relationships are one of the primary reasons to review your Will. Some significant life events that should require an update to your Will may include the following:

  • Marriage
  • Divorce
  • The birth or adoption of a child
  • The death of a family member

Changes in Your Executor or Beneficiaries

Your executor is responsible for administering your estate and distributing your assets according to your wishes. If your executor has passed away or can no longer fulfil their duties, you may need to update your Will and appoint a new executor. It’s also advisable to review your Will periodically to ensure that your executor is still the best person for the job.

Similarly, circumstances can change regarding beneficiaries. For example, you may need to update beneficiaries under the following circumstances.

  • If a beneficiary dies, you must update your Will to reflect who should receive their share of your estate.
  • If a beneficiary can’t properly handle large amounts of money, you may leave their share of your estate in a trust instead of leaving it directly to them.
  • If a beneficiary no longer needs their share of your estate, they may wish to have their portion of your estate passed on to someone else, such as their children.

Changes in Finances

Another reason why you may need to review your Will is if your financial circumstances have changed significantly. For example, if you have come into a large sum of money, you may want to update your Will to include specific bequests or gifts to family members or charities. Alternatively, if you have sold a property or business, a Will revision is necessary to reflect these changes to ensure your assets are distributed according to your wishes.

Changes in Tax Laws

UK tax laws are subject to frequent changes, and it’s essential to review your Will regularly to ensure it is still tax-efficient. For instance, if you have a large estate, you should update your Will to take advantage of any tax exemptions or reliefs available. Similarly, if there have been any changes to inheritance tax rules or capital gains tax, you should review your Will to ensure it is still in line with the current laws.

Time

Finally, even if your circumstances have stayed the same, reviewing your Will every few years is still advisable. The passage of time can change your priorities, values, and relationships, and it is essential to ensure that your Will still reflects your wishes. Regularly reviewing your Will can also help you identify any errors or omissions that may have occurred since the last review and ensure that your estate is distributed according to your wishes.

Let Elizabeth Middleton Solicitors Help Keep Your Will Updated

Creating a Will is essential for anyone who wants to ensure that their estate is distributed according to their wishes after death. However, it is equally important to review your Will regularly to ensure that it still reflects your current wishes and circumstances. By reviewing your Will regularly, you can ensure that your estate is distributed according to your wishes and provide peace of mind for yourself and your loved ones.

Elizabeth Middleton Solicitors is here to help you make a Will and keep it updated to ensure that it reflects your current wishes. We will help you make a Will to protect and provide for your family and ensure you don’t pay unnecessary tax or care fees.

Contact us today for a consultation.

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Will

What is a Mutual Will?

mutual will

We all know the importance of making a Will to ensure that your estate is distributed according to your last wishes. With all the different types of Wills,, it may be difficult to decide which type of Will best suits your situation. One type of Will available is a mutual Will, which is often confused with a mirror Will.

Despite the confusion between a mutual and a mirror Will, they are very different so it’s essential to know the difference between them. 

What is a Mirror Will?

A mirror Will is exactly that.  It “mirrors” another Will, however, each person has their own Will.

An example of this is a married couple who instruct us to draft two mirror Wills for them where the husband leaves everything to the wife, and the wife leaves everything to the husband when they die. Then, after the surviving spouse dies, everything is left to their children.  Although both parties have identical Wills, they are both free to change their Wills at any time in future.

What is a Mutual Will?

A mutual Will is a Will written by two people. However, unlike a mirror Will, both parties are in agreement that they will not amend or revoke the Will, even if one of the parties passes away.

Before creating a mutual Will, both parties must show clear evidence that they understand that neither of them will be able to change or revoke their Will without the other party’s consent. If one party loses capacity or dies, it is impossible to get consent therefore the Will of the party that has capacity cannot be changed.  It is essential to seek advice from a qualified solicitor before making a mutual Will so that the parties can understand that they will be bound by that Will.  The beneficiaries of the first one to die can challenge any future Will of the survivor which is expensive.

What to Include in a Mutual Will

A conversation between both parties on what you should include in a mutual Will is vital. It’s also best to consult a solicitor at this point.

Some things you should consider include:

  • The value of any property and possessions owned by both parties
  • Money that both parties have
  • Who should benefit from the Will
  • Guardians for minor children
  • Who should be the executor

Updating a Mutual Will

As with any type of Will, you should review and update it every five years as well as after significant life changes such as a marriage, divorce, having a child, or purchasing a property.   A mutual Will can only be changed if both parties consent to it.

Advantages of a Mutual Will

A mutual Will eliminates the risk of the surviving party changing the Will after the first party dies. An example of how this could be beneficial is in the instance when a couple marries and each has children from a previous relationship.  Each parent would want to ensure that, should they die first, their children aren’t excluded from benefiting from the estate that both parties accumulated in their lifetime. This could happen, for example, if the surviving spouse  remarries. If this were to happen, a mirror Will could be revoked and the children of the first to die might be excluded from a future Will of the second to die. The benefit of a mutual Will  means that the interests in the original Will cannot be changed, therefore the children of the first to die would also benefit as their share would be protected.

Disadvantages of Mutual Wills

Due to the complex legalities and the increased risk of legal disputes arising from mutual Wills, they are not common and many solicitors don’t typically recommend them to their clients. The main drawback to a mutual Will is the lack of flexibility when circumstances change. This is particularly troublesome if there has been a substantial amount of time between the deaths of the two testators. A mutual will can limit the surviving party’s ability to plan for a lifetime plan regarding gifts. 

Other Options

An alternative to a mutual Will is using a Trust. A life interest trust would allow the surviving party to benefit from the Trust during their life and safeguard the share of the first one to die at the same time. It also allows the surviving party to make lifetime gifts from their own share of the estate or change their Will should they want to do so.

Elizabeth Middleton Solicitors is here to help you protect you and your assets

When making your Will, it’s essential to ensure that it is well prepared and addresses all possible scenarios to minimise the possibility of your Will being challenged. That makes it all the more important to engage the services of an experienced, qualified solicitor to ensure your Will is written correctly.

At Elizabeth Middleton Solicitors, we know that clients’ circumstances are different, so we take a personalised approach when writing a Will to ensure it’s right for each client.

Contact us today to arrange a meeting.

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Will Wills

What Are My Duties as an Executor Under a Will?

clients talking to a will executor

There’s no arguing that making preparations for one’s own passing is a challenging exercise. The importance of making these plans cannot be underplayed or understated – there aren’t many tasks that are more serious or more important to do right than ensuring someone’s final wishes are followed.

In this light, it’s easy to understand why the role of an Executor is vital as it’s the job to handle all the relevant legal tasks that come with a death.

What are those tasks?

Whether you are trying to pick Executors for your own Will or deciding whether or not to accept the role as someone else’s Executor, it’s important to be fully aware of the role’s responsibilities. This article will guide you through all the duties expected of an Executor.

Immediate Duties After the Death

Generally the first two things that an Executor must do are officially register the death and arrange for the funeral.

In England, registering a death must be done within 5 days and is done at the nearest registry office.

Settling the Finances of the Deceased

The exact details will vary from case to case but ascertaining the finances of the deceased will generally begin with a schedule of their assets and liabilities.  We advise that you make a comprehensive list of everything the deceased owned and owed. Valuations from professionals such as Estate Agents, Stockbrokers or Jewellers to obtain the values at the date of death might be required.

Inheritance Tax

If the value of the estate is over the tax threshold, inheritance tax will have to be paid.  The tax payable will vary from case to case.

Settling Debts

It’s an Executor’s responsibility to ensure that all of the deceased’s debts are paid before the remainder can be distributed to the beneficiaries.

Executors can be held personally liable if they distribute assets to beneficiaries without taking steps to locate and settle all relevant debts held by the deceased. This situation can be avoided by placing a Section 27 notice in the London Gazette and the local paper where the deceased lived and owned property. If no creditors come forward within two months, they have done their due diligence. They can distribute assets to beneficiaries incurring personal liability for debts that are brought to their attention after that date.

Grant of Probate

A grant of probate is a document which officially proves the validity of both the Will and the right of the Executor to handle the deceased’s estate. Some properties such as a deceased’s house, shares and ISAs require the Executor to apply for the Grant of Probate.

Accounting

Lastly, given how much power an Executor has over an estate, transparency and accountability are critical. It is necessary to keep records of every transaction taken and to compile a complete set of accounts for the estate. 

Always Stay Informed so that you can Make the Right Choice

While we’ve covered some of the fundamental expectations and responsibilities of an Executor, every estate is different.  Some are simple and others complicated.

That’s where Elizabeth Middleton Solicitors comes in. We are able to help each step of the way when administering a person’s estate.

Don’t leave room for uncertainty and doubt when it comes to your final affairs. Contact us today to arrange a consultation.

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Equity Release

What to Know About Equity Release and Children’s Inheritance

children's inheritance

If you’re a homeowner over the age of 55 and looking for some extra cash, you may be considering equity release. However, when you tap into the equity in your home, you may wonder how this will affect your children’s inheritance.   Although you may have less to leave to your beneficiaries, you can, in fact, still leave an inheritance for your children.

If you’re considering taking out equity release but want to find out how it will impact your children’s inheritance, we can help. This article will discuss what you need to know about how equity release affects your children’s inheritance.

What is Equity Release?

An equity release product will allow you to get a loan on the equity in your home to use as you choose.

A lifetime mortgage is when the amount of your loan and all accrued interest are rolled together and paid after you pass away or enter into long-term care. All funds left over and any other assets in your estate are passed on to your children.

Who Owns Your House After You Die?

When you take out a lifetime mortgage, you remain the owner of the property. When you die, the amount of the loan plus interest gets paid back to the lender to repay the money they lent you previously.

Property Value Increases

You and your children will benefit from increases in property value, even after you’ve taken out an equity release loan. Many equity release clients are in their 50s and 60s, meaning they have a substantial amount of years left to enjoy life. These extra years will certainly allow time for the property value to increase, leading to more funds available to leave as an inheritance to your children.

Equity Release and Inheritance Tax

One of the most important aspects of equity release is how it affects your Inheritance Tax liability. When you release equity in your home, not only does that decrease the value of your estate but it can also reduce the amount of inheritance tax owed by your estate after your passing.

Trust Elizabeth Middleton Solicitors to Protect Your Assets and Your Future

Equity release can have an impact on the inheritance passed to your children when you die. Knowing your options and getting your questions answered by an Equity Release Mortgage Broker before proceeding with an equity release plan is vital. And having an experienced, qualified solicitor to guide you through the process after the Equity Release Mortgage Broker has helped you choose the right product for you will ensure that the Conveyancing process runs smoothly.

At Elizabeth Middleton Solicitors, we want to help you plan for the future and protect your assets. We know that everyone’s circumstances are different, so our team will work to draft your Lasting powers of Attorney, Wills, and tax and estate planning to suit your specific needs.

Contact us today to schedule a meeting.

Categories
Lasting Powers of Attorney

Top 9 Mistakes to Avoid When Creating a Lasting Power of Attorney

last power of attornery

The Office of Public Guardian (OPG) receives an average of 67,000 Lasting Power of Attorney (LPA) applications monthly. Out of those applications, approximately 15% contain errors.  

Unfortunately, when there are mistakes on your LPA, your application will be returned to you, making the process take longer. It takes the OPG approximately 8 months to register an LPA.  

Today, we will discuss the nine most common errors people make when creating a lasting power of attorney.

#1. Missing Pages or Mixing Up Pages

There are two types of LPAs. The first is called a Property & Financial LPA. A Property & Financial LPA deals with giving someone authority to make decisions about your property and financial affairs.

The second is known as a Health & Welfare LPA. This LPA gives someone the authority to make decisions regarding your personal health and welfare.

If you are applying for both types of LPAs, pages can get mixed up unintentionally. As a result, the OPG cannot complete either application and must return them to you when this happens.

#2. Signing the Application in the Incorrect Order

The document has a specific order in which those involved must sign the application. In addition, the dating on the document must also follow a particular order. Therefore, it’s crucial to sign everything in order, avoid signing the application page acknowledging signatures on all other pages before they have been signed, and do not use future dates. 

#3. Not Having the Correct Signatures

For a document to be legally binding, it must be signed and witnessed. All LPA documents have additional steps to be completed, such as having a Certificate Provider and registering the document before it is considered valid. If any of these signatures or details are missing, the document will be deemed invalid, and the OPG will reject it.

#3. Naming a Family Member as Certificate Providers

The Certificate Provider has to decide that the person signing the LPA has the necessary mental capacity to do so. They cannot be related to anyone named on the application and must have known the Donor for at least two years before signing the LPA. The Certificate Provider can also be a trained professional who can make an accurate judgment on the Donor’s mental capacity at the time of the signing.

#4. Signing in the Wrong Boxes

Your applications must be signed in the appropriate boxes, and someone must witness the signatures. The witness must then write their full name and address and sign the document.

#5. Using a Pencil, Tipp-Ex, or Submitting Photocopies

If you use a pencil or Tipp-Ex, the Office of the Public Guardian cannot tell if the document has been amended, and if so, who did it. Therefore they will not register any applications using a pencil or Tipp-Ex. 

They also do not accept photocopies of applications. Only original documents will be accepted.

#6. Binding Your Application

When received by the Office of the Public Guardian, all applications get scanned into their system. If you have bound your application, the binding will need to be removed. If they remove the binding, your application can be damaged, and if they cannot remove the binding, they will not process your application.

#7. Not Being Specific Regarding Life-Sustaining Treatment

The use of life-sustaining treatments is a matter of life and death. Therefore, you must be clear on your decision on the use of life-sustaining treatments. If the instructions aren’t clear or contradictory, the OPG will not process your application.

#8. Contradictory Instructions 

Another thing that can make your LPA invalid is having instructions contradicting each other. This frequently happens in appointment types when someone appoints joint and several attorneys and then later instructs them all to make decisions. 

#9. Making Unlawful Requests

If the Office of the Public Guardian considers something on the application unlawful, they must go to the Court of Protection for guidance. Although this doesn’t necessarily invalidate your LPA, it can slow the process down.

The Office of the Public Guardian may refuse to register your Lasting Power of Attorney if it contains any of the following things:

  • Instructions on assisted suicide or criminal activity
  • Property & Financial LPA related to Health & Welfare matters and vice versa
  • Requests to follow the decision of someone who is not an attorney 

Avoid Mistakes! Turn To The Experts at Elizabeth Middleton Solicitors

To avoid mistakes in getting your LPA set up, turn to Elizabeth Middleton Solicitors. We know that everyone’s circumstances are different, and we will work with you to make sure that your wishes are communicated properly. Creating an LPA is part of a comprehensive plan for your future, and we will make the process as simple as possible.

We provide consultations in our private office in Winnersh Triangle or from the comfort of your own home. 
Contact us today to schedule your consultation.