What is a lasting power of attorney?

Lasting Power of Attorney – what is it and do you need one? Power of Attorney is one of those things that most people have heard of but unless they have had to deal with them are a bit of a mystery. In this post, we’ll run through what a lasting power of attorney actually is and some situations where they may be useful. It’s important to note that the law is different between Scotland and England and Wales. This post relates...

Only 1 in 10 people know these 5 facts!

Only 1 in 10 people know these 5 facts about dying without a valid Will Dying without a Will can have far-reaching consequences for families and loved ones, and yet 70 percent of the UK population have no Will in place. Research has shown that only 1 in 10 people know some of the basic facts about the consequences of dying without a valid Will. 1.     The Rules of Intestacy When someone dies without a Will, all of their possessions and other assets...

Can your executor find your Will?

Can your executor find your Will? There can’t be many people that haven’t seen films or TV shows where the central plot device is the loss and search for a Will. It might be funny on the screen but in real life, the loss of a Will can cause heartache and frustration and can even stop your instructions being carried out. The number one rule – tell your executors where to find your Will There really is no point in going to the...

Thinking about writing an online Will? You need to read this first!

Firstly, congratulations, it looks like you are researching how to sort out your affairs before its too late. Unlike 70% of the UK adult population. Getting organised with your future planning, sooner rather than later can save your family from all kinds of stress, legal implications and save them thousands in legal fees in the process. Great move! Online Wills are great for some people and not so great for others. So how do you know if an online Will is...

What are the benefits of putting your life insurance policy into a trust?

What are the benefits of putting your life insurance policy into a trust? There are some significant benefits to putting a life insurance policy into a trust (called “written in trust”) and it’s important to consider whether this is an option for you. When you take out a life insurance policy you are naturally thinking of your loved ones and it is a fair bet that you would be hoping that the money would be quickly distributed and in full. However, a...

Do executors always need to apply for a Grant of Probate?

Do executors always need to apply for a Grant of Probate? When someone passes on, the executor is left to carry out their wishes in the form of their Will and one of the documents often needed to do this is a grant of probate. A grant of probate is a legal document that confirms the right of the executor to administer the estate of the deceased and can be used as proof of this right with banks, building societies and...

What happens if a gift in my Will fails?

What happens if a gift in my Will fails? When we make a Will, we often think that our wishes will be carried out exactly as we expect but life is rarely straightforward and there can be circumstances where gift in a Will can fail. So, before you make your Will it is a good idea to think about the potential circumstances where your gifts could not work out the way you intended. No longer owning the gift This is a pretty common...

The Tax benefits of giving to charity

The Tax benefits of giving to charity When people make a Will, they often think about leaving a bequest to their favourite charity but what you may not know is that there can be significant benefits to leaving money to charity in your Will. Leaving money to a UK charity in everyday life is, of course, tax-free and this exemption extends to any gift that is included in your Will How inheritance tax is affected by charitable giving There are two main ways...

What is probate?

What is probate? When you are researching making a will you may well come across the term ‘probate’ but what actually is probate and how does it affect making a will? Probate is the term that describes the legal right to administer the deceased person’s estate. In very general terms a small estate won’t require probate but it has to be remembered that a small estate will only be a value of under £5000 and will be very simple in structure. In most...

Can I hand write my Will?

Can I hand write my Will? This is a question that often gets asked and it may seem at first glance like a sensible thing to do. Indeed, it is legal to handwrite your Will in the UK and it might seem like a quick and cheap option but nothing could be further from the truth. There are some significant issues with handwriting your own will and we would strongly advise against it. The first problem with this method of drawing up your...