Will Disputes: What If You’ve Been Left Out?

Losing a loved one is always an upsetting time. That upset is only heightened if you later discover that you have been left out of their Will, or in some way under-recognised.

There are options open to you if you wish to contest a Will, thanks to the Inheritance (Provision for Family and Dependants) Act 1975. The Act allows people to bring a claim against the estate in certain circumstances, when they feel that “reasonable financial provision” has not been made for them.

The courts will then evaluate where such provision has been made for you, and if not, what provision needs to be in place for you. In order to make a successful claim, you will need to demonstrate to the courts that you had a reasonable expectation of having your living costs met by the deceased.

All sorts of factors will be taken into account here, such as your financial position and needs (both now and in the future) the size of the estate and even your conduct.

There is a host of different circumstances where someone may wish to challenge a Will, for example a former spouse or a child of the deceased, or simply someone who was financially dependent on the deceased before they passed away.

There is a time limit on making a claim though – it must be issued at court within six months of the date of the grant of probate.

The court has the power to step in and revise the way that the estate has been divided – this may mean you receiving a lump sum or even the entitlement to a regular payment from the net estate of the deceased.

The issue has enjoyed a lot of press coverage in recent years, primarily down to a case where a mother left her £486,000 estate to three charities, leaving out her estranged daughter entirely.

While the daughter succeeded in challenging this, winning a six-figure settlement, that has now been overturned by the Supreme Court.

Jon O’Brien, “The 1975 Act opens up the possibility of challenging a Will if you believe you have been unfairly left out, though it is important to get legal advice first. You will also need to prove that you could rightfully have expected some sort of contribution from the deceased.”

Finance North Estate Planning Services
Cheshire Office – 0161 771 2056
Staffordshire Office 01782 963 303

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How wealthy families keep their wealth.

David Cameron’s father’s will makes interesting reading.

He left a fortune of £2,740,000 from which the ex-Prime Minister received the sum of £300,000, but what is interesting is that:-

  • He appointed his children as Executors and Trustees.
  • He and his wife owned their home as Tenants in Common rather than joint owners.
  • His half of the home went into Trust rather than directly to his widow.

 

Cameron Will

 

Trusts have been instrumental in mitigating tax since the Medieval times. Trusts were initially created for the Nobility and wealthy landowners to avoid paying taxes to the Crown. Nowadays, you don’t have to be a Nobleman, or a wealthy landowner to want to take advantage of the many tax strategies Trusts can provide.

The use of Trusts ensures that assets are protected from attack from the following.

  • Care Fees
  • Divorce / Separation
  • Creditors / Bankruptcy
  • Inheritance Tax
  • Generational Inheritance Tax

We have advised many clients from all walks of life in protecting their homes and other assets, so that their children and grandchildren can maximise their inheritance, and we have now launched a fixed price package to specifically tackle the above problems at an affordable price for all home owners and from all walks of life.

Firstly you will receive a free no obligation home visit from one of our trained consultants which usually takes about 1hr where you can ask any questions and discuss the matter in more detail.

Once you have decided to proceed we will take all the necessary instructions and then commence constructing a Will each, a Flexible Family Trust each with Memorandum of Wishes and also a Deed of Severance. Within approximately 2 weeks your consultant will return with all the documents for signing.

 

PPT

On first death, the deceased’s share of the property is passed into their Flexible Family Trust via the Will. The surviving Spouse or Partner continues to live in the property and is still able to move home if they choose to do so. In the event that the survivor enters care, the survivor only owns half a share of the family home.

The beneficiaries have access to the Trust Funds but we ensure that these assets do not enter their estates and so are protected from attack by the following:

  • Marriage after Death – Placing half of the family home and other assets into a Trust on first death ensures that, should the surviving spouse or partner marry in the future, those assets cannot be taken into the marriage and removes the threat of your children being disinherited.
  • Divorce – Placing your assets into a trust ensures if your children or chosen beneficiaries are subject to a divorce then what you intended them to receive is protected from any divorce settlements.
  • Creditors – Similarly if any of your beneficiaries are subject to Creditor claims or bankruptcy then their inheritance would not be exposed to these claims.
  • Care Costs – The trust ensures that they do not add onto the beneficiaries own estates and so cannot be assessed for their care costs.
  • Further or Generational IHT – Holding the assets in the trust ensures that they do not add to the beneficiaries estates and impact on their own Inheritance Tax.

For more information, please call 0161 771 2056 or simply complete the form below
and one of our consultants will gladly answer any questions you may have.

Finance North
Estate Planning Services
Offices in Cheshire and Staffordshire

www.FinanceNorthEPS.co.uk

 

 

 

It’s a fact, Parents of Young Children Need a Will

A Will can offer you the peace of mind in knowing that your children will grow up in a stable, loving and safe environment. A Will allows parents to make their own decisions as to who will look after the children if you are gone.

If you fail to appoint Guardians in a Will and your children are orphaned before they reach 18, the courts will appoint Guardians instead, but they won’t necessarily choose the people that you would have preferred to take care of your children.

So, what happens if you fail to name a guardian for your children?

If no Guardian is named, the situation is likely to resolve in one of three ways:

  • If no Guardian is named, your children could be placed under the protection of Social Services;
  • If several potential Guardians come forward, a custody battle could result and the courts will grant custody of the child to the applicant who the judge deems most appropriate;
  • If a single Guardian comes forward, they must apply to the courts for formal custody.

In each of these circumstances, it is the family courts, and not the parents, who control custody of the children.

Without a Will, blood relations are more likely to be appointed custody than other applicants. Despite this, don’t assume that your family members will be automatically appointed by the courts to be Guardians. Being a blood relation is only one of several factors that are taken into consideration.

A professionally constructed Will allows you to prevent all this disorder and anguish at a time that your children need loving care and stability in the event of your death.

A Will also enables you to create a trust that can be used for some of the costs that a Guardian will face after taking custody for example, for healthcare, education, holidays etc.

Book your Will today call: 0161 771 2056 and if you have children under 4yrs of age, claim your free life cover below.

For a limited time, our sister company at Finance North in association with Aviva are offering £15,000 FREE life cover for parents! Cover can be taken at any time once the child has been born and before they are four years old and cover will last for one year from acceptance.

In addition, mum AND dad can apply for £15,000 each… so that’s £30,000 of cover per child…FREE.

Peace of mind is just a phone call away

Cheshire Office: 0161 771 2056 – Staffordshire Office: 01782 963 303