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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Sir Bruce Forsyth, Didn’t He Do Well!

It was announced on Friday 18th August 2017 that national treasure and entertainer Sir Bruce Forsyth has died.

With a show-biz career spanning over 75 years, no matter which generation you are from, it’s likely you will have fond memories watching Sir Bruce on a Saturday night.

His much-loved TV shows included The Price is Right, Play Your Cards Right and The Generation Game. More recently, he co-hosted the hugely successful Strictly Come Dancing and wowed the audience with his dance moves, proving he was certainly young at heart.

Sir Bruce has always captured the hearts of the nation, and his famous catchphrases including “Nice to see you, to see you, nice!” will certainly still be remembered in years to come.

Recognised as a veteran of entertainment, in October 2011 Bruce Forsyth received his knighthood, just a few years before he decided to step back from the spotlight in 2014.

For an Edmonton boy who started work aged 14, we say “Didn’t he do well”.

Sir Bruce is survived by his wife of 36 years, former Miss World, Wilnelia Merced and his impressive brood of six children, nine grandchildren and three great-grandchildren.

He left his £17 million fortune entirely to his wife, which means inheritance tax will not be applied. She has also inherited his company, Bruce Forsyth Enterprises, and is now sole Director.

For richer, for poorer, in sickness and in health, everyone should make a Will. If you want to make sure the future generation in your family aren’t left without a treasured heirloom and are taken care of should the worst happen, contact Jon O’Brien here a Finance North Estate Planning Services today to arrange an appointment at a convenient time for you.

Jon O’Brien has been advising on Estate Planning for over 20 years. We are your local trusted advisers when it comes to writing Wills, putting in place Lasting Powers of Attorney and other estate planning requirements.

Don’t put it off – contact us today on 0161 771 2056
or email us Help@FinanceNorthEPS.co.uk

logo0161 771 2056
Wills ♦ Trusts ♦ Probate ♦ Funeral Plans ♦ Power of Attorney
Business Succession Planning ♦ Care Planning Challenge Support
Offices in Cheshire and Staffordshire

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Breaking News – Bringing Wills Into The 21st Century

Writing a Will is wrongly often thought of as something only older people need to worry about. But the Law Commission has called for the age at which one can write a Will to be lowered to 16, as part of a report into ways to update inheritance laws.

It pointed out that given 16-year olds can marry, join the army or live alone, they should be allowed to outline what they wish to happen with their assets when they pass away.

This is just one of a series of changes suggested by the Law Commission, which argued that many of the laws relevant to inheritance date back to Victorian times and are “out of step with the modern world”.

Another suggested change is the introduction of electronic Wills, arguing that the Lord Chancellor should be given the power to bring them into force. The Law Commission also called for the removal of some of the formality around Will writing, by giving the courts powers to recognise a Will in cases where some of the formality rules were not followed, but the deceased had made their intentions clear, as well as an overhaul of the rules protecting those making a Will from being unduly influenced by another person.

There will now be a public consultation on the proposals until November before any final decision on law reform are made.

Here at Finance North Estate Planning Services say “Writing a Will should be simple and straightforward, but the Law Commission is absolutely right that the law is outdated and may be a reason why so many people don’t bother to write one, as around 40% of adults die each year without having written a Will. That’s unacceptable, and measures which will make it easier and more inclusive are very welcome.

“It doesn’t matter whether you’re 16 or 60, setting out exactly what you want to happen to your assets after you pass away is vitally important, and a Will is the only way to do that.”

“If anyone is interested in finding out more about writing a Will or updating their current one, they can call one of our offices below – we’d be happy to help.”

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

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Reasons for a Property Protection Trust

A Property Protection Trust is designed to help and protect your property from creditors including an assessment for long term care fees.

Our Property Protection Trust will ensure that your estate is kept intact by protecting your share of your home (or other property, if required) or the value in it.

We do this by firstly changing Joint ownership of the property to Tenants in Common usually each owning 50% this then enables you to “Will” your share to your chosen beneficiary via your Family Trust.

By leaving your share of the property in a Trust with a life interest to your partner/spouse you safeguard your assets from being lost should your partner re-marry, or be diluted if that partnership ends in divorce. It also protects the trust property from bankruptcy and care costs in later life for the surviving partner.

Importantly the Trust also protects the interests of the survivor, allowing them to live in the property until their death, (or, if required, until they cohabit or remarries.) If the survivor then goes on to remarry, they cannot leave the whole of the property to their new spouse, as a portion is already owned by the Trustees on behalf of the chosen beneficiaries. The survivor can also move house if they so wish, using the whole of the proceeds towards another property, or raise capital by purchasing a smaller property, a greater proportion of which will then be owned by the Trustees.

  • Typical Example

On first death, the Deceased’s share of the property is passed into their Trust via the Will. The surviving spouse/ 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 a half share of a house

 

PPT1

  • Benefits

Care
Holding the assets in the Trust ensures that they do not add onto the Beneficiaries’ own estates and so cannot be assessed for their Care costs.

Marriage After Death
Placing half of the family home and other assets into a Trust on first death ensures that, should the surviving spouse/partner marry in the future, those assets cannot
be taken into the marriage and removes the threat of your own children being disinherited. The survivor is still able to use the assets in the Trust.

Creditors or Bankruptcy
Similarly, if any of your Beneficiaries are subject to Creditor Claims/Bankruptcy then their inheritance would not be exposed to these claims.

Divorce
Placing the assets into Trust ensures that, if your children/ chosen Beneficiaries are subject to Divorce proceedings then what you intended them to receive is protected from any Divorce settlements.

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

Residence Nil Rate Band (RNRB)
Our trusts ensure that if there are lineal descendants as beneficiaries, the trust will still qualify for the RNRB.

Remember that making a basic double Will
only guarantees what happens on 1st death

 

Without the correct planning, some or all of your children’s or grandchildren’s  inheritance could be lost. However, with a few simple strategies we can protect you and your family from needless expense and worry.

Consider the Facts…

  • Everyone should have a Will, but 2 out of 3 people have not yet made a Will and those that have, may not have the correct Will in place
  • Many of the population lose their homes and / or savings to pay for care.
  • A large proportion of any inheritance is lost in future divorce settlements, to creditors or bankruptcy and unnecessary taxation.

Peace of mind is just a phone call away! Call us today on 0161 771 2056 or enter your details below…

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

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This page contains only general planning advice and is not to be construed as advice for any specific personal planning. Each strategy recommended is based on individual circumstances.

 

How to prevent things going wrong with your Lasting Power of Attorney

With dementia continuing to rise, the importance of Lasting Powers of Attorney (LPA) cannot be overstated. An LPA can be a vital tool, giving a friend, loved one or solicitor the power to make decisions on your behalf should you reach a position where you are unable to.

Safeguards are built into them to ensure they are used appropriately, but there are steps you can take to ensure things do not go wrong.

Choose the right attorney

If you want to prevent any future issues with an LPA, then choosing the right attorney at the outset is crucial. There are many duties involved in acting as an attorney for someone, so you need to pick someone responsible and organised, as well as someone who knows you well and can be trusted to act in your best interests.

You may want to select more than one attorney – this will make abuse of the powers associated with an LPA much harder.

If you do choose more than one attorney, you can set out whether they need to act together or separately for certain issues.

Informing loved ones

One important safeguard is the fact that the ‘donor’ (the person handing over their powers to their attorney) can name up to five people who must be informed before the LPA is registered. It’s important to do this – these loved ones can then step in and dispute the registration, should they believe that the donor was put under undue pressure or the attorney is set to behave in an inappropriate way

It’s a good idea to speak to your friends and loved ones who aren’t named on the document in advance of organising an LPA too. You can explain why you are doing it and how you want the powers to be used – this can help reduce the chances of fraud and should also reduce the chances of conflict between family members later on.

Guidance

Another safeguard is the ability for donors to have certain guidance for the attorney written into the LPA. For example, this may suggest that they meet a couple of times a year to go through bank details and discuss financial arrangements for the next six months. This should also make it harder for any fraud to take place.

Organising an LPA can give you peace of mind that you will have someone you trust making decisions for you, should you lose the ability to do so.

Choosing the right attorney, and getting the right LPA in place, can take some time, but it is time well spent.

If you’re struggling to choose an LPA or would like advice on how to appoint one, feel free to get in touch with us at Finance North Estate Planning Services on one of the numbers below.

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

Or simply complete you details below and one of our consultants will call you back.

Finance North Estate Planning Services
Pole Farm Cottage, Pole Lane, Antrobus, Cheshire, CW9 6NN
The Dudson Centre, Hope Street, Stoke on Trent, ST1 5DD

www.FinanceNorthEPS.co.uk

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