| NATIONAL LEGAL SERVICES
is an established company with consultants in most major towns and cities throughout the UK. Our specialist consultants are hand picked and fully trained to ensure that you receive the best possible service. All legal documentation is prepared 'in house'and returned to you fully completed in the shortest possible time - 4 weeks. We put your affairs in order in the privacy of your own home and at a fraction of 'high street prices'. Irrespective of your age or the value of your estate, making a will and putting your affairs in order is one of the most important tasks that you are likely to undertake. To die Intestate (without having made a Will) can produce untold problems for those left behind. Having made a Will gives you a feeling that you have done everything correctly and provides inner warmth that only comes in the knowledge that you have tied up all those loose ends.
WHAT IF I DIE WITHOUT MAKING A WILL?
MARRIED COUPLES: - Without a will, if you have children your spouse may not inherit all your estate - unless you have jointly owned assets. If you have no children then some of your assets may go to members of your family other than your spouse.
UNMARRIED COUPLES: - UNLESS YOU HAVE MADE YOUR WILL, YOUR PARTNER WILL NOT GET ANYTHING! Your entire estate would pass to your children or if you have none, be shared between your other relatives.
SEPARATED: - If you die without making a will, your ex-spouse, may be entitled to claim part or all of your estate in certain circumstances!
PARENTS OF YOUNG CHILDREN: - Through a Will you can appoint people you trust as guardians for your children in the event of your death. These people (once approved by a court) can continue to make parenting decisions that the original parent would have made.
INHERITANCE TAX PLANNING
Surprising as it may be many estates pay 40% Tax on their family's future inheritance! The GOOD NEWS is that you don't have to!
Everything above £263,000 is taxed at a whopping 40%! This means that with an estate of £300,000, the taxman will claim a massive £14,800! Are you happy to lose this amount in tax when there are ways to reduce the inheritance tax liability?
The GOOD NEWS is that an INHERITANCE TAX SAVING WILL can quite legally help you and your family to reduce their IHT liability.
PAYING FOR LONG TERM CARE
As you are probabLy aware, the government made a promise to pay some of the costs relating to Long Term Care following recommendations by the Royal Commission. Yet, what exactly does this mean in real cash terms and how will it affect you? In fact, the government has only agreed to pay certain costs relating to NURSING CARE, for example, the time spent by a nurse with the patient etc, whilst the individual is still liable for the RESIDENTIAL & PERSONAL CARE COSTS. This means if you have assets over £12,250 you will have to pay yourself (£18,000 - £30,000) each year. Women have a one-in-four chance of needing long term care, and men a one-in-six chance.
At least 70,000 homes were sold last year (200 per day) with £4.3 billion worth of inheritances being used to pay care costs.
HOW CAN WE AVOID THESE COSTS?
It is illegal to deliberately transfer your own property away to relatives or trusts if your prime motive is to avoid paying for Long Term Care costs. However, it is not illegal for your partner to make a provision in his or her Will that upon death their own 1/2 share of the family assets, including your home, are placed in trust for your children or other beneficiary instead of passing directly to you. The difference is that you don't own your spouse's or partner's or Joint owner's half share in your property, so you cannot'' be said to be reducing your estate illegally!
THE PROTECTIVE PROPERTY TRUST WILL
has been specially designed for this purpose, allowing the surviving partner to continue benefiting from the assets within the trust and allowing your property to be passed on to your loved ones in the fullness of time. The cost of arranging such a trust with a firm of high street solicitors can be well in excess of £600, at NLS this service is offered at a fraction of the high street price due to our specialist "in house" legal department.
ENDURING POWERS OF ATTORNEY
An Enduring Powers of Attorney is a legal document, which allows an individual to nominate the person/s who they would like to look after their affairs in the event that they become unable to do so in the future. This can be if the Donor (the person giving the power) is unable to act due to physical frailty or should the Donor become mentally incapable due to accident or illness.
The Enduring Powers of Attorney has to be registered with the Court of Protection if the Donor becomes mentally incapable.
Once mental capacity is lost, if no EPA exists, your affairs will be managed by the Court of Protection- Public Guardianship Office. Whilst their role is invaluable, it will be expensive, frustrating and intrusive.
It is never too early to give instructions for an EPA but unfortunately, it can all too often be too late.
The establishment of an EPA should be viewed as a protective measure, which can provide everyone concerned with security, peace of mind and the assurance that their wishes are respected. The Donor can gain great peace of mind by knowing that the persons they appoint can act on their behalf in matters such as Pensions, Investments, Banking and Property, in fact almost anything that the Donor could have done.
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