Other services
In addition to Probate and estate management, My Probate Solicitors can also offer you these other services:
Wills
Which includes simple, complex and Shariah Wills
Trusts
Power of Attorney
Wills
What is a Will?
A Will or Testament is a legal document that expresses a person’s wishes as to how their property is to be distributed after their death, and as to which person is to manage the property until its final distribution.
Do I need a Will?
In short, yes. There are many benefits to making a Will and these include:
Giving you control by ensuring you do not die intestate—this means that your assets pass to those you intended and that your estate is administered by people you choose.
Ensuring you have appointed executors which makes it much easier and quicker to administer your estate.
Ensuring your estate and what you leave behind is maximised by using tax planning and tax reliefs appropriately, particularly in relation to inheritance.
Ensuring that the people who matter most to you are looked after if you die.
Helping you focus on and think about what your assets and liabilities may be if you die.
Ensuring (either through the Will itself or in a supplementary document) that some other very important matters are dealt with, specifically funeral wishes and appointing guardians if you have young children.
Securing benefits which arise in relation to particular assets you may have.
Allowing you to make gifts to particular people or charities/organisations that are important to you.
Allowing you the opportunity to discuss your estate planning with your family which will significantly reduce the prospect of disputes arising after your death.
What happens if you have no Will?
If you have not left a Will, then the estate will be shared out in line with certain rules known as the ‘Rules of Intestacy.’ They are strict rules wherein married couples, civil partners and certain other close relatives can inherit from the estate. If you are living with your partner, and not married or in a civil partnership, then they will not be entitled to receive anything under the Rules of Intestacy, so these rules can quite often be unfair. To ensure that your loved ones are taken care of when you are gone, it is very important to prepare a Will, so you can clearly set out your expresses wishes. Here at My Probate Solicitors, our expert Will writers can service your particular needs.
Trusts
What is a Trust?
A Trust is a legal arrangement to manage a person’s assets. Such assets that can be put in Trust includes cash, property and shares.
Types of Trusts that can be set up:
There are many different types of Trusts that can be set up with different rules and benefits. The following are examples of Trusts:
Bare Trust
This is the simplest and most straightforward Trust. These are where all the assets are held in Trust where the beneficiary has the right to them when they reach the age of 18 provided they have the requisite mental capacity.
Family Asset Protection Trust
This type of Trust is usually set up to protect one’s assets, such as the family home, from Inheritance Tax, residential care fees and other potential liabilities or claims. This type of Trust transfers your interest in your home (and other assets if required), into a Trust safeguarding them from such potential liabilities or claims, giving you peace of mind.
Discretionary Trust
These are Trusts which allow the trustee the power to decide how much a beneficiary can receive from a Trust, and when they can receive it. The beneficiary therefore has no automatic right to receive the asset. Examples of when these may be needed are where the beneficiary is considered vulnerable due to a disability/condition or to provide money for grandchildren.
Why have a Trust?
The main reason to have a Trust is to protect your asset and control who can gain access to it. Other reasons to have a Trust include helping with estate planning, asset protection and tax planning.
Power of Attorney
What is Power of Attorney?
This is a legal document which gives someone you trust the right to make decisions on your behalf. This may only be temporarily needed for example if you were going into hospital and needed help with financial matters whilst you were there, or in the unfortunate event that you ever lost mental capacity.
There are three types of Power of Attorney, and these are:
Ordinary Power of Attorney (OPA)
This type of Power of Attorney gives someone the legal right to manage your financial affairs. This only remains valid as long as you have mental capacity.
Lasting Power of Attorney (LPA)
This type of Power of Attorney gives someone the legal right to make a decision on your behalf even after you are unable to do so, for example should you lose mental capacity. There are two types of Lasting Power of Attorney, and these are: i) health and welfare – where someone can make decisions about your personal welfare and medical treatment and ii) property and financial affairs- where someone can make decisions about your finances and property.
Enduring Power of Attorney (EPA)
This type of Power of Attorney gives someone the legal right to manage your property, money and financial affairs. These were replaced in 2007 with the Lasting Power of Attorney – property and financial affairs, as set out above.
