Product

Description

Will (single)

A Will is the expression by a living person of wishes which he intends to take effect immediately after his death.

To make his wishes enforceable in law, a person must incorporate in a legally valid document his or her intentions covering the disposition of his or her property on death.

A Will does not take effect until the Testator/Testatrix actually dies and it can be revoked at any time prior to the death. It can dispose of all the testator's property of any kind whether it be money, bricks and mortar or articles of whatever description and in addition, any interest that the testator has in any Trust or settlement.

Will (double)

For family and couples, no trusts other than standard family 18-25 trust

Protective Property Trust or Right to Occupy/Reside

A legitimate way to save clients thousands of pounds.

Both owners leave their share of the house in the Trust.

The Trust is a separate legal entity (like a Ltd. Company) managed by Trustees.

It safeguards the surviving co-owner (The Trust allows the surviving co-owner to live in the house for life).

The Trust allows the surviving co-owner to use money in the Trust to buy another house, or to use their half and take an income from the other half for life.

Trustees have to agree where discretion is allowed. A minimum of two trustees is required.

The PPT Will Benefits

Only up to half the house would be taken into account for means test by the Local Authority. In recent years up to 100,000 homes have been sold each year to pay for care. Do not be one of them!

Only up to half the value of the house, if sold on the open market, can be taken into account.

Not necessarily 50% of the value of the whole house - in most cases much less than 50%.

Benefits partners in second marriages as the deceased partners children can be left half the house. (Otherwise surviving partner can change their Will to leave only to their own children, or others).

Surviving partners can also re-marry.

A way of protecting YOUR interest and ensuring it goes where YOU want it to.

Land Registry Search

Needed in setting up Protective Property trusts etc. Search and Register apply for ‘Office Copy’ and complete and supply RX1 form.

IHT Trust

By creating a Discretionary Trust under a Will and including the spouse as one of the beneficiaries, such sum is kept separate from the survivor’s estate but is still available for the survivor if the need arises. Such trusts are often referred to as “Nil Rate Band Discretionary Trusts”.

A Nil Rate Band Discretionary Trust is designed to take maximum advantage of the Inheritance Tax breaks currently available whilst at the same time ensuring that the funds are available for the survivor if required.

IHT IOU Loan Trust Debt/Charge

Debt/Charge scheme.  For use on first death to maximize both NRBs and where estate is mainly property and little cash/liquid assets. Includes full handbook for clients/executors/trustees.

Disabled Discretionary Trust

What is a Discretionary Trust and Why Are They Used?

A trust is a legal arrangement whereby assets (money, investments, property and similar things) are managed by trustees for the benefit of others such as people with learning disabilities. The assets can include a house.

Discretionary trusts are set up by parents or other relatives as a way of making long term financial provision for a disabled child. The reason a trust is useful is that assets once put in trust do not belong to either the donor, 'settlor' in legal jargon (parents) or the 'object' of the trust (disabled son or daughter who is intended to benefit). This means that the capital held in the trust is not taken into account when assessing entitlement to state benefits like Income Support or local authority obligations to fund care.

If parents leave a Will which says words like 'our son hereby inherits our worldly goods' and the goods amount to more than about £3,000 the effect will be to immediately take their son or daughter out of some Social Security means tested benefits. Local Authority (Social Services) support may also cease until the value of the inheritance falls below a threshold level. In addition if the disabled son or daughter is unable to manage money then the Court of Protection can get involved. They will appoint a person called a 'receiver' to look after the money and other assets. The receiver may not be the person the disabled person or parents would choose.

Trusts are used to pay for extra things which Social Security benefits may not fund, a holiday, new clothes, electrical goods, special equipment. Importantly a trust can also hold, manage and maintain the parental home if put into the trust.

Other reasons parents give for creating a trust to help provide some financial protection into the future include:

* fears that the local authority will not always continue to provide care or will provide insufficient care

* to provide a source of money to 'top up' what a local authority is prepared to pay for care or to obtain better quality or a different care package

* to enable a son or daughter to remain where they are rather that be forced to move

* to permit more choice and options now and in the future

Leaving money to charity without the hassle:

Leaving money to a favourite charity is all very well, but you cannot be sure where it will be used.  Will it go towards their executives’ salary bill, or would you rather support a particular project?  Charities can be very insistent once they know they are named in a will, and your family may receive unwanted and demanding letters when they are grieving and trying to set your estate in order.  Putting your money into a discretionary trust for charity means that you can attach a letter of intent about where you would like your money to be used.  It could be used for several charities, with no one charity having a particular claim.  You can name projects that you wish your charity trust to support, such as the building of a new wing for a local dogs’ home.  

Business or Agricultural Trust

To take assets and cash eligible for BPR or APR on trust for children, Life Interest to spouse.

From a business perspective, the two main reliefs are: Business Property Relief (BPR) for business assets, and Agricultural Property Relief (APR) for agricultural land and buildings.

Planning - the basics
The most basic and essential requirement, especially for those in business, is to make a will. If a person dies ‘intestate' (without having made a will), the law specifies how their assets are to be dealt with. This can cause great difficulties for surviving family members. Where shares or other business assets are held, it can also affect business partners, directors, other shareholders and the business itself.

In addition to making a will, business partners and shareholders may also need to make other arrangements to deal with their partnership interest or shares.

It is necessary to decide what one wishes to happen to the shares or other assets, and then prepare a will and any other documents to ensure that these wishes are correctly carried out. The main issues with regard to business assets are the continuity of the business and the need to ensure that full advantage is taken of BPR and APR.

Business continuity and succession
The most straightforward situation is that of a family-owned business, where it is intended that another family member will take over the running of the business. Here, it will normally be sufficient simply for the will to specify to whom the shares or other business assets are to be transferred, and to ensure that BPR is maximised.

Discretionary Trust of Residue

Rather than gifting the residue outright it can be held for any period on a DT, useful when children are in need of protection such as drug or drink dependency.

Residue on Life Interest (First Death) IPDI

Giving spouse/partner a life interest in residue useful on second marriages where both parties want to benefit their own children.

Lasting Power of Attorney: Property & Affairs/ or Health & Welfare

An LPA is a legal document that you (the Donor) make using a special form. It allows you to choose someone now (the Attorney) that you trust to make decisions on your behalf about things such as your property and affairs or personal welfare at a time in the future when you no longer wish to make those decisions or you may lack the mental capacity to make those decisions yourself.

An LPA can only be used after it is registered with the Office of Public Guardianship.

Living Will

You can use an advance decision (also called advance directive) to indicate your wish to refuse all or some forms of medical treatment if you lose mental capacity in the future. You can't use it to request treatment.

A valid advance decision has the same effect as a refusal of treatment by a person with capacity: the treatment cannot lawfully be given - if it were the doctor might face civil liability or criminal prosecution.

Commentary

Provides a detailed explanation of the Will and the clauses contained therein

LIFETIME SETTLEMENTS

Asset Protection Trust

Use for Death in Service and other policies written into trust. 

This trust is a Spousal Bypass trust that is used to collect and hold the payments from employer death in service benefits and lump sum death payments from pension schemes. These amounts are outside of the estate. If the client dies and leaves them to a spouse they will then be in the spouse’s estate and potentially liable for Inheritance Tax when the spouse pass them to the children or other beneficiary.

The trust keeps the funds from entering into the spouse’s estate and so avoids any inheritance Tax liability and yet allows the funds to be used and accessed by the spouse.

Pilot Trust

Used to take assets such as the family home or the NRB out of the estate during lifetime.

They are discretionary trusts which are set up in advance – often at the same time as a Will is made –to receive money from a Death-in-Service benefit, Pension Fund or from a Will.

WHAT ARE THE ADVANTAGES?

They are very flexible Trusts, often used to benefit the whole family. Particular benefits include:

The money/property/investments in the Trust do not belong to any one beneficiary, so the funds

are not subject to inheritance tax when one of the beneficiaries dies;

Pilot Trusts, which do not exceed the Nil Rate Band are particularly tax-efficient. For this reason itis sometimes better to set up more than one Trust to ensure that each one is limited to the NRB;

You can regulate how the Trust is to operate, who will benefit and at what age;

The funds, while they are in the Trust, are protected from divorce claims, creditors, second

marriages and financial abuse of or by the beneficiaries.

HOW DO THEY WORK?

The Pilot Trust Deed is prepared. A £10 note is pinned to it to set it up. As there is no income there is no need for trust accounts or for the trust to be registered with HMRC – so no trust tax returns are needed. There are no on-going administrative or legal costs until funds are paid into the Pilot Trust.

If the Trust is set up to receive a Death-in-Service benefit or Pension Fund, then we will prepare a nomination for signature and we will register it with your Employer’s Trustees. This will ensure that on death the funds will immediately go into the Pilot Trust.

If the Trust is set up to receive a family inheritance, then we will ensure that your Will contains the appropriate gift, so that the inheritance is paid into the Pilot Trust when the estate is administered. From that point, the Trustees of the Pilot Trust take over the running and administration of the Trust.

BUSINESS TRUSTS

Partnership Agreements

Includes schedule for when a partner leaves a practice.  Additional sets for partners

Shareholder Agreements

Where multiple shareholders agree how their share shall be handled on death of one.  Additional sets for shareholders

Property Trust

Puts the family home into trust for the children whilst allowing the clients to live in the property. This allows you to extend control to the beneficiaries of your property after your death. It allows someone living in the property, who you wish to continue living there to remain there either until their death or until a specified future time at which point the property would be sold and the proceeds divided between specified beneficiaries.

If you are concerned that long term care may become an issue and that your estate may be at risk this Will is useful in reducing the impact of care home fees on the value of the property on your death.

STORAGE AND OTHER SERVICES

Document Storage

Same for single or mirror Will. Includes LPAs, property deeds and other associated documents.

Express Service

Guarantees 3 day service or requested date

Fast Trak Service

Same day service – if faxed before 2 p.m.

Please note: This service is for emergency Wills (death bed Wills) and documents only.