Wills, Probate & Lasting Powers of Attorney

Your Will should be reviewed every few years to ensure that you still wish to make the same provisions and gifts. For example, you may have disposed or given away a specific item that you had previously intended to gift to someone.

Another reason to review your Will would be because your personal or financial circumstances change.

You may get married, have children or grandchildren or become divorced or separated. The only way a Will can be legally changed is by:

• Making a codicil to the existing Will
• Making an entirely new Will.

Executors are the people who will be responsible for carrying out the wishes in your Will and your estate after your death.

It is important who you choose because the executor has responsibilities and duties to carry out and you should therefore appoint someone you trust and value.

Probate is the name given to the legal document required to deal with the deceased’s estate.

This is referred to as a grant of probate in cases where there is a Will and letters of administration if there is no Will.

It gives those responsible the permission they need to deal with the estate (if the estate is valued at over £5,000 after the deduction of funeral costs).

Inheritance Tax (IHT) is a tax on the estate, which could include property, money and possessions, of the deceased.

The standard of Inheritance Tax is 40%, but only if you are above the threshold.

You will pay no Inheritance Tax if the value of your estate is below the £325,000 threshold or you leave everything above the £325,000 threshold to your spouse, civil partner, a charity or a community amateur sports club.

However, your threshold can increase to £475,000 if you give away your home to your children or grandchildren.

Any inheritance tax due must be paid within six months of a person’s death. Failure to make the payment will result in interest being paid.

It may be possible to pay this in instalments, where the Inheritance tax is attributable to property.

We can advise and guide you through the process and rules relating to Inheritance tax.

There are ways you can reduce your Inheritance Tax liability and we can guide you through the options available to you and help you plan for what you want to happen.

A Lasting Power of Attorney (LPA) is a legal document which allows someone you trust to make decisions on your behalf.

The chosen person, called the ‘Attorney’, can act on things such as your health care or finances, if the time comes when you lack the mental capacity to make those decisions for yourself.

There are two forms of Lasting Power of Attorney:

Health and Welfare Lasting Power of Attorney allows decisions to be made about medical treatment, social care issues and life-sustaining treatment.

Property and Financial Affairs Lasting Power of Attorney allows decisions to be made in relation to your property and finances. For example, buying and selling property, managing your bank accounts and investments and claiming pensions and benefits on your behalf.

You can make one type of Lasting Power of Attorney without making the other, or make both together. You can also apply restrictions and conditions to the use of the Power of Attorney if you so wish.

It is necessary to register a Lasting Power of Attorney at The Office of the Public Guardian. They maintain a record of all registered Powers of Attorney.

We can help and advise you on Lasting Powers of Attorney and help you make the right decision for you and your family.