What does it mean to leave a Legacy in a Will?

Many of us like to include legacies (gifts) in our Wills whether to family, friends, executors and /or to charities. Legacies can be general (usually an amount of money) or specific (particular assets you own such as jewellery)  Including a legacy in a Will may seem straightforward but there are issues which should be considered. What is the priority? Legacies take priority and are paid before the remainder of an estate is distributed.   You may include a gift of £100,000 to your grandson on the basis that you were worth £500,000 when you made your Will and specify that your daughter should receive the remainder of your estate.   However, if your net worth was £150,000 by the time of your death, would you still wish for your grandson to receive £100,000 if your daughter…

Inheritance Assets and Considering a Deed of Variation

Have you recently inherited assets from a family member or a friend who has recently passed away?  We appreciate that there are circumstances where you might not necessarily wish to receive your inheritance and may wish to re-direct it elsewhere.  Some of the common reasons why are as follows:  Honouring Updated Wishes: You know/suspect that the deceased’s wishes had changed since they made their Will some years prior and you wish to honour what you believe to be their final wishes. 2.Supporting Others: You would like to help out other family members/friends/charitable organisations by passing on wealth to them.  Inheritance Tax Concerns You expect that Inheritance Tax will be payable on your death due to the size of your estate before receiving the legacy.  You therefore do not wish to increase your…

Families urged to plan ahead to reduce their inheritance tax bill

Sian Foster, Director, Wills & Probate at Ware & Kay incorporating Pearsons & Ward Solicitors in York is encouraging people to plan ahead to help reduce their inheritance tax (IHT) bill.  Latest figures from HMRC show that inheritance tax receipts have risen by 7.2% since last year. By taking advantage of available tax reliefs and planning carefully, families can make sure their loved ones pay the smallest tax bill possible and get the most out of what they inherit. The Association of Lifetime Lawyers represents a community of the most qualified legal professionals in the UK supporting vulnerable and older people with expert advice and support.   Sian, a member of The Association of Lifetime Lawyers says there are precautionary steps to take if you plan for family members to inherit part, or all of your…

Who will run the farm if you lose mental capacity?

 More and more farmers are making Wills to ensure their farming business can be passed on to the next generation following their death with as little disruption as possible. However, given research shows that agriculture is the UK’s most dangerous industry to work in, that the average age of UK farmers is nearing 60, and that farmers have higher levels of mental health issues than non-farmers, shrewd farmers should also draw up contingency plans in case they lose mental capacity, as Laura Carter, Solicitor and agricultural specialist at Ware & Kay & Pearsons & Ward Solicitors in Malton explains. You may lose mental capacity and become unable to make decisions for yourself due to an accident involving one of the many hazards that farmers come into daily contact with, through stress, or because of a…

We’re proud to support Update Your Will Week 2024

 Update Your Will Week from the 4th – 10th March is an annual campaign hosted by The Association of Lifetime Lawyers.   It aims to raise awareness around the risks of not having an up to date Will and encourages people to update their Will to ensure their wishes are carried out when they die.   Why is it important to have an up to date Will?   Having an up to date, well-drafted will is crucial to ensure your wishes are carried out in the way you’d like when you die. Knowing you’ve chosen what you want to happen can also help ease distress for loved ones left behind and minimise potential disputes.   If you die without a Will, any assets that belonged to you must be distributed according to the strict rules…

Saint Catherine's Hospice Make a Will Week 22 April to 26 April, 2024

We are delighted to support the Saint Catherine’s Hospice Make a Will Week. We have agreed to give our time and expertise for free to support Saint Catherine’s Hospice Make a Will Week Catherine’s Hospice Make a Will Week. We will happily meet with you to take your instructions for a simple Will during this week and draft a professional Will in accordance with those instructions. We will also meet with you again for your Will to be signed by the end of May 2024. In return, you will make a donation to Saint Catherine’s. Our suggested minimum is £200* per single Will and £350* per matching pair. This is payable at the time you sign your Will with us and we will forward the donation to Saint Catherine’s Catherine’s. *If your Will requires advice of a complex nature, or because of any failure on your own part to complete the Will…

Changes on the farm – is it time to update your Will?

It is recommended that you review your Will every 3 to 5 years, but if your farm has expanded, downsized, or diversified, then you should also look at your Will to ensure it reflects your wishes. Laura Carter, Associate and agricultural specialist at Ware & Kay and Pearsons & Ward Solicitors in Malton (part of Ware & Kay in York and Wetherby), highlights the key changes that should prompt a farmer to review and update their Will. Has the value of your farm increased substantially? If your farm has grown substantially then it is important to have the ownership of the farm’s assets checked and for them to be valued. Based on the valuations received, you can then consider making a new Will to help decrease any liability for inheritance tax, particularly to take advantage of…

Martin House Make a Will during the month of March 2024

   Leave your legacy to help us continue ours If, like many other people you have been putting off writing your Will, this is your chance to put that right. Ware & Kay Solicitors has teamed up with Martin House to give you the opportunity to have your basic Will written for free. Legacies are vitally important to Martin House. In fact, they make up more than a quarter of our entire voluntary income, meaning the cost of caring for one in four of our children is covered by gifts left in Wills. Over half of UK adults have not made a Will. It's not always easy to think about what might happen when we die. But making a Will is an important step to ensuring the people and things you care about are taken care of after you're gone. Your…

Can you contest Power of Attorney UK?

Power of Attorney is a significant legal tool, but there are circumstances where contesting its validity may be necessary. If you find yourself asking, "Can you contest Power of Attorney in the UK?" you're in the right place. If you require further clarification or personalised legal assistance, our team of experienced solicitors are here to assist you. Call us today on 01904 716000 (York) or 01937 583210 (Wetherby) or 01653 692247 (Malton), or complete our online contact form. Can You Contest Power of Attorney in the UK? Under UK law, it is possible to contest Power of Attorney, but certain conditions must be met, and the grounds for contesting must be substantiated. Here are key points to consider: Lack of Mental Capacity The document may be contested if the person granting Power of Attorney lacked mental capacity when signing. Mental capacity is crucial for…

Diversifying may be the answer

Both locally and nationally, many farms have diversified to provide additional income streams - and some farmers now run several diversified businesses on former agricultural land, such as holiday lets and solar farms. Although this extra income may be vital and diversifying may be the only way to secure the family business can continue, an unintended consequence can be the loss of Inheritance Tax reliefs available. Laura Schofield, Wills & Probate Solicitor with Ware & Kay, considers this. Inheritance tax – the basics Inheritance Tax is a tax on the estate of someone who has died. The rate is 40% on the amount above the ‘nil rate band’ which depends on the individual concerned and the assets – from £325,000 to £500,000 per person, or up to £1,000,000 per couple depending on the size of…