Why a Will is important

Surveys suggest that between 50% and 60% of adults in the UK have not made a Will. This means that a significant part of the population are relying on the intestacy provisions (the rules which govern the distribution of your estate if you have not made a Will) to distribute their money, property and possessions as they would wish. This will not always be the case. Writing a Will gives you control and allows you to choose not only who receives your estate but who will be responsible for carrying out your wishes. A Will can do much more and can be used to appoint guardian(s) for your children, protect vulnerable beneficiaries, benefit charities and, depending on the circumstances, stop you from paying more inheritance tax than you need to. It also prevents the arguments which…

Charitable giving and reduced rate of inheritance tax

At present, gifts to charities in your Will are exempt from inheritance tax and would be taken off the value of your estate before inheritance tax is calculated. Leaving money to charity in your Will could also reduce the rate of inheritance tax you pay. The reduced rate of inheritance tax was introduced by the Government in 2012 in order to encourage people to leave money to charity in their Wills. If the estate qualifies, it reduces the inheritance tax rate which is charged from 40% to 36%. To qualify, at least 10% of your net estate (or baseline amount) must be left to a charity or charities. The net estate is, generally speaking, the value left after the inheritance tax nil rate band (which is currently £325,000 and frozen at that level to 2026 or…

Planning ahead with a Lasting Power of Attorney

According to the Alzheimer’s Society, there are almost 885,000 people living with dementia in the UK. Estimates indicate that between 5% and 20% of over-65s suffer from issues which may affect their memory and thought process. No-one wants to consider that they may lose the ability to manage their affairs but planning for this possibility by making a Lasting Power of Attorney is essential. Although it may be awkward, preparing for your future now gives you time to plan carefully and start conversations with your family and those that you trust about your wishes and goals There are two types of Lasting Power of Attorney (more commonly referred to as an LPA). One deals with property and financial decisions and one covers health and welfare matters. You can prepare either or both but both cannot be…

Making financial provision for disabled children

The risks with informal arrangements Families sometimes rely on informal arrangements as a way of making provision for their disabled children after their death.  For example, a parent may have made a simple Will specifying that another family member is to be the beneficiary instead of the child themselves, on the assumption that the third party will use the inheritance to benefit the child.  Unless a formal arrangement such as a Will Trust is created, there are many reasons why you may want to reconsider relying on an informal arrangement: Inheritance Tax. Depending on the size of the beneficiary’s own estate, there may be adverse tax consequences for them both in terms of receiving funds from your estate and subsequently making regular gifts to benefit your child. When the third party beneficiary dies, any inherited…

St Gemma’s Hospice Make a Will Month October 2021

Ware & Kay Solicitors has once again teamed up with St Gemma’s Hospice to give you the opportunity to have your Will written free of charge in exchange for a donation to the Hospice during the month of October. Why make a Will? We spend our lives working to provide for ourselves and our loved ones. As life changes around you, it is a good time to consider making your Will. Making your Will means you can be certain that your wishes are followed after your death. Making a Will is often seen as a very sensitive subject, one which many people prefer to put off until a later date. However, a professionally written Will can make life much easier for our loved ones when the time comes. A Will is the only way to make sure your money, property, possessions…

St. Leonard’s Hospice Make a Will Month October 2021

Making a Will and letting your family and friends know your wishes are vital, and it can be a lot more affordable and straightforward than you think... MAKE A WILL MONTH October 2021   A Will is one of the most important documents you will ever have drawn up, but it's something that many people put off. If YOU don't have a Will, or your Will needs updating.  Ware & Kay Solicitors has once again teamed up with St Leonard's Hospice to give you the opportunity to have your Will written free of charge in exchange for a donation to the Hospice. Ware & Kay Solicitors are giving their time, free of charge, to write basic Wills in exchange for a suggested minimum donation to St Leonard's Hospice. It's easy... Arrange an appointment with one of the following Solicitors on 01904 716000 during Make a Will month: Sian Foster - Head of Wills & Probate Bella O’Keeffe - Solicitor in Wills & Probate…

Contesting a Will – do I have a case?

Will disputes are becoming increasingly common due to an increase in the elderly population, a rise in dementia and Alzheimer’s sufferers, changes in family structures and the increasing value of estates.  Julie Bradwell a Litigation Solicitor specialising in Contentious Probate gives an overview of the various ways to contest a Will or make claims against an Estate. What are the grounds for contesting a Will or estate? Claim under the Inheritance (Provision for Family and Dependants) Act 1975 If you have been left out of a family member or a friend's Will, or if you do not think you have been left enough under a Will, then you may be able to make a claim for reasonable financial provision under the above Act. There are a number of criteria which any potential claimant will need to satisfy…

Giving away an inheritance

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 a legacy and may wish to re-direct it elsewhere.  Some of the common reasons why are as follows: 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. You would like to help out other family members/friends/charitable organisations by passing on wealth to them. 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 net worth further. The substitute beneficiaries on…

Coronavirus: time to check your Will?

The horrendous death rates of the coronavirus pandemic have brought one’s own mortality into sharp relief, leading many of us to consider getting our affairs in order in case the worst should happen. The first step in this regard is to make a Will to ensure your property and belongings are distributed according to your wishes when you pass away. If you die without leaving a valid Will it means you have died ‘intestate’ and the law decides who gets what, regardless of need and your relationship. Leaving a Will is particularly important if you are from a farming family as you may also want to ensure the continued success of your business. For example, you may want to pass the farm to a specific child who has continued working on the farm while their siblings have moved…

Making sure you know the rules on how Estate Debts should be paid

If you are an executor of an estate, you may need to deal with debts that have been left behind. Any estate may have debts to be considered, even if the deceased was wealthy – it is reported that Michael Jackson died with around $500 million worth of debt. ‘Personal debts do not expire on death, they are carried over into the estate,’ says Sian Foster, Head of Wills & Probate with Ware & Kay in York. ‘It becomes the responsibility of the executors to make sure those debts are repaid.’ Impact of debts on beneficiaries Naturally, if an estate includes any debts this will mean that there is less to be distributed to the beneficiaries. However, the extent of a beneficiary’s disappointment will depend on the nature of the gift they are expecting as well…