Wills and how to protect your wealth

What is a trust? A trust is a legal arrangement where individuals are chosen (known as Trustees) to look after assets for the chosen beneficiaries.  Trusts can take effect during a person’s lifetime or alternatively, they can be incorporated into Wills which take effect on death.  This article focuses on Will Trusts.   Circumstances where a Will Trust would be beneficial Most of us are unaware of the various ways in which setting up a Trust in a Will can help safeguard assets and protect beneficiaries including existing family members and also future generations.  Some key uses of Will Trusts are set out below: Vulnerable beneficiaries. This could be relevant if the beneficiaries of your estate are physically or mentally disabled, are insolvent or have issues with substance abuse, for example. Setting up a Will Trust…

Equity release, your questions answered

Record numbers of homeowners are choosing to unlock the money tied up in their homes through equity release schemes.  The promise of access to cash without having to move is an attractive proposition but taking out money from your home to enjoy your retirement or provide financial help to family members comes at a cost. Holly Stevens, Head of Residential Property with Ware & Kay in York outlines the risks and answers some frequently asked questions. What is equity release? To understand what equity release is, you first need to understand what ‘equity’ in the context of homeownership means.  Put simply, equity represents the difference between what your property is valued at and any money you owe on it. For example: Property valuation £300,000 minus mortgage £100,000 = equity £200,000 Equity release provides a way for…

Property People – as featured in the Yorkshire Post

Susan Poole – Commercial Property Solicitor What are the prospects for the property sector in Yorkshire and Humber? Had I been asked this question at the start of the year I would have said that they were generally good, but then Covid 19 struck! We currently have a second wave and further restrictions in parts of West Yorkshire so it is a very different picture now. The retail, hospitality and leisure sectors have been hit particularly hard with city centres such as Leeds suffering from the lack of footfall, resulting in a number of store closures. Tenants have struggled to pay rents and many Landlords in turn are facing pressure from lenders. For some this second wave may be the final straw. For local High Streets the position is slightly different. Whilst some businesses are still…

Agreeing time with your children following separation

A separation will inevitably mean a change in the family dynamic, and you may be concerned about what this will mean for your relationship with your children.  New arrangements will have to be put in place in relation to where the children will reside, and what time they will spend with each parent. ‘There are no hard and fast rules about what time the children should spend with each parent,’ explains our family law team expert at Ware & Kay in York. ‘Our laws are alive to the fact that each family is unique, and a number of factors need to be taken into account when deciding a child’s future living arrangements.  The starting point is to look at the welfare checklist’. The welfare checklist If a dispute over arrangements for children goes to court, the…

Buying a home with friends or family

In most places, the property market appears buoyant with prices continuing to rise. Although good news for many, this could make it more difficult if you are looking to get onto the property ladder. If affordability is an issue, one possible solution is to pool resources and to buy with friends or a partner and research suggests this is a growing trend, especially with younger buyers. If you are thinking about buying a home with others, there are things you should consider first. Here Holly Stevens, the Head of Residential Property at Ware & Kay in York looks at the issues involved and offers some advice. Joint ownership, the legal basis Joint ownership is a little more complicated than owning a property outright, as the legal structure must take account of the relationship between you and…

7 pitfalls to avoid when making redundancies

As the Chancellor’s coronavirus job retention scheme enters its final phase and the prospect of a return to normal business seems distant for many companies, employers are having to contemplate redundancies if they are to keep their business afloat. ‘Getting the redundancy procedure right is crucial, as mistakes can open the door for an employee to bring a claim before an employment tribunal,’ explains Gillian Reid, a Solicitor in the employment team with Ware & Kay. ‘There has already been an increase in claims, particularly in regard to unfair dismissal relating to redundancy.’ Here are some common misunderstandings and mistakes for employers to avoid. Pitfall #1 - Failing to count voluntary redundancies towards the trigger for collective consultation The obligation to inform and consult with recognised trade unions or employee representatives kicks in when you are…

EMPLOYMENT LAW UPDATE OCTOBER 2020

This newsletter covers: Job Support Scheme Preventing the Second Wave Monitoring of Workers Working at Home Domestic Abuse and The Role of The Employer Redundancy Job Support Scheme The Flexible Furlough Scheme ends on 31 October and will be replaced by the Job Support Scheme on 1 November. This new scheme is available to all employers even if they have not previously furloughed workers. However there’s a rule that large as opposed to SME businesses will have to show they have been adversely affected by Covid-19.    The new scheme will help where a worker is working at least one third of their usual hours but full hours aren’t available because of the current situation. The Government will help the employer pay the worker’s wages for the hours they aren’t required. But this top…

Why a health and welfare power of attorney is a good idea

A health and welfare lasting power of attorney is a legal document which allows you to appoint people you trust to make decisions about health treatments and personal care for you if you lose the mental capacity to make such decisions for yourself Sian Foster, a specialist with Ware & Kay in York explains how this document gives your attorney the power to make decisions, on your behalf and in your best interests, in regard to things like eating, washing, medical care, where you should live, or whether to continue life-sustaining treatment. The exact decisions they can take for you will depend on your instructions. For example, an attorney can only consent to or refuse life-sustaining treatment on your behalf if you specifically state this. You can give your healthcare attorney power to refuse medication or…

Farm diversification – five areas to consider when planning to diversify

Diversification is a hot topic in this current climate.  From glamping and tea rooms to experience days and selling Christmas trees, farmers are finding new ways to make ends meet.  Johanne Spittle agricultural and commercial specialist at Ware & Kay Solicitors says ‘Diversification can help to transform an agricultural business, but only if it is properly thought through, with the benefit of professional advice and a strong underlying business plan.’ 1.Type of diversification The type of diversification that will work best for you depends on your circumstances, and, if you are a tenant farmer, the type of diversified activity will depend upon what is allowed under your tenancy or permitted by your landlord. Some of the most successful diversifications are those that utilise existing farm resources and infrastructure, or which tap into a gap in the…

Making a Lasting Power of Attorney during the current climate

During this period of uncertainty we have seen an increase in the number of enquiries from people who want to ensure that their affairs are in order should their health fail. One of the most important ways to do this is to put a Lasting Power of Attorney (LPA) in place. People can become unable to manage their affairs at any stage of life but our more vulnerable clients have naturally been prompted to think about this more than they usually would. A serious illness, accident or the onset of mental illness may make everyday tasks such as paying bills, managing a budget and making financial and welfare decisions difficult, stressful and, in some cases, impossible. An LPA gives a person control over who will help them manage their affairs and allows you to appoint someone you…