Who do I appoint as Guardian for my children?One of the most important events that should prompt you to write or update your Will, is when you have children. Why? Because in the event of both parents dying, you should be looking to make provisions for appointing someone you trust to look after your children i.e. a guardian.But who should I appoint? As with most aspects of a Will, there is no right or wrong answer, it will vary from family to family and will be entirely based on your personal circumstance.Many people look to appoint relatives, such as parents, siblings etc. and these can be very good choices as often family are close to the children and will know and understand them. But sometimes a friend might be a more appropriate choice, especially if they have children who are close to your own. Perhaps this would provide continuity of location, schooling and friendship groups?As I said, many times there is no perfect answer to this most difficult but important decision. But don’t let that stop you from making provisions, as making some sort of provision is better than making none. Remember, if you don’t appoint a guardian the courts will – and I suggest you are better placed to decide the upbringing of your children than the courts.Will Instructions would be happy to discuss this and any other aspects relating to your Will in a no obligation / no fee initial consultation. Please get in touch and make it easier for the loved ones you leave behind. ...
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For those of us blessed with parents still with us, generally we would like to help look and care for them as they get older.Have you had a conversation with mum and dad yet about who they would like to look after them if they are unable to make decisions on their own?If not, don’t leave it too late, register the Lasting Power of Attorney (“LPAs”) applications with the Office of the Public Guardian.Once registered LPAs give you the powers and ability to look after mum and dad.Will Instructions LTD can help draft and register the applications.For a free initial consultation please do get in touch. ...
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Will Instructions Ltd offer a FREE Initial Estate Planning Consultation - get in touch now.Make things easier for the loved ones you leave behind. ...
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Lasting Power of Attorney (LPA) - A very practical example of why you should have an LPA is with respect to a joint bank account. There is a general misconception that when one party loses capacity the party who still has capacity can still access the funds in the joint account. This is not necessarily the case.The British Bankers’ Association guidance states that ‘if one joint account holders loses mental capacity, banks and building societies can decide whether or not to temporarily restrict the use of the account to essential transactions only (for example, living expenses and medical or residential-care bills) until a deputy has been appointed or a power of attorney registered’.The bank will usually require either:• a registered lasting power of attorney for property and financial affairs;• a registered enduring power of attorney; or• a deputy order from the Court of Protection.This helps to prevent fraudulent use, but is clearly very frustrating for the capable account holder who simply wants to manage an account in which they have an interest. Please get in touch if you would like to discuss registering an LPA. ...
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If you fail to appoint guardians in your Will and your children are orphaned before they reach 18, the courts will appoint guardians instead. Please note, they may not necessarily choose the people that you would have preferred to take care of your children.If when you pass away the other parent of your children survives, the surviving parent will normally continue to have full responsibility for the children. However, if neither parent survives (as in some road accidents) then the guardians you have appointed will take on the responsibility for your children.By appointing guardians you ensure that your children are looked after by the people that you have chosen as the best people for the job. ...
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Allow yourself for a fleeting moment, to imagine the effect of not making a Will. Without one, the law dictates (and not necessarily in accordance with your wishes) how your property is distributed. Disputes and distress are the possible outcome, a legacy no one should leave behind.Write a Will, make it easier on the loved ones you leave behind. ...
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What happens to your pension when you die? Defined Contribution (Money Purchase) Pension SchemeAny money remaining in these types of scheme can be passed on to one or more beneficiaries of your choice. This may not be the case if you have already bought an annuity. Defined Benefit (Final Salary) Pension Scheme.In brief, there is no pension to pass on. The terms of each final salary pension schemes are unique although it is likely that the terms of the scheme will include provision for your spouse and / or other nominated dependants in the event of your death, for example your spouse may receive a reduced regular payment from your pension for the remainder of his or her life. If unsure, you should speak to the Pension Trustee or Administrator responsible for managing your final salary pension scheme.It is worth noting that Private Pensions do not form part of your estate and if you were looking to reduce the overall size of your estate and potential inheritance tax liability, you could consider moving savings and investments into your Private Pension.If interested, get in touch and Will Instructions Ltd can introduce you to trusted financial advisers to help. ...
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Writing a Will - a brief list of things to consider:The extent of your estate today and what you expect to be worth in the future;Effective inheritance tax planning - gifts on death and lifetime gifts;Who do you want to benefit from your estate - legacies and residual beneficiaries - consider gift overs in the event any of your chosen beneficiaries pre-decease you;Appointing Executors and reserve Executors;Appointing Guardians for your children;Funeral wishes.Write a Will. Make it easier for the loved ones you leave behind. ...
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Are you acting as an attorney or deputy for another? As we continue social distancing and with some of us experiencing self-isolation, we understand this raises questions about how an attorney or deputy can continue to fulfil their role. May be helpful, read the new post published on the Office of the Public Guardian blog: publicguardian.blog.gov.uk/2020/05/12/acting-as-an-attorney-or-deputy-from-a-distance-covid-19-an... ...
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