Archers_WillsPack_Final proof

what happens if you die without a will ?

personal .

Are you married or in a civil partnership?

Do you have any children? Yes

No See opposite page.

Yes

No

Spouse or civil partner gets personal effects, first £250,000* and one half of the remainder. Children or their issue # get the rest when 18.

Spouse or civil partner gets everything*.

*If you do not have a will your Spouse or Civil Partner benefits only if they survive you by 28 days. Where your Spouse or Civil partner does not survive by 28 days, the intestate estate will be dealt with as if there has been no Spouse or Civil Partner. # Issue means children (including illegitimate and adopted), grandchildren and great grandchildren, etc. The above information applies to deaths on or after 1st October 2014. If you require information for deaths before that date, please do not hesitate to contact us.

Do you have children?

Shared equally between them or their issue # when 18. Yes

No Are your parents still alive?

No Do you have any brothers or sisters? No Do you have any half brothers or half sisters?

Shared equally between them.

Yes

Shared equally amongst them or their issue # .

Yes

Shared equally amongst them or their issue # .

Yes

No Are your grandparents still alive?

Shared equally between them.

Yes

No Do you have any uncles and aunts?

Shared equally amongst them or their issue # .

Yes

No Do you have any uncles and aunts of half blood?

Shared equally amongst them or their issue # .

No

Yes

Everything goes to the Crown or the Duchy of Lancaster or the Duke of Cornwall.

now you’re an executor .

personal .

An executor is the person appointed to carry out the legal duties under a person’s will. Your role as executor starts immediately following that person’s death, and your responsibilities will include: • Locating the latest original signed will and keeping it safe. It may be required by the Probate Registry • Obtaining Probate (if required) - i.e. official confirmation of the will’s validity, which is granted by the High Court • Ensuring that any other named executors have been notified, as they must be consulted • Reporting to HM Revenue and Customs and accounting to the beneficiaries for all transactions involved • Obtaining the Grant of Probate, gathering assets, paying all tax and other liabilities due and then distributing the remaining assets as set out in the will The duties of an executor can vary widely depending on the complexity of the estate being dealt with and the wishes of the deceased. Many of the responsibilities can be complicated and time consuming. You may prefer to entrust some or all of them to experienced solicitors with specialist knowledge. Archers Law has a dedicated Wills Probate Trusts Unit with the skills and experience to administer the estate promptly and efficiently. We can assist with obtaining a Grant of Probate for a fixed fee or by our full estate administration service, in which case we deal with all income tax and inheritance tax issues as well as collecting in assets and distributions to beneficiaries. For full information about our executors’ guidance service, give Archers Law a call today.

T 01642 636 500 F 01642 636 501 www.archerslaw.co.uk

Archers Law LLP, Lakeside House, Kingfisher Way, Stockton on Tees, TS18 3NB DX 721030 Stockton 3

Archers Law is authorised and regulated by the Solicitors Regulation Authority.

caring for the elderly .

personal .

Planning for peace of mind in old age can’t start too early. You may not have to worry about Inheritance Tax but sooner or later you may need to pay for residential or nursing care. This can quickly deplete your assets. For many people their house is their main asset. They are therefore understandably concerned whether they may be forced to sell it. There are legitimate estate planning arrangements that can help. Below we have set out some common questions about lifetime gifts and care fee planning. Don’t worry if you don’t know the answers – we do, and can help you plan for peace of mind. Many people think that they can avoid care fees by giving away their house or assets. Before you give away your estate, ask yourself some important questions: • If I make a gift, can I change my mind later if I need some capital? • If I give my home away, can I get it back or can the recipient sell it without my consent? • What happens if the recipient of a gift dies before me? • How can Trusts help? If I need residential care and I’ve given everything away, who pays? • Can I be refused residential care if I have no money or property left? If you’re unsure about the answer to any one of these important questions, contact our Wills Probate Trusts unit for more information. With the help of Archers Law, you’ll arrive at the best solution for your care and financial security.

T 01642 636 500 F 01642 636 501 www.archerslaw.co.uk

Archers Law LLP, Lakeside House, Kingfisher Way, Stockton on Tees, TS18 3NB DX 721030 Stockton 3

Archers Law is authorised and regulated by the Solicitors Regulation Authority.

lifetime gifts .

personal .

Inheritance tax may be charged at 40% on any assets in an estate over the inheritance tax threshold. Making gifts in your lifetime can legitimately help avoid this. If your assets are worth more than the current inheritance tax threshold, lifetime gifts and the use of trusts may help you avoid giving HM Revenue & customs a slice of your estate. Making lifetime gifts is not necessarily complicated and there are a number of different ways in which they can be arranged. Many people can reduce or avoid inheritance tax by taking a few simple steps now. You may be surprised at how little it costs to make the legal arrangements compared with the amount you can save. Can you answer the following questions? • Can I get my property back if I’ve given it away to avoid tax? • Do I still have to pay tax on assets I’ve given away? • Can I still get interest on money I’ve passed onto the family? • Do my pensions and insurances count in the Inheritance Tax threshold nil rate band amount? • What happens if my spouse wants to make a gift and I don’t? • How can I pass on my business to my children free of tax? • If I pass on my estate to my children, how will my spouse be provided for? • I’ve heard about Trusts. How do they help? If you’re unsure about any of the answers, contact our Wills Probate Trust unit for more information about lifetime gifts.

T 01642 636 500 F 01642 636 501 www.archerslaw.co.uk

Archers Law LLP, Lakeside House, Kingfisher Way, Stockton on Tees, TS18 3NB DX 721030 Stockton 3

Archers Law is authorised and regulated by the Solicitors Regulation Authority.

lasting powers of attorney .

personal .

When entrusting your decision making to someone else, the right way to do it is to arrange a Lasting Power of Attorney (LPA). What is an LPA? An LPA is a legal document that lets you appoint someone you trust as an ‘attorney’ to make decisions on your behalf. It enables you to plan ahead for a time when you may no longer have the mental capacity to make decisions for yourself. It can be drawn up at any time while you have mental capacity, but has no legal standing until it is registered with the Office of the Public Guardian. You can create two types of LPA: • A Property and Financial Affairs LPA allows you to choose someone to make decisions about how to spend your money and the way your property and financial affairs are managed. • A Health and Welfare LPA allows you to choose someone to make decisions about your healthcare, medical treatments and personal welfare. Who can you choose to be your attorney(s)? Choose your attorney(s). It can be a number of people – either jointly or separately – who are then authorised to act in your name. Registering an LPA An LPA must be registered with the Office of the Public Guardian before it can be used. An unregistered LPA will not give the attorney any legal powers to make a decision for the donor. You can register the LPA while you have capacity, or an appointed attorney can apply to register the LPA at any time. Contact our Wills Probate Trusts Unit for more information about LPAs and the registration process.

T 01642 636 500 F 01642 636 501 www.archerslaw.co.uk

Archers Law LLP, Lakeside House, Kingfisher Way, Stockton on Tees, TS18 3NB DX 721030 Stockton 3

Archers Law is authorised and regulated by the Solicitors Regulation Authority.

Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11

Made with FlippingBook Online newsletter