Why do I need a Will?

The vast majority of people put off making a Will for a variety of reasons, either believing that the people they would wish to inherit will automatically do so, or because they don’t think it is relevant to them at this particular time. The reality is that you can put off making a Will until it is too late and this poses all sorts of problems for the people left behind and could mean that some or all of your inheritance either goes to the wrong person or to the state.

  • You cannot be sure those you would wish to benefit will actually do so.
  • Your spouse/civil partner will not automatically inherit ALL of your Estate.
  • “Common Law” partners may not receive anything.
  • Minor children could be taken into Care whilst Guardians are appointed.
  • There could be lengthy delays for your Beneficiaries and disputes.

Some of the more popular trusts

Some of the more popular trusts are mentioned below

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Flexible Family Trust

This trust deals with the Residence Nil Rate Band (deaths from 6 April 2017). The law states that the share of the property must pass to the lineal descendants absolutely, or by a qualifying
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Deed of Variation

Varying the way assets are distributed by the Will with a Deed of Variation, can ensure that your new found wealth is protected.
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Family Interest in Possession Trust

For a married couple with an estate value in excess of two ‘Nil Rate Bands’, the recommendation would be to use: – A Flexible/Family Trust for assets up to the Nil Rate Band
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Asset protection strategies

Assets not protected by a Trust face attack from:
Care Fees
Marriage After Death
Multiple Sibling Trusts

WHY USE MULTIPLE SIBLING TRUSTS? Setting up a Trust is a flexible way of giving away assets without passing them absolutely to Beneficiaries, and multiple Trusts can provide even more flexibility. There are many reasons to consider Multiple Sibling Trusts Allowing different Trustees to act across a number of Trusts means that each Trust can be managed independently of others Often the beneficiary will be their own Trustee, reducing the risk of any conflict, Happy Trustees, happy beneficiaries. The protection of the Trusts is able to continue.

Family Gift Trust

Want to gift to reduce Inheritance Tax liability on death. Want to provide a deposit for a beneficiary’s house purchase Want to make provision whilst alive for children and/or grandchildren. Want to start the ‘7 year clock’ but do not want the potential beneficiaries to have access immediately. Concerned that the gift made would be at risk from the recipients future divorce/separation, creditor/bankruptcy claims, care fees and IHT.

Life Assurance Trust

Most couples own their property as “Joint Tenants” which means that on the death of one of them, the property passes to the survivor automatically. It will not pass according to your Will. This is similar to how most ‘joint’ bank accounts and other jointly owned assets are held.

This would then put the assets at risk from potential creditors in the hands of the survivor, especially if the survivor requires long term care at any time in the future.

Family Pension Death Benefits Trust

New flexi pension rules give a variety of possible options available to surviving beneficiaries of a deceased pension scheme member. One of the possible options could be that of taking the lump sum death benefit, in which case nominate any benefits paid as a lump sum/ return of fund from a pension fund on death to trust. Appropriate financial services advice should be taken at that time as to the appropriate course of action.

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Deed of Variation

Varying the way assets are distributed by the Will with a Deed of Variation, can ensure that your new found wealth is protected.
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Asset protection strategies

Assets not protected by a Trust face attack from:
Care Fees, Marriage After Death, Divorce or Separation Settlements
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Severance of Tenancy Service

The manner in which property and land are owned is critical. For many of our clients the house or houses they own constitute the largest

Lasting Power of Attorney

A lasting power of attorney (LPA) is a legal document that lets you (the ‘donor’) appoint one or more people (known as ‘attorneys’) to help you make decisions or to make decisions on your behalf.

This gives you more control over what happens to you if you have an accident or an illness and cannot make your own decisions (you ‘lack mental capacity’).

There are 2 types of LPA:

  • Health and welfare
  • Property and financial affairs

You can choose to make one type or both.

Health & Welfare

Use this LPA to give an attorney the power to make decisions about things like:

Property & Finance

Use this LPA to give an attorney the power to make decisions about money and property for you, for example:

Business Services

Many companies miss out the opportunities in offering their employees Will Writing as an additional benefit. The more you show you care to your employees and their whole family, the more productive, thankful and faithful they will be.

Why Virgo

Almost two-thirds of the UK population die without having Wills in place. This might cause emotional distress and financial hardship for their families. Having Will Writing as an employee benefit program shows to the employees that the company cares about the well being of their whole family.

Storage & Benefits of safe storage

Storage

The original versions of legal documents, such as Wills and Lasting power of attorney are the only legally binding versions. Scans, photocopies and computer records are not legally binding as they do not have your original signatures on them.

Physical Storage

We store Wills ‘The National Will Archive’.
The National Will Archive facility is a unique national, central, storage facility for Wills that overcomes all of the problems of safely caring for important legal documents.

Contact Us and Book an Appointment