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Hannah McGavin
 

Unusual reasons to make a Will

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Most of us know that it is important to make a Will to ensure that our estate is passed on to those we want to inherit in the most efficient way possible. The most common reasons cited for the importance of making a Will include:...

Making a Will in contemplation of marriage

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If you have a Will, it is usually the case that getting married will make it invalid. The exception is when a Will has specifically been made in contemplation of marriage. Having a valid Will in place means you can pass your estate on to your choice of...

How to deal with a charity legacy as a personal representative

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If you have been appointed as an executor for an estate that includes a charitable gift, there is a particular process you should follow to ensure that the legacy is handled properly. Charities often rely heavily on funds left to them through Wills, and...

Letters of Wishes explained

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If you have made a Will, you can also consider writing a letter of wishes to accompany it. We look at the purpose of a letter of wishes and why it can be beneficial. A letter of wishes is a non-binding document that you can leave with your Will. You can...

Understanding Discretionary Trusts

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Discretionary trusts are a common feature in estate planning, often set up through Wills to provide for loved ones on an ongoing basis. These trusts give trustees the power and authority to manage and distribute the trust's assets, making decisions...

I only need a simple Will, so why is it costing me so much? Part 3

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When it comes to estate planning, many people assume that creating a Will should be a straightforward and inexpensive process. After all, a Will is just a document that states who should inherit your belongings after you pass away, right? So why does it...

Understanding Mirror Wills: What They Are and Potential Drawbacks

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When planning your estate, especially if you have a spouse or partner, you may come across the suggestion of creating mirror Wills. While mirror Wills are a common choice for couples, it's important to understand what they entail, and the potential...

Leaving money in your Will to your children and grandchildren

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Parents usually want to leave their money to children and grandchildren in their Will. There are different ways to pass on wealth and we take a look at the some of the options and implications. It is important to think carefully about how you want to...

How long does an LPA last and can it be ended?

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A Lasting Power of Attorney or LPA gives legal authority to a trusted friend or relative to make decisions and deal with the affairs of someone unable to do this for themselves. It is always recommended that people prepare LPAs as soon as possible, whilst...

Unexpected reasons why your Will might be invalid

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Having a Will is crucial in ensuring your loved ones will be cared for in the future in the way that you want. However, it is easy to make an error in making or signing and witnessing a Will, meaning it could be invalid. If your Will is not considered...

Should I prepare my Will with a lawyer? - How a property mogul's £100 million Will failed because he didn't know what it contained

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The Will of a wealthy property investor has been overturned by the High Court on the basis that he did not know and approve of the contents. Property tycoon Kevin Reeves, raised as an orphan in a convent, built up an...

Probate fee increase and what it means for a lay executor

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Probate fees increased in January 2022 to a single flat rate of £273 for all applicants. This replaces a system that had two different fees, namely £215 for individuals applying for probate themselves and the reduced fee of £155 payable...

What can an attorney do under a Lasting Power of Attorney?

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If you have been appointed as someone’s attorney under a Lasting Power of Attorney you will have the authority to make certain decisions on their behalf. There are two types of Lasting Power of Attorney – one in respect of property and financial...

Should I add a codicil to my Will or make a new Will?

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Over time, you may need to make changes to your Will. You have the option of adding a codicil or making a new Will. It is recommended that you review your Will at least once every five years as well as in the light of any major life events, such as buying a...

Inheritance tax - lessons to be learned from celebrity mistakes

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With the usual rate of Inheritance Tax standing at 40%, there is a risk that your estate could be seriously depleted unless you make plans to legitimately minimise the amount that will be payable. When Philip Seymour Hoffman died in 2014, he left a Will...

Setting up a Power of Attorney: A step by step guide

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A Lasting Power of Attorney is an important document giving someone the authority to deal with your affairs, should you ever become unable to do so yourself. There are two types of Lasting Power of Attorney (LPA), one that deals with property and financial...

What happens if you do not want to take up the role of executor?

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It is sometimes the case that the person named in a Will as the deceased’s executor is unable or unwilling to take on the role. The task of executor can be complex and time-consuming. It involves identifying and valuing all of the deceased’s...

Dealing with financial affairs after someone has died

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After someone dies, their executor or administrator will be responsible for finalising their financial affairs. This involves collecting all of their assets and belongings and either selling them or transferring them in accordance with their Will or,...

How quickly do I need to apply for probate after someone dies?

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After someone dies, their personal representative will generally need to apply for a Grant of Probate or, if they did not leave a Will , a Grant of Letters of Representation. This is the legal authority that will enable them to wind up the deceased’s...

One wrong digit and my inheritance was gone

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A recent article in The Guardian shows the dangers of giving the wrong account details when arranging bank transfers. The article reports that the client was in discussions with the solicitors dealing with his late father’s estate, regarding the...

Coronoavirus - do I have my affairs in order?

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Has the Coronavirus (Covid-19) made you stop and think ‘Do I have my affairs in order?’ With more and more cases of Covid-19 being diagnosed every day, the country is preparing to implement social distancing measures. This...

Why use a Solicitor to write your Will?

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Why use a Solicitor to write your Will One of the benefits of using a solicitor to write your Will is the level of protection and security that there is for the client. There are many unregulated options available to write a Will, including DIY Wills,...

Who will make the decisions if you can't?

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Who is going to make decisions for you when you can’t? The answer may surprise you…. If something was to happen to you and you couldn’t make decisions about your finances or personal wellbeing, your family or friends would be able to...