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Staying on Top of Changes in Government Legislation 

to Give You and Your Family the Very Best Advice.

Wills and Will Trusts

Property Trust Will
You may need to update your Will to a Property Trust Will to ensure your family’s inheritance is properly protected.

Care Fees cap removed probably means no family inheritance.

Before the budget the government removed the £86,000 lifetime cap on care fees, meaning that the full value of inheritance can easily be wiped out.  You need to take action.
The burden falls on England. This does not apply in Scotland, Wales or Northern Ireland where the government pays care fees.
If you and your partner own a property, change to a Property Trust Will. This protects you by ensuring that half of a jointly owned property is placed in trust after the first partner’s death. This share is safeguarded from being used to pay for the care fees of the surviving partner, preserving it for beneficiaries.

It also prevents disinheriting children from another relationship. By specifying that the deceased’s share of the property passes into the trust, the surviving partner can continue living in the property but the trust ensures the children eventually inherit their share.

This arrangement secures assets from unintended claims such as remarriage, while allowing the surviving partner to benefit during their lifetime, ensuring the deceased’s wishes are honoured.

Wills for Young Parents 

As a young mother without a Will and a Guardianship Order, if you pass away Social Services will advise the courts on who will care for your child—not your parents, godparents, or siblings.
Take control of your child’s future by ensuring your wishes are legally documented so you are deciding what happens to your children and not some social worker who does not even know the family.

In addition, you would not die intestate so you can decide who gets your estate.

Inheritance Changes in the 2024 Budget

Your Pension Savings

These will now be included in your inheritance tax-free allowance and will attract inheritance tax. 

Tax Free allowance of £325,000 will be frozen until 2030

So with inflation will effectively reduce your cash available for inheritance.

Farmers to Pay Inheritance Tax

The farmers will get relief on the first million and 50% discount on the normal 40% IHT.

However without Inheritance planning the new rules will make it difficult for farmers to hand the farm down to family.

 Excluding Someone from your Will 

Excluding someone from your Will requires clear and careful wording to avoid legal disputes. You must explicitly state your intention to exclude the individual and if applicable, briefly explain the reason. Whilst not legally required, providing a rationale can help prevent claims under the Inheritance (Provision for Family and Dependants) Act 1975 in the UK or similar laws elsewhere. Consider leaving a token amount or writing a separate letter to clarify your decision. It’s advisable to consult a solicitor or estate planning expert to ensure your Will reflects your wishes and reduces the risk of being contested.

No Will

(Intestate)

Not having a Will can lead to significant complications. Without a Will, your assets are distributed according to intestacy laws, which may not align with your wishes. Loved ones may face delays, disputes, and higher legal costs during the probate process. Guardianship decisions for minor children are left to the courts, potentially placing them in the care of someone you wouldn’t choose. Charitable donations or specific gifts cannot be honoured without clear instructions. Overall, no Will creates uncertainty, stress, and potential financial burdens for your family, leaving your legacy and intentions unprotected.

Probate

Probate, the Legal Process

Probate is the legal process through which a deceased person’s estate is managed and distributed. It begins with validating the will, if one exists, to ensure its legality. An executor (named in the will) or an administrator (appointed by the court if no will exists) oversees the process. Probate includes identifying and valuing the deceased’s assets, settling outstanding debts and taxes and distributing the remaining assets to beneficiaries according to the will or, in its absence, state law. The process ensures that the estate is properly handled, providing legal authority for asset transfer and addressing disputes or claims.

Lasting Powers

Lasting Powers of Attorney

Lasting Powers of Attorney (LPAs) are legal documents allowing you (the “donor”) to appoint one or more trusted individuals (the “attorneys”) to make decisions on your behalf if you lose mental capacity. There are two types of LPAs: Health and Welfare, covering decisions about medical care and living arrangements, and Property and Financial Affairs, which handle financial matters like managing accounts or selling property. LPAs ensure the donor’s affairs are managed according to their preferences, providing peace of mind and avoiding court-appointed guardianship in the event of incapacity. The LPAs must be registered with the OPG to take effect.
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Wills And Trusts

Lasting Powers of Attorney

Please note you will need an LPA for Wealth and an LPA for Finance which means for a husband and wife you will need 4 LPAs.

For LPAs there is an additional government registration fee of £82 per power or £41 per power if you earn under £12,000 per annum.

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