At Wills4less, we provide exceptional wills services, including comprehensive probate services. Probate, a legal term recognized by all financial institutions, refers to a document. If a will is available, the listed executors must request this document from the probate office. Once the executor is granted probate, they can distribute the assets according to the deceased’s will. Please note that this information is specific to the probate process in Wales and England. In the absence of a will, a close family member can apply for the “grant of letters” from the probate registry. If the grant is approved, it is referred to as administrators, fulfilling the same purpose as a grant of probate. With administrators, the executor can manage the deceased’s property. A grant is required if the deceased had any of the following: – Savings exceeding £5,000 – Shares or stocks – Specific insurance policies – Property or land in their name
What is it?
A Lasting Power of Attorney is a legal document that allows individuals to appoint a trusted family member or friend to represent them in case they become mentally incapacitated.
Governed by the Mental Capacity Act 2005, this document comes in two types: Lasting Power of Attorney for Property and Affairs, and Lasting Power of Attorney for Health and Welfare.
Who can hold this?
The Lasting Power of Attorney enables appointed attorneys to access the donor’s accounts and make important decisions, such as managing property and assets.
The Lasting Power of Attorney for Health and Welfare allows the donor to grant the attorney the authority to handle health-related matters and make decisions in the best interest of the donor’s wellbeing.
Why have one?
By creating a Lasting Power of Attorney for Property and Affairs, a donor empowers the attorney to manage financial matters and property on their behalf.
The Lasting Power of Attorney document should be created while the donor is of sound mind and can only take effect once registered with the Office of the Public Guardian. Attorneys are duty-bound to act in the best interest of the donor. If multiple attorneys are appointed, it should be specified if they will act jointly or independently.
The option to appoint a substitute attorney and impose specific restrictions can also be exercised, such as limiting the attorney’s authority to only selling the donor’s house.
When can it be done?
To ensure its validity, the Lasting Power of Attorney document must be created while the donor is mentally competent. Attorneys can only act according to the donor’s wishes if the Lasting Power of Attorney is registered with the Office of the Public Guardian.
It is crucial to carefully consider the chosen attorneys, their roles, and any limitations or restrictions that need to be put in place within the Lasting Power of Attorney document.
Once you make your will, you have to be concerned with where it is stored. The safe storage of your will is as important as making it. You have to ensure that your will is stored in a secure, lockable and fire resistant location.
You and your executors have the accessibility to the original will. This will help you to protect it from the family members who may be tempted to tamper with the document once they learn that they have been left out of it.
Our company provides lasting storage that you can rely on with free updates on nominal charges.
Early arrangements help in defining who will get your property when you die. This will also help you to maximise inheritance tax reliefs and exemptions in case the worthiness of your estate exceed the inheritance tax threshold when you die. With early planning by use of trust, exemptions and other tax efficient methods, you are assured that your inheritance tax liability is either nil or highly reduced.
Our company has an experienced and competent mortgage consultant on board. You will find services such as mortgages, remortgages, life insurance, secured loans and content insurance. In case you are interested in investment or pension advice, you will be directed to one of our agents.
First, funeral costs are taken away from the deceased estate. Though executors should carry out the deceased’s funeral wishes, they are not obliged to do so. It is important to consider a prepaid funeral plan.
There are many advantages that are associated with this choice. You pay for your funeral at the current price, and whether it will happen in many years to come or not, your family members will not pay extra cash. Second, you have a choice of the kind of the funeral you want.
Are you over 55? Do you not have a mortgage? Then why not release equity from your house in order enjoy your retirement without financial doubts. This is the time you need to enjoy your life to the fullest after many years of hard work. You do not have to make monthly payments anymore. The money that you borrow and the interest it attracts will be deducted from your estate when you die.