Cambridge Office 01223 795050 | King's Lynn Office 01553 860123 | Ely Office 01353 723106 | Bishop's Stortford Office 01279 703035

FAQ

Frequently Asked Questions 

Do I need a Will?

Simply put, if you have children, money in a bank account or property you should have a Will in place.

If you do not have a Will in place when you die, known as ‘intestate’, your estate will be distributed according to the rules of intestacy set out by the courts. This means that your estate may not be distributed to the people you may have chosen and could cause at lot of problems for those left behind.

If you have children under the age of 18 you can appoint guardians in your Will to bring up your children if you and your spouse/ partner where no longer around.

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What happens if I do not have a Will?

If you do not have a Will (or it cannot be found) when you pass away, your Estate will be distributed by the standard Government rules known as the ‘Line of Intestacy’. This may not be the way you want your Estate distributed, as the wrong people may benefit!

How will people find my Will?

We offer a storage facility to our clients. If you store with us we will send you and your executors ‘storage certificates’. The storage certificates detail exactly what we have in storage for you, and gives your executors information on how to retrieve the documents from us.

What if my spouse/ partner meets someone new when I die, can I protect my childrens Inheritance?

In short, yes you can. By both agreeing to Sever the Tenancy on your property and owning a 50% share each, you can dictate what happens to your share in your Will.

Your share would be protected by being placed in to Trust when you die and the remaining spouse/ partner would receive a ‘Life Interest’ in the property to live there as long as they wish or until they die.

What is a Lasting Power of Attorney?

A Lasting Power of Attorney is a document which is produced to allow you to appoint people you trust (Attorneys) to run your affairs and look after your welfare should you be in a position where you no longer can.

There are two types of Lasting Power of Attorney:

Lasting Power of Attorney Property & Financial Affairs – This allows your Attorneys to look after your financial matters including running your bank accounts and paying bills etc.

Lasting Power of Attorney Health & Welfare – This allows your Attorneys to look after your health and make medical decisions on your behalf including what type of treatment you are to have.

You must have capacity to make a Lasting Power of Attorney or it will be too late and your family would have to apply to the ‘Court of Protection’ which is a long and expensive process to gain control of your finances.

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Do you charge hourly rates?

No. We do not charge hourly rates we work on a fixed fee basis so our clients know any costs up-front.

I am not local to your offices, does this matter?

Not at all. We offer FREE home visits from 9am to 8pm Monday to Friday and can even arrange a Saturday morning appointment.

If you would like to arrange an office appointment please let us know.

I have a complicated family set up, are you able to advise?

As you can imagine we see many different scenarios when it comes to making a Will and planning someone’s estate. That’s why when it comes to being complicated it tends not to be complicated to us, but may seem that way to you.

We are more than happy to help advise on your situation and advise the best way of setting up your Will – because after all if you did not have a Will in place it would become a lot more complicated.

What should I consider before my appointment?

Before your appointment with us we would ask you to give some thought to the following:

– Your Executors
– Guardians (if you have children under 18 years of age)
– Any specific legacies i.e. jewellery or cash payments
– Your beneficiaries
– Funeral arrangements such as burial or cremation

It will save you time if you are able to have as much as possible of the information above. However, don’t worry if you think you’re not prepared, simply write down your questions and our Estate Planner will guide you.

What is Inheritance Tax, and does it apply to me?

Inheritance Tax is the tax that is paid when someone dies and their total estate is worth more than their nil rate band.

Everybody has a nil rate band allowance of £325,000 for a single person and £650,000 for a married couple.

If your estate is worth more than your nil rate band it could be taxed at 40%.

If your estate is less than your nil rate band there is no Inheritance Tax to pay.

 

Here to help...

If you have any questions about making your Will, or planning your Estate, why not call us for FREE advice?

FREEPHONE 0800 170 0475