If you are unable to look after your own affairs, and you do not have a Lasting Power of Attorney, the Court of Protection will appoint a Deputy to manage your affairs for you. There will probably be significant legal fees due and the Deputy may not be aware of your personal circumstances. This could apply to anyone, at any age, by reason of illness, disability or mental impairment who may no longer be able to deal with even simple matters like handling a bank or building society account or transacting a house sale.

Unlike the old Enduring Power, which was one short document, The Lasting Power of attorney has two sections which can be made separately or together.

via Make a Lasting Power of Attorney.

Although it is possible to write a will by yourself, it is advisable to use a solicitor as there are various legal formalities you need to follow to make sure that your will is valid. You may also need legal advice for more complicated matters. A solicitor can also advise you about how Inheritance Tax affects you.

A solicitor may be able to visit you in your own home, care home or hospital.

The cost of writing a will can vary between solicitors and will depend on how complicated your affairs may be and the experience of the solicitor.

As well as solicitors, voluntary organisations such as Citizens Advice Bureau and Age UK can also help with your will.

via Making a will : Directgov – Government, citizens and rights.

Why it’s important to make a will

A will sets out who is to benefit from your property and possessions (your estate) after your death. There are many good reasons to make a will:

* you can decide how your assets are shared – if you don’t have a will, the law says who gets what

* if you’re an unmarried couple (whether or not it’s a same-sex relationship), you can make sure your partner is provided for

* if you’re divorced, you can decide whether to leave anything to your former partner

* you can make sure you don’t pay more Inheritance Tax than necessary

* Financial reasons to make a will (money, tax and benefits section)

via Making a will : Directgov – Government, citizens and rights.

On an intestacy in England and Wales The surviving spouse does not automatically take the whole estate even if there are no children.

A surviving spouse takes, as a minimum, firstly, a statutory legacy of 250,000 pounds, plus personal possessions and, secondly, the income for life from half only of the remaining estate. Any children take all the rest of the estate (less the surviving spouse’s income on half the remainder). The surviving spouse does better if there are no children. But still some estate goes to brothers/sisters. The rules on intestacy recognise civil partners; but not couples who are not married to each other, step-children or relatives by marriage. Beneficiaries extend, in order, to children, parents, brothers/sisters, half-brothers/sisters, grandparents, uncles/aunts, half-uncles/aunts. Successive generations take where whole or half brothers/sisters or uncles/aunts have predeceased leaving survivors. Failing such beneficiaries, the Crown takes.

There is a 28 day survivorship condition for a surviving spouse. Apart from a surviving spouse, beneficiaries who are under age 18 do not take capital until age 18 or on earlier marriage. For full details of the rules of inheritance on intestacy.

Fore more information see TenminuteWills Guide to what happens if you do not make a will.

On-line help from Citizen’s Advice – Intestacy, a clear guide

Writing a will is not a difficult task, and not as expensive as you may think. At iWill Solicitors, we make it easier. Background In the UK two thirds of those who die in Britain have no will. In these cases if you are unmarried and if you have no close relatives, then the Crown can claim your estate. In other words, no one will receive any of your possessions other than the government. Islamic wills “It is the duty of a Muslim who has anything t … Read More

via islamicwillspecialists

Lasting Power of Attorney The new lasting power of attorney has now been with us for over one year. As with the old enduring power of attorney everyone who makes a will should make a lasting power of attorney. For more information there is a useful new website www.lastingpowerattorney.co.uk … Read More

via Making a Will

Remember! Nothing is life is truly free. There is almost always a catch or the will is too simple or, at worst, it is not checked as being totally valid. The latter can leave you in a situation where you feel content you have a valid will but you possibly do not. This is just as bad as having now will at all!

Information about why to avoid using free wills services

As when the old enduring power of attorney was removed a few years ago it is usually better to buy in NOW as you can always change it if the future version is any better but you can’t backdate to the old version. Historically changes are not backdated so any current arrangement remains valid providing it is made prior to the date of change.

If you are considering a Lasting Power of Attorney it is probably better to make it now.

http://www.lasting-power-attorney.co.uk

The new lasting power of attorney has now been with us for over one year.

As with the old enduring power of attorney everyone who makes a will should make a lasting power of attorney.

For more information there is a useful new website

www.lastingpowerattorney.co.uk

Most advisers recommend that you make an Enduring Power of Attorney BEFORE the cut off date to avoid the new complicated rules and procedures.

Everyone should have an Enduring Power of Attorney!

You can see more information at www.enduring-power-of-attorney.net

Why give it to the tax man when you can leave an extra £114,000 to your beneficiaries?

Site available at  www.discretionary-will-trust.co.uk

Case study article here

If you have decided that its something you need to do (and everyone should KNOW this) what is the point of putting it off. If anything is going to happen to you it could just as easily be tomorrow as January.

As the saying goes it is NEVER too early to make a will bhut it cfould be too late. Over 70% of people in the UK die without a will – I’m sure a lot of them were “going to get round to it one day”!

Make a Will NOW – online in minutes here

It is however true that some of the online will websites are “lacking” in certain essentials which could lead the unwary inot making a (potentially costly) mistake. Although making a will online will almost certainly save you both time and money, cost should NOT be the driving factor when choosing the online will provider.

Online wills tend to cost between £9 and £45 for a single will and more for mirror wills etc.

The most important things to look for with an Online Will website are:-

1. Ensure it is solicitor checked
2. Ensure there are no hidden costs or additional costs if you decide to make changes later.
3. That there is an option to write a Discretionary Trust Will and/or Enduring Power of Attorney if required.
4. That you can print your will off IMMEDIATELY. There is little point in saving tijme if you have to wait for your will to arrive by post or email.
5. Tha the software it uses has SECURE SSL Links.
6. That it has a free trial and money back guarantee just incase.

Having looked into ALL the Online Will Writing Websites ONLY www.tenminutewill.co.uk offers all of this at a reasonable cost (£29.95). Other websites are either cheaper and lacking, or much more expensive or are similar priced but have hidden future costs should you wish to make changes.

EVERYONE who makes a will should also make a EPA - its that simple. Especially considering you can make on in minutes for under £28.

You can EITHER make one at the same time as making your will OR if you have a will already you can simply write one as an additional document.

You can make an Enduring Power of Attorney Online here in Minutes.

Over this value your estate will be taxed at 40%. It is important to note that here is no tax to pay between spouses on the first death. However most couples make the mistake of only having Mirror (joint) Wills that pass everything to the surviving spouse.

This has the effect of giving away the first spouses tax free allowance, so on the dearh of the second partner the whole estate is assessed for inheritance tax. 

Married couples, with sufficient assets, could save the equivalent of their personal inheritance tax allowance by setting up their Wills in a discretionary trust made out in favour of their spouse or children.

You can make a Discretionary Will Trust Online here

There is a comprehensive guide to Discretionary Will Trusts here