Mind At Rest Wills Blog

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DIY Estate Planning

do it yourself Estate Planning picture

With Easter just arround the corner many of us are about to focus on some of the DIY projects that we have had in the back of our minds or left on our To Do List for sometime.

One of the DIY projects people often want to find out more about is DIY Will-Writing and Estate Planning. So lets look at some of the common questions asked.

Common Questions About DIY Estate Planning

Can I Write My Own Will?

Executor Duties

 To-Do List
A person who makes a Will is known as the Testator. As part of the process of making a Will they would have chosen one or more Executors to act as Personal Representatives for their estate In the event of their death .

Executors are required to carry out certain duties in order to legally fulfill their obligations.

Depending on the size of the estate and the any individual Wishes and circumstances there will be a number of duties that an Executor is required to carry out.

What is a Living Will?

What is a Living Will??

The term Living Will is often used to refer to an Advance Decision also known as Advanced Medical Directive.

In the right circumstances these can sometimes be used as an alternative to a Health & Welfare Lasting Power of Attorney.

It is advisable to seek professional advice from your Estate Planning Consultant or Solicitor, when deciding on the best way to prepare for the possibility of losing the mental capacity and making advanced decisions about your medical treatment in the future.

Reduced Inheritance Tax Rate For Charitable Gifts

Inheritance Tax Image
In the UK Inheritance Tax (IHT) may become payable when someone dies leaving an estate worth over £325,000. The amount of tax payable is 40% of the proportion of the estate that is over the £325,000 IHT limit.

HMRC have however legislated to make it possible for you to reduce the amount of tax payable if you leave 10% of your estate to charity. The purpose of this blog post is to outline how it works.

The Differences Between Scottish & English Wills

England Scotland Wills Flags

The law regarding Wills in Scotland and England does differ regarding certain areas that I will outline in today's blog post.

A lot of people believe that if they have property and assets in both Scotland and England that they will need two Wills, however this should not be necessary providing you get straight from outset were you consider yourself to be officially domiciled.

Estate Planners Network (EPN) Accredited Membership

Estate Planners Network Logo

In 2013 the Secretary of State for Justice, Chris Grayling, decided against regulating Will Writing activities, stating that he believes voluntary codes and consumer education could resolve the issues referred to in the Legal service Boards report.

After his announcement Mind At Rest Wills felt it important to follow this guidance and embrace self regulation in order to stand out from those that don't and ensure we provide a high quality professional Will Writing service to our clients.

What Is Grant of Probate?

 Estate Planning FAQ Book
When a person dies somebody has to administer the winding up of their estate, this will involve collecting in all assets including money and property. Paying any debts and then distributing the estate to the people who are entitled to it.

As part of this process the Probate Registry issues a legal document authorising one ore more people to carry out the administartion of the deceased estate.

This document is called a "Grant of Representation", also sometimes referred to as a Grant of Probate.

Probate Registries (England & Wales)

 Anglia Probate

The Probate Registry is responsible for making sure that an applicant is entitled to be given a grant, and to check that any Will produced appears to be properly made.

Probate registries are open Monday to Friday. The majority of them open from 9:30 AM to 4:00 PM. However I recommend that you check before attending.

Probate Interviews are by appointment only and are arranged by the District or Sub Registry.

Why use a Professional Will Writer?

Mind At Rest Professional WillsIn the past there were few options available for someone wanting to Write a Will, the majority assumed that in order to make a Will, they would need to either use a Solicitor or speak with their Bank.

Family solicitor's tend to deal with a wide range of client matters, for example, house conveyancing, divorce matters, civil injunctions etc. Whilst they can also produce Wills and Trusts they can not be expected to specialise in all these areas.

Life Policy Written in Trust

Insurance Policy Providers

Placing a Life Policy In Trust

When you take out a Life Policy the provider that you choose should give you the option to put your life Insurance or Assurance policy in trust.

Choosing to put your Life Policy in trust is one way to make sure that your the proceeds of your policy reaches your loved ones quickly when you die, avoiding potentially unwanted delays during an emotional time for your loved ones.

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