Mind At Rest Wills Blog

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What is a Trust?

Wills FAQ Book

Trusts can be used to control the distribution of a persons (the Settlor's) property and assets. This is achieved by either the creation of a Trust within a Will or by a separate Trust Deed.

There are numerous different types of Trust's, some are designed to come into force in the event of death others form part of an individuals lifetime planning.

Trusts can be created to benefit the Settlor (the person placing the assets in to trust) or for bloodline planning purposes to benefit a surviving spouse, children and grand children.

What is an Asset Protection Trust

Wills FAQ Book

An Asset Protection Trust is a form of Life Interest Trust or Discretionary Trust that is created by the Settlor (the person gifting the asset into trust) during their lifetime.

Asset Protection Trusts are commonly used as an effective means of Estate Planning and provide bloodline planning for future generations.

These trusts allow the Settlor to transfer assets into trust immediately during their lifetime instead of the assets being distributed upon death.

Changes to Intestacy Rules 2014

Image of intestacy legal words

On the 1st of October 2014 the Inheritance and Trustees Powers Act 2014 came into force.

In England & Wales If you die without making a Will, then your estate will be distributed subject to the Rules of Intestacy.

If you want to ensure your estate is distributed to the people you want to inherit, then you need to Make a Will

Making a Will FAQ'S

Wills FAQ Book

Making a Will brings you peace of mind that should you die your estate goes to your loved ones, making a Will not only ensures the right people benefit from your hard earned assets it also ensures that you do not die intestate.

If you have not made a Will and die intestate your loved ones could be subjected to long lengthy delays when trying to administer your estate, all at a time when they could no doubt do without the added emotional stress.

Scotland Independence Referendum Impact on Estate Planning

England Scotland Wills Flags

On Thursday 18th of September 2014 Scottish voters will go to the polls to cast their YES or NO vote on whether Scotland should sever its ties with the UK and become an independent country.

The result is expected to be announced sometime early on the following morning Friday 19th September 2014.

Simplified Lasting Powers of Attorney Forms to be Introduced

 office of the public guardian

The number of Lasting Powers of Attorney applications submitted to the Office of the Public Guardian has increased significantly in recent years, with 200,000 applications made in 2011 to 2012, 242,000 in 2012 to 2013 increasing to 295,000 in 2013 to 2014.

Applying for Exemption or Remission of LPA Application Fees

 office of the public guardian

When a donor makes an application to register a Lasting Power of Attorney they may be entitled to an Exemption or Remission of the application fee based on their financial circumstances.

If eligible for Exemption the donor does not have to pay the OPG (Office of the Public Guardian) application fee.

If eligible for Remission the donor receives a 50% fee reduction of the OPG application fee.

Avoiding Invalid Powers of Attorney

Wills FAQ Book

An recent paper entitled "Avoiding Invalid Provisions in your LPA‟ written by Jill Martin who is a Legal Adviser to the the Public Guardian, aims to explain how to avoid the need for severance, which delays registration and can cause annoyance and frustration to donors and attorneys.

What is a Certificate Provider?

Wills FAQ Book

In order for a Lasting Power of Attorney (LPA) to be valid and registered with the Office of the Public Guardian, it must contain at least one certificate (two if you are not choosing a person to be told) confirming that the person making the LPA (The Donor) has full mental capacity at the time of making the LPA.

Providing For Pets In Your Will

What will happen to your pets when you die?

 Picture of a Dog

Worrying about what would happen to family pets if you were to die before them is a common concern. UK law regards a deceased persons Pets for example Dogs and Cats as Personal Chattels.

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