Document Storage

Keeping your documents safe

What happens with my Will when I die? The Probate Registry require your executors to produce your original/most recent Will after your death. Should your Will have been mislaid or lost, the court will presume that your Will is no longer valid and you did not intend it for use in the event of your death. If this happens, a former Will may be used or the laws of intestacy could apply. It is important that the Will you intend to use in the event of your death is kept in perfect condition. Should the Will be damaged, questions may be raised by the court as to the nature and reason of the damage, which could lead to the Will being rejected by the court.

So, where to keep your Will? Most of us would assume that keeping a Will at home would be the safest place. In fact, keeping your Will at home could easily lead to it getting lost, misplaced or damaged e.g .when moving house. Statistics show that each year alone there are in excess of  1 million burglaries and over 64,000 house fires, coupled with the rising flood risks , this all leads to the uncomfortable conclusion that documents you think may be safe, probably aren’t.

But don’t panic, we can arrange for fully insured, secure storage for all your important documents. You can therefore have peace of mind that your documents will remain safe, undamaged and in no danger of falling into the wrong hands.

How can I access my documents? You and your chosen executor will be issued with identity cards. If you or they require access to your documents, simply call us and we will arrange this for you.

• Security of a specialist document archive  
• Safe and confidential storage
• Secure against water damage  
• Secure against fire damage
• Fully insured

Wherever you decide to store your Will and other important documents, always make sure that your executors know exactly where to find them.

Pre-Paid Funeral Plans

Traditionally the costs of funerals have risen well above the rate of inflation. A funeral that cost £850 10 years ago costs £2,500 today.

Is it possible to arrange my funeral now? Yes! Over 300,000 people have already purchased pre-pay funeral packages.

Are there any advantages to forward planning?

Yes. Alongside the cost saving, it will relieve your bereaved family members of the additional responsibility of arranging your funeral – especially stressful in the circumstances and particularly so for elderly or infirm relatives.You get to choose where you would prefer to be buried or cremated and what can happen to your ashes. You have the luxury of time to shop around for the best value package for you – something your relatives will not have in the event of your death.

The purchase of a pre-paid funeral plan may reduce your capital savings and therefore you may now be entitled to (or an increase in) state benefits. Saving you and your family money in the long run. As mentioned previously, funeral costs rise sharply each year, buying now will ensure you still have the funeral you want at today’s costs.

Can I arrange my funeral through you?

Yes. We are proud to be associated with Golden Leaves. The Golden Leaves Company are a member of the National Association for Pre-paid Funeral Plans and are also registered with the Funeral Planning Authority giving you total confidence that all our work is carried out within a strict code of conduct. We can offer you a range of wholly ethical and reliable funeral plans at a reasonable cost and you can pay for your funeral in one lump sum or in monthly instalments, whichever is most convenient for you.

Probate

What is probate?

Probate is the official process of proving that a Will is valid. Probate costs tend to be a lot higher than people anticipate and are typically 3% of your estate valuation, which for some people can be a large sum of money.

The administration of a person’s estate, especially on the second death can take a great deal of time causing additional inconvenience for the bereaved at a very difficult period.

We can help you to minimise this cost or possibly avoid it altogether.

Inheritance Tax

If you are fortunate enough to have assets above the Nil Rate Band amount, it is especially important to prepare a carefully considered financial plan so you do not have to pay 40% tax in the event of your death. Your life expectancy is an important factor and we can help choose the best solution for you.

What are the Nil Rate Band Amounts? For the 2009/10 tax year, the amount is £325,000. For 2010/11 the amount increases to £350,000.

Sideways Disinheritance

If you are considering writing or have already written your first will and have left your estate to your partner, you must consider the possibility that if they remarry, the whole estate will be left to them and your own children could end up disinherited.

What can I do to prevent this happening?

There are two options: The first is to set up a life interest trust on the first partners death or the second (and preferred option) is to put all of your assets (either individually or together) into a trust now to protect your children’s entitlements.

Please feel free to contact us to talk this through in greater detail.

Incapacity

What happens if I can’t look after myself anymore?

Statistics show 1 in 3 women over 65 years old and 1 in 4 men over 65 years old have to go into residential care for various reasons, mainly physical or mental incapacity. If this happens to you, your estate (including home and savings) runs the risk of being sold by the Local Authority to cover the costs of your care.

Is there anything I can do about this?

Yes, contact us and we can provide advice to help you prevent this from happening.

Dependent Relative Claims

Your Will can be contested by anyone under the Inheritance Act 1975. This is likely to be the case if you have not been considered to have left reasonable provision for your spouse, civil partner and dependant children. You may also face contest from cohabitees or other dependants provided you have lived or been together for at least 2 years.
If there is someone you do not wish to include in your Will, please contact us to discuss the options available. We can suggest an alternative solution such as a Trust in order to prevent any future claims that may be successful.

Wills and Trusts

Why do I need to write a Will?

If you do not write a Will, your estate will be distributed under the Administration of Estates Act 1925. This would mean your wishes as to who gets what would most likely not be met.

When should I write my Will?

As the saying goes ‘There is no time like the present’ and it is always better to be prepared in the event of anything unfortunate or sudden happening. Once your Will is written it is then easy to keep it up to date with any changes you wish to make such as marriage, births, divorce or death.

Can’t I just buy a DIY Will kit?

You could, but you run the risk of writing a Will that is invalid. With our professional assistance you can rest assured that your Will is valid and meets all the legal requirements.

Do I need to set up separate Trusts?

It is possible to add Trust clauses to your Will so on first death at least half your estate will be safeguarded. You may also want to protect your assets and ensure they are distributed to your amongst your family members according to your requirements. Talk to us, we can help with these decisions.

What is a ‘Letter of Wishes’?

A letter of wishes is primarily for your executors to understand your thoughts and wishes after you are gone. It is also helpful to leave a financial summary with your Will.

Living Wills

What is a Living Will?

A Living Will is also known as an Advanced Medical Directive. If something happens to you and you are unable to effectively communicate your medical wishes, your Living Will will have set out the treatment you wish to receive. A Living Will is a binding document and must be adhered to by the medical authorities so you can rest assured your wishes are adhered to.

Lasting Power of Attorney

What is Power of Attorney?

Power of Attorney is given to members of your family or friends when you are deemed not able to make a decision for yourself anymore. There are two types; ‘Property and Affairs’ i.e. finances and ‘Personal Welfare’.

The most satisfactory solution is to appoint someone you trust to act for you now in case the situation arises. Without this, friends and family have to apply to the courts which can be time consuming and costly.