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Around six million people have experience of acting as the Executor of a Will but just 4% realise that they are legally responsible for the accurate distribution of the estate that is entrusted to them. Past research has shown that 96% of Executors did not realise that they were legally and financially responsible for the accurate administration of a deceased person’s estate. An Executor is responsible for administering the estate and is accountable to Her Majesty Revenue and Customs (HMRC) and the beneficiaries. The process of administrating the estate can be daunting given the legal paperwork, tax calculations and various…

If you were to die and your partner remarried your home may be at risk of being lost to the new spouse, leaving your children with nothing. Thankfully there are legal steps that you can take to prevent this happening. At Farsight Wills we specialise in ensuring that you and your family are protected against such an eventuality. Couples who have made standard Mirror Wills (or don’t have Wills) could unintentionally be gifting their home to their partner’s new spouse, if you were to die and your partner remarried. You should act now to protect your children from sideways disinheritance with a…

If you or your partner require care in later life, then your property may be at risk of being used to pay for these care fees. There are legal steps that you can take to prevent the Local Authority from taking your home and at Farsight Wills we specialise in ensuring that you and your family are protected against such an eventuality. Couples who have made standard Mirror Wills (or don’t have Wills) could unintentionally be gifting their home to the Local Authority. You should act now to protect your children’s inheritance with a Protective Property Trust. What is a Protective Property…

Here’s one you might not have considered. What happens to unclaimed loyalty points when we die? As we shop, many of us collect loyalty points from multiple companies and throughout a lifetime this can amount to a substantial value. This blog post explores how different retailers treat rewards and points after death. According to TopCashback.co.uk, UK adults build up £5.7billion through loyalty schemes each year. This equates to around £122 per person from an average of five loyalty schemes. These figures highlight that there is a risk of a significant amount of money being lost to retailers upon death. Additionally,…

It has now been over a year since the Office of the Public Guardian (OPG) set up a refund scheme for overcharged families that applied for a lasting power of attorney between 2013 and 2017. During this time, it is estimated that around 2 million people were overcharged by £89 million during the application process. Whilst the refund process was set up in February of 2018, a recent freedom of information (FoI) request, made by Gordon Andrews of wealth adviser, Quilter, has found that only around 200,000 people have claimed their refund. In total, £12 million has been paid out,…

Around 40% of marriages in the UK are second (or even third) unions, which creates a lot of step-families – and occasionally, chaos among the kids when their parent and step-parent die. Mirror wills – where two people set down the same wishes for their legacy – are relatively common among couples but can split step-families in two, as Stuart Herd, an accountant from Essex, discovered. Shortly before his father died, Stuart Herd, 64, had a conversation with him about his will. Mr Herd told his son that he was leaving his estate to his second wife, who he’d married…

Musician, DJ and record producer, Avicii died on 20th April 2018 after reportedly taking his own life. The Swedish electronic dance artist whose real name was Tim Bergling was born in 1989.  Despite being just 28 years of age at the time of his death, he left behind an incredible legacy through his musical career and charitable gifts, and a sizeable estate, reportedly worth £20 million. Avicii was best known for his popular song, Wake Me Up, which topped the music charts in 22 countries worldwide. His debut album True also reached the top ten in more than 15 countries, he received two Grammy award…

After a near six decades in the spotlight, Aretha Franklin died at the age of 76, reportedly without leaving a Will. The Queen of Soul passed away at her home in Detroit on Thursday the 16th of August, after an on-going battle with pancreatic cancer. Aretha Franklin was the first woman inducted into the Rock & Roll Hall of Fame in 1987 and during her 76 years she earned 18 Grammy Awards, released many popular hits such as “Respect” and “I Say a Little Prayer”, and sold more than 75 million records worldwide, making her an unforgettable icon for the…

One question that we frequently get asked is “What happens to a property when someone dies?” and it’s important that you understand the answer if you are administering a deceased person’s estate. Who is responsible? The responsibility falls to the executor (when there’s a Will) or the administrator (when there’s no Will). They are accountable for not only the property but the entire estate administration after their loved one has died. This involves following the wishes in the Will or distributing the estate as per the rules of intestacy when there is not a Will. The role of an executor…

British banks have recently hit the headlines for their approach to Will writing back in the early 2000s and late 1990s. It has been revealed that a staggering 1.5million grieving families could lose thousands of pounds after they were sold Wills by the banks. Numerous British banks offered cheap Will writing services to their clients, creating Wills for just £75 or sometimes even providing the service for free. To put this in perspective, the average cost of creating a Will is estimated to cost between £100 and £300 when written by a Will writer or a solicitor. However, the banks…