How can I protect my family home?
We often have clients coming into our Swindon Will writing offices to discuss protecting their home by signing it over to their children or changing the ownership in some other way. The first thing I always say is DO NOT sign your house over to the children if you still intend to live in it! It may seem an easy way to avoid the problems of probate, inheritance tax or care home fees but it is fraught with danger. Everything may be perfectly amicable now but what if your child were to have money problems? Was to die? Was to…
Read MoreWill an Inheritance Tax rate rise pay for the COVID-19 pandemic?
Now that the worst of COVID-19 pandemic is hopefully behind us many people’s attention has been moving toward how the country is going to pay for it. 4 in 10 people fear the UK Government will increase the current 40% Inheritance Tax (IHT) rate to help cover the cost of the COVID-19 pandemic. Certainly as Swindon Will Writers, Farsight Wills have had the conversation arise often. The findings, from research by Tower Street Finance among 2,000 UK adults, revealed more than half (54%) think the Government is set to raise the rate of IHT to 50%, three in ten fear a rise…
Read MoreRules of intestacy: What happens when you die without a Will
When someone dies without a Will, they are said to have died “intestate” and their estate must be distributed following the rules of intestacy. The intestacy rules are dictated by law in the country where the Deceased was domiciled. Unfortunately, understanding who inherits under the rules of intestacy is not always as straightforward as it may seem. Many people do not understand the importance of creating a Will to ensure their estate is not left to the rules of intestacy. People often assume that their closest loved ones will inherit even when they die without a Will, but that is…
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Kate Garraway shines a spotlight on LPAs
Derek Draper did not put an LPA in place before falling ill, which is putting his wife, Kate, in a tough situation as Derek’s name is on most of their assets.
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Video Will witnessing now legal in England and Wales
As of September 2020, the Wills Act 1837 will be amended to allow the two Will witnesses to be virtually or physically present. This is a very welcomed announcement due to the challenges placed by those trying to plan for their future during the COVID-19 pandemic. With shielding, isolation and social distancing measures in place nationally since March 2020, those making a Will (testators) and their witnesses were unable to adhere to the existing Will laws and guidelines. The existing law states that Wills must be made in the presence of two witnesses so that each has a clear line…
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Wills, probate and estate administration in a COVID-19 world
It’s no secret – the Coronavirus (COVID-19) pandemic has posed several challenges to almost every aspect of our lives. The Wills and probate industry is no exception. Processes, laws and timelines have all been pushed to their limits over the past few months as we navigate through this global crisis. Things that we have all been used to as the ‘norm’ such as witnessing a Will or bidding farewell to a loved one at a funeral were no longer as straightforward as usual. Let’s take a closer look at a few areas that were most impacted during these unprecedented times.…
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Is a Mirror Will right for you and your partner?
So many couples make “Mirror Wills” that leave everything to each other, assuming their estate will benefit their partner for life and then go to their children or grandchildren. Sadly, that’s not always what happens…… What is a Mirror Will Mirror Wills are simply identical Wills that a couple make, leaving everything to each other and then often the children. However, what most people don’t anticipate is that if you leave everything to your partner in a Mirror Will and they then need care in later life, the Local Authority is likely to take most of the assets you have worked…
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Dementia And The Benefits Of A Lasting Power Of Attorney
What is a Lasting Power of Attorney (LPA)? An LPA covers decisions about your financial affairs, or your health and care. It comes in effect if you lose mental capacity, or if you no longer want to make decisions for yourself. You would set up an LPA if you want to make sure you’re covered in the future. There are two types of LPA: LPA for financial decisions LPA for health and care decisions. An LPA for financial decisions can be used while you still have mental capacity or you can state that you only want it to come into…
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Over £30million in Bitcoin stolen raising concerns about the safety of cryptocurrency
Cryptocurrency is digital money that is stored in a virtual wallet and uses encryption techniques to generate currency and verify the transfer of funds. Cryptocurrency is once again in the spotlight after this latest security blow hit the headlines. One of the world’s largest digital coin exchanges, Binance, admitted that hackers had stolen over £30million in Bitcoin. They took 7,000 Bitcoin after hacking accounts using stolen user data. The hackers were even able to break through two-factor authentication passwords. Chief Executive of Binance, Changpeng Zhao, said: “The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts…
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Put a tenancy agreement in place to protect your property for future generations
If you want to leave a property in your Will, there are several factors you need to consider. In particular, you’ll need to know how your home is registered. Tenants In Common.This means each owner has a set share in the property, and, if someone dies, that share is passed on as stipulated in their Will. If no Will exists, the Rules of Intestacy come into force. This means the property does not automatically pass to the survivor and the relevant share could go to someone you do not want Beneficial Joint Tenants. Under this arrangement, both people own 100%…
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