canter levin & berg solicitors - will workshop

16

Upload: canter-levin-berg-solicitors

Post on 25-Jun-2015

249 views

Category:

Law


1 download

DESCRIPTION

Head of our Private Client department, Dawn Joughin, offers her professional expertise with her user-friendly, plain-speaking Will workshop. Our private client law department is headed by Dawn Joughin who was recently short listed for the prestigious Legal Executive of the Year 2011 award. Dawn and her staff will be able to help you with any private client law issues you might be facing, providing professional private client law advice across a range of topics including wills, probates and estates, inheritance tax advice, lasting and enduring powers of attorney and the legal implications of long term care for yourself or for an elderly relative. We can also help you when it comes to reclaiming overpaid NHS Care Home fees. If you think we can help you, call today on 0151 239 1000

TRANSCRIPT

Page 1: Canter Levin & Berg Solicitors - Will Workshop
Page 2: Canter Levin & Berg Solicitors - Will Workshop

Wills Workshop

Surveys indicate around 65% of the adult population in England and Wales have

NOT made a Will

Page 3: Canter Levin & Berg Solicitors - Will Workshop

Why don’t people make Wills?

• Ignorance of the law

• Superstition

• Don’t like to consider death

• Something to be put off until tomorrow

• Nervous about visiting lawyer/cost

Page 4: Canter Levin & Berg Solicitors - Will Workshop

Reasons to make a Will

• Ensure your wishes are carried out

• Provide for your loved ones

• If you don’t leave a valid will your estate will pass in accordance with the Rules of Intestacy

• Appoint Executors/Trustees – choose people you trust to administer your estate

Page 5: Canter Levin & Berg Solicitors - Will Workshop

Reasons to make a Will

• Appoint Guardians for your minor children

• Specify your funeral wishes

• Obtain estate planning advice/how to protect assets

• Avoid unnecessary disputes

Page 6: Canter Levin & Berg Solicitors - Will Workshop

Important points to consider when appointing Trustees and Guardians

• Must be over 18 years of age.

• Should be honest and trustworthy

• Practicalities – are they capable of doing the job/is their location going to prove difficult ie living abroad

• Preferably not in dispute with other members of the family/get along with co-executors/trustees

• Be willing to accept the appointment

Page 7: Canter Levin & Berg Solicitors - Will Workshop

Legal Requirements for a valid Will

Testator (person making the Will) must be of sound mind

Testamentary capacity is as set out in the case of Banks v Goodfellow (1870) per Cockburn LJ

“…a testator shall understand the nature of the act and its effects; shall understand the extent of the property of which he is disposing; shall be able to comprehend and appreciate the claims to which he ought to give effect ….”

Page 8: Canter Levin & Berg Solicitors - Will Workshop

Legal Requirements for a valid Will

Testator must be aged 18 years or over

Will must be in writing

Will must be signed by Testator or signed on his behalf in his presence under his direction

Validly witnessed (two witnesses in presence of Testator)

Page 9: Canter Levin & Berg Solicitors - Will Workshop

Legal Requirements for a valid Will

Some exceptions

Age 18 requirement: It is possible in certain circumstances for members of the armed forces to make a will under age 18 years

Testamentary capacity: Under the provisions of the Mental Health Act 1983, the Court of Protection may approve the making of a Will or codicil on behalf of someone who is mentally incapable of doing so themselves (a statutory will)

Page 10: Canter Levin & Berg Solicitors - Will Workshop

Legal Requirements for a valid Will

Who can be a witness to a Will?

Anyone who is:• Not blind• Understands the nature and effect of witnessing a Will

Who should not witness a Will?• Anyone who is a beneficiary of the Will• Anyone who is married to/civil partner of a beneficiary

named in the Will

Page 11: Canter Levin & Berg Solicitors - Will Workshop

What happens after death

If you have made a Will

• Your Executors derive their power from the Will and may insure property and take steps to protect the estate

• Your Executors will make application for a Grant of Probate to administer your estate

Page 12: Canter Levin & Berg Solicitors - Will Workshop

Estate Planning

• Inheritance tax (IHT) current nil rate band 2014/15 £325,000 rising to £329,000 in 2015/16

• Married couples and civil partners are able to transfer an unused nil rate band

• Married couples have £650,000 free of IHT available in the current tax year

• Annual gifts of £3,000 exempt from IHT• Gifts made more than seven years before death

outside estate

Page 13: Canter Levin & Berg Solicitors - Will Workshop

Trusts within your will

• Funding nursing care• Protecting half value in home using trusts written

into your will• Life interest trusts• Discretionary trusts• Trusts for minors

Page 14: Canter Levin & Berg Solicitors - Will Workshop

What happens after death?

If you have not made a Will

• It is necessary to determine who is entitled to apply for a Grant of Letters of Administration (see our next slide explaining the Rules of Intestacy) to be appointed as Administrator of the Estate.

Page 15: Canter Levin & Berg Solicitors - Will Workshop

Rules of intestacy in England and Wales

Page 16: Canter Levin & Berg Solicitors - Will Workshop

Any questions?