Wills
There are four important reasons why everyone should have a Will:
- A Will makes it much easier for your family or friends to sort everything out when you die; without a Will the process can be more time consuming and stressful.
- If you do not write a Will everything you own will be shared out in a standard way defined by the Law – this may not be how you would like your assets to be divided.
- A Will can help reduce the amount of Inheritance Tax that may be payable on the value of the property and money you leave behind.
- Writing a Will is especially important if you have children or other family who depend on you financially or if you want to leave something to people outside your immediate family.
Probate
Following the death of a loved one there are many practical duties to be attended to. Fox Law can assist you if you are an Executor named in a Will. If there is no will the next of kin can apply to administer an Estate as a Personal Administrator. Probate requires;
all the relevant financial institutions to be notified of the death,
- completion of all necessary HMRC returns,
- obtaining the Grant of Representation
- transfers of property ,
- uplifting any monies held with financial institutions;
- paying any liabilities due and
- distributing the assets as per the Will or Intestacy Rules.
As this duty is an onerous one Fox Law will ensure that you receive the best advice and guidance ensuring strict compliance with your legal obligations and duties.
Enduring Power of Attorney
Planning for the future will give you peace of mind. Having an Enduring Power of Attorney in place allows you to nominate the person or people that you would like to manage your finances if you were not able to do so due to illness or an accident. This document can be drafted so that it does not have effect until such times that you are unable to manage your financial affairs. An Enduring Power of Attorney is a simple and effective document that means all the difference for your loved ones in the circumstance of sudden incapacity due to ill health or accident.
Controllership Appointment
If you have concerns that a loved one is no longer able to manage their financial affairs we can take you through the process of making an application to the Office of Care & Protection to become Controller and keep you advised as to your role and responsibilities with such an appointment. This appointment will provide you with the legal authority to manage your loved ones financial affairs when they are incapable of doing so. Without this appointment being in place it could be unlawful for you to deal with your loved ones finances if they are incapable.
Inheritance Planning
Fox Law provides a bespoke service on how best to manage your assets to minimise any potential Inheritance tax to your estate by maximising the currently available exemptions to reduce or potentially eliminate any Inheritance Tax which would be payable. We offer this at a fixed rate depending on the value of the assets.
