Wills

Making a will won't kill you!

Everyone should make one to ensure that those closest to them to receive exactly what you wish them to receive and should then review it every 5 or 10 years to make sure it does not need alteration, because your circumstances change and so do the tax laws.

A straightforward will is not as expensive as some imagine and provides you with the piece of mind that come from having your affairs covered in a valid legal document.

Bernard Ory can advise you on this for a modest cost. A straightforward will for a couple will cost 100 + vat (though more complicated wills may be more expensive). We are also happy to arrange home visits for those clients who are unable to attend the office.

If you would like to talk to someone about making a will, please contact Bernard Ory at our Mansfield office on 01623 460444.

Helping your Executors

Being an executor is a demanding job at the best of times and a task that is made all the more difficult when the deceased has not given proper thought to the problems their executors will face.

Here are some of the things you can do to make sure your executors are able to administer your estate as efficiently as possible:

• Make a list of all your investments, bank accounts, premium bonds, insurances and other assets and keep it in a safe place. Put a copy with your will. Even if you subsequently close one of your accounts or surrender a policy, it is far easier for your executors to send a few letters asking for details of holdings that no longer exist than it is for them to deal with the discovery of an unexpected policy or bank account months down the line;
• Don't change your address without telling all concerned;
• Make sure that any 'free insurance' (these are quite common with some bank accounts, for example) or similar offers are retained and not thrown away;
• Put all the originals of your important documents in a safe place - such as a bank safe- deposit box - and keep copies in a single place, where they are secure, but can be found;
• Consider writing any life assurances or pension death benefits 'in trust', so that they are paid to your beneficiaries directly, rather than into your estate. This could lead to considerable Inheritance Tax savings and provide useful cash for beneficiaries at an early stage;
• Register your title to any land you own at the Land Registry, if you have not done so already. This may facilitate a subsequent transfer.

Of course, your will and any other important documents such as enduring powers of attorney or lasting powers of attorney (EPA or LPA) should also be kept in a secure place where those who need to find them will be able to do so.

What is an Enduring Power of Attorney?

An Enduring Power of Attorney (EPA) is a legal document that you can use to appoint someone you trust to handle your financial affairs, during your lifetime. The person authorised to do this is called the 'attorney' and the person making the EPA is called the 'donor'.

It is important to take care whom you choose as attorneys, given the control they will have over your assets. An attorney should not make decisions about anything other than financial matters. They should not control the donor's behaviour or choice in any way. It is quite usual for a donor to appoint professional advisors as well as members of their own family.

An EPA can be created at any time. This does not mean that the donor immediately foregoes the right to carry on dealing with their own affairs. They can go on doing this for as long as they are able or wish to do so. The important thing is that the EPA is ready to use in the future, should the donor become mentally incapable or feel they can no longer cope with managing things themselves. A mentally capable donor can cancel an EPA at any time.

Where an EPA exists and the attorneys believe the donor is no longer mentally capable, they must apply to have the EPA registered with the Public Guardianship Office. This cannot be done without the donor and at least three of their nearest relatives being notified. Either the donor or the family can object to the registration application. The EPA terminates on the death of the donor.

It is not expensive to draw up an EPA. The advantages of taking this precaution are that you choose who looks after your finances, in the event that you are no longer able to do so yourself, without any further expense.

If you become unable to manage your own affairs and do not have an EPA, a court order is needed to appoint someone not of your choosing to manage your affairs and this is a far more costly procedure.

Bernard Ory can provide you with further information, help you draw up, register or administer an Enduring Power of Attorney and can act as one of your attorneys should you wish. Please contact him on 01623 460444.

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