Frequently Asked Questions
Discover peace of mind with ease. Explore our comprehensive Frequently Asked Questions page for quick answers to your estate planning queries.
Empower yourself with knowledge and make informed decisions about securing your legacy. Your financial future starts here.
Why make a will?
Making a will is an important decision. If you die without making a will, your assets may pass to someone you didn’t intend to inherit from.
A person’s assets can be distributed to the state or relatives. Make a will to ensure your assets are distributed according to your wishes.
Here at Legacy we aim to make sure you don’t die intestate and in doing so, haven’t left your loved ones a difficult situation.
Is there any other reason why I should make a Will?
You should make a will if you have children who are under the age of 18, or if you have property and savings that amount to more than the tax threshold, or if you feel there is a possibility that your family could suffer financially because of your death.
Beyond that, a Will provides a good opportunity for avoiding or minimising the liability of an Estate to pay Inheritance Tax. You can also use a Will to say whether your preference is for burial or cremation.
What is Inheritance Tax?
Inheritance tax is a tax paid on the estate of someone who has died. The executors of their will calculates the value of all assets and deduct any liabilities (debts). The remainder is called your “estate” and this is the value that is liable to inheritance tax .
What is the UK Inheritance Tax rate?
The current Inheritance Tax rate is 40%. However, this can be reduced in many cases, as detailed later on.
If you’re looking to reduce the amount of inheritance tax on your estate, speak to us today.
When does Inheritance tax have to be paid?
Your executors need to pay the inheritance tax liability within six months. If the tax is not paid, then a penalty may be applied to your estate.
What to prepare for writing a will?
1. Choose The Executor(s)
2. Choose Guardians For Your Children
3. Calculate The Value Of Your Estate
4. Decide Who To Leave Your Estate To
5. Discuss Your Will With Legacy
6. Approve your Will
7. Keep Your Will In A Safe Place
Lasting Power of Attorney (LPA)
What is a Lasting Power of Attorney?
Lasting power of attorney (LPA) is a legal document that allows you to nominate someone to make decisions on your behalf in the event that you lose mental capacity.
There are two types of LPA: one to cover your Property and Financial affairs, and one to cover your Health and Welfare.
When should I make an LPA?
As soon as possible!
The best thing to do is start planning now and get it in place as soon as possible. That way, when you’re ready to take your next steps, you won’t have to worry about whether or not you’ve thought of everything. An LPA doesn’t have to be used right away—it can be put on hold until you’re ready for it in the future. But by ensuring that it’s in place, you can avoid any delay in dealing with your affairs if and when it becomes necessary.
When can my LPA be used?
It’s easy to get confused about when the LPA is usable. But don’t worry, we’re here to help!
The financial LPA can be used as soon as it has been registered with the Office of the Public Guardian, unless you have specified otherwise. However, the Health & Welfare LPA can only be used once it has been registered and if you are unable to make a decision for yourself because you have lost mental capacity.
If you have any questions about this, please don’t hesitate to contact us!
Do I lose control of my money when I sign an LPA for Property and Financial Affairs?
What decisions are covered by this LPA?
The LPA covers all decisions that need to be made about your property, affairs and money.
Your attorneys can manage your accounts, resolve any banking problems, carry on your business, issue cheques and pay your bills and ensure that you receive any money you may be entitled to.
Couldn’t my family make these decisions for me anyway?
No, your family can’t make these decisions for you. Although they are usually consulted by medical professionals in these sorts of situations, the final decision-making power always remains with the doctor in charge of your care at that time.
For more information call us today on 0208 547 2583 and make an appointment with one of our advisors.
“John arranged my Will, Trust and LPAs all together in a reasonable time frame. John contacts me at least once a year to see if there is any change in my circumstances which is a very good follow up service and I appreciate it. I’m very pleased to have met John and with his help my assets are now protected.”
Free Estate Planning Guide
Learning how to protect your assets can feel like an overwhelming topic. Our FREE Estate Planning Guide will help you to understand the process and how to get started.