Property Protective Trust In Your Will

Why is it a good idea to have a Property Protective Trust in your Will? Well a Property Protective Trust can stop your house being means tested by the council to pay for your care home fees if you need to go into a care home.

Let us have a look at how one of these Trusts works. Firstly you need to split the house from being joint tenants with your spouse/partner into being tenants in common. This means that instead of you both owning 100% of the house you now own half of the house each.

This can be done within your Will, and the Will can then also contain your Protective Property Trust. Now whoever dies first, their 50% share in the PPT is to be inherited on the second death of the surviving partner by your Wills beneficiaries, which may be your sons or daughters for instance.

Now, should the surviving partner go into Residential Nursing Care only 50% of the house can  be taken into account, so as this is worthless as half a property cannot be sold, the whole of the property is safeguarded against nursing care costs.

As well as protecting the home, the Protected Property Trust safeguards the interests of the surviving joint owner, ensuring that the survivor has the right to live in the property without payment of rent for their lifetime.

If you wish to make a Will to protect your family and your home, and you live in the Lancashire area, then contact your local agent of EMP Solutions Will Writers on 07934 604 217. We will take instructions for your Will in the comfort of your own home. We are members of the Society of Will Writers and our prices are very competitive. We will give you the best possible advice when preparing your Will.

Who Will You Name In Your Will?

Who will you name in  your Will when you draw it up? There are various options you can use when making your Will so let us take a look at them.

Most people leave their estate, or at least the bulk of it, to their spouse or partner if they have one, or failing this they will leave their estate to their children. But they may also leave some legacies to various people, with the residue of the estate passing to their spouse etc.

For instance, you may have a particular ornament that a good friend of yours has always admired. If so you can have this ornament left to your friend in the legacy section of the Will if that is what you so desire. If you do this make sure that you leave a good description of it in your Will so that there can be no confusion surrounding the legacy.

There may also be a sum of money from your estate that you wish to leave to your favourite charity, so you can make provisions for this in your Will too.

Often, people want to leave a sum of money in a Trust attached to the Will for their children, or maybe their grandchildren. When setting up this Trust you can put certain clauses in it, so that the money can only be drawn on the childs 18th birthday, or maybe their 21st birthday, or even their 25th birthday when you feel they may be a little more responsible if you wish.

One point to note is that if say, you have 2 children, but you wish to leave one of the children out of your Will for whatever reason, it is wise to write an exclusion clause into the Will to signify why you have done this. If you do not it may be that the child left out of the Will could try to contest it.

If you live in the Lancashire area and wish to make a Will, then please contact your local EMP Solutions Will Writers agent on 07934 604 217. We will write instructions for your Will in the comfort of your own home. We are members of the Society of Will Writers, and will give you the best advice for drawing up your Will, and at a competitve price.

Writing Your Will

When you are writing your Will you need to make sure you cover all bases, and there a number of add ons you can make to your Will which may be of use to you in your particular circumstances.

For instance you can set up Lasting Power Of Attorney in your Will. What does this mean? Well, Lasting Power Of Attorney allows you to choose people to act on your behalf (as an attorney) and make decisions about your property and financial affairs, when you are unable to do so yourself.

So Lasting Power Of Attorney comes into effect while you are still alive but can no longer do many things that you used to do. You may have had a stroke or an accident, or be suffering from Alzheimers disease, and in these cases this does come in extremely useful.

If you have not set this up, there is a court called the Court Of Protection, which has been set up to supposedly protect people who lack the capacity to make decisions for themselves. This court has since taken control of some £3.2 billion in assets from those deemed unable to look after their financial affairs. It appoints deputies to act for the mentally impaired when they have not written a `living Will`.

This is something that you should take into account when drawing up your Will, and you should seriously think about giving Lasting Power Of Attorney to someone you can trust to carry out your wishes.

If you need to make a Will and you are in the Lancashire area then ring us at EMP Solutions Will Writers on 07934 604 217 and we will come around to take instructions for your Will in the comfort of your own home. We are members of the Society Of Will Writers and will give you the best possible advice for drawing up your Will.

 

Set Up A Childrens Trust In Your Will

Did you know that if you wish to benefit your children or grandchildren through your Will, it is perfectly possible to do so within a very basic Will. However, whilst the child is under the age of 18, the funds will need to be held under a legal trust for his or her benefit, which can be a complex and costly legal procedure to go through, as it involves an application to the court to allow for the trust to be set up and administered.

After the child reaches 18, he or she is free to spend it, or indeed squander it. Do you want this to happen to your bequest? Well, the answer to this common problem is a Childrens/Grandchildrens Trust within your Will.

You can set this up in advance and so there is no need for a costly legal trust to be set up through the courts when you die. The trust can delay your child or grandchild gaining full control of their legacy until the age of 18, 21 or even 25, and for a disabled child or grandchild it can extend throughout their life if that is what is required.

During the period up to the selected age, your chosen beneficiary can request the income generated by the trust, but the capital remains intact until the selected age is attained.

So this type of trust is an excellent solution for you if you want to pass on a legacy to your chilren or grandchildren, but you want certain restrictions.

Here at EMP Solutions in Lancashire we will give you the best possible advice in setting up your Will. We will come to your home to take instructions for your Will so you have no need to travel anywhere. So if you live in the Lancashire area please contact your local agent on 07934 604 217 to make an appointment.

Safe Storage Of Your Will

It is very important to store your Will in a safe and secure place once you have had it drawn up for you. So many times when a person dies the people left behind know that he or she has made a Will, but it either has been left somewhere that nobody has been told, or it has been lost. This is as much a problem as not making a Will at all, and can lead to all manner of delays and issues.

In fact in the United Kingdom, over 70% of those who die each year die intestate. This means one of two things, either they did not make a Will at all, or they did but no 0ne could find it when it was eventually needed.

At EMP Solutions Will Writers we have a solution to this. We can store your Will for you in a secure place, safe against loss, damage, fire or theft, and also retain a copy at home.

For a fixed yearly fee we will provide a copy of your Will and ensure the safe storage of the original. We will also provide a courtesy three yearly review of your Will free of charge.

Of course you can store your Will yourself if you wish, but do make sure it is in a safe and secure place, and that you have told the Executors of your Will where you have it stored.

If you live in the Lancashire area in the United Kingdom and you would like to have your Will drawn up, then contact us here at EMP Solutions Will Writers and we will come to your house and take instructions for your Will. We will give you the best possible guidance and advice so that your Will accurately reflects your wishes.

Contact your local agent in Lancashire on 07934 604 217 to make an appointment.

Reasons For Making A Will

There are many reasons for making a Will. It is important to carry out this process in good time too, do not wait until you are old or in ill health, as there are some problems that may arise if you do so.

Here are 12 reasons for making a Will.

1. To save on inheritance tax when I die.

2. To stop the council assessing my home to pay for care fees after I die, if my spouse is taken into care.

3. To save a lot of trouble, expense and delay when I am gone.

4. To appoint a guardian to care for my young children.

5. To make financial provision for my childrens future welfare.

6. My partner and I have separate children and I do not want mine to lose out.

7. To make sure there are no arguments in the family.

8. So my spouses family do not get everything if we die together.

9. We are unmarried and neither will get anything when the other dies.

10. I dont want the government to decide who gets what.

11. To prevent my home from being sold while someone still needs it.

12. To make provision for my friends, favourite charities and/or pets.

Many people know they should make a Will but constantly prevaricate and put it off for another day. Unfortunately that other day is often too late for many people and they end up losing thousands of pounds and have interminable delays while their estate is divided up.

With EMP Solutions Will Writers in Lancashire we offer an excellent service for you. We come to your home to take instructions for your Will, give you the best possible advice as to what you need in your Will to both protect your family and your property.

We are a member of the Society Of Will Writers. To make an appointment with us ring your local agent in Lancashire on 07934 604 217.

Making Your Will

When it comes to the time when you wish to make your Will, there are a few things you need to think about in preparation. Your Will is obviously an extremely important document and so you need to be prepared for when the consultant comes around to take instructions for your Will.

You need someone you can trust to be Executors to your Will. It is wise to have more than one Executor to your Will, 2 to 4 is usually the number people choose although i feel that 4 can be a bit unwieldy at times. Executors are people entrusted to carry out your wishes from the Will, they often organise the funeral arrangements and sort out your Estate. Very often, if you have a partner, you will each make him or her one of the Executors.

Also, is there any piece of jewellry, or ornament for instance, that you wish a certain person to have after your death? You can make instructions in your Will to give certain items to certain individuals.  It is important to be clear in the Will as to what the item looks like and its make etc, so there can be no confusion.

If you have children under the age of 18, then you may want to appoint someone in your Will who will act as Guardians for your children in the event of your death. Guardians can be the same people as your Executors if you so wish.

If you live in the Lancashire area and you wish to make a Will, get in touch with your local agent for EMP Solutions Will Writers on 07934 604 217. They will come out to your home to take instructions for your Will and give you the best confidential, professional advice you can get. Our prices are extremely competitive and we always make sure our clients are satisfied with our company.

 

 

Lancashire Will Writers

Welcome to Lancashire will writers website blog.

If you live in and around the East Lancashire area and have not yet made a will, then please contact us so that we can put this right for you.

We are a part of EMP Solutions Will Writers, and we promise to give you the best possible, up to date advice when we take instructions for your will.  Our business keeps in touch with any new developments that arise so that any wills we draw up have all the relevant information that is needed.

We specialise in the writing of wills, so that unlike many other businesses that may write wills for you, we give you the best possible advice and use our expertise to make sure you make the right decisions for you and your loved ones. For instance, if you own your own home, we give you advice on creating a Protective Property Trust in your will, which can stop the council putting a charge on your home if you are taken into care.

We also give you advice on setting up Lasting Power Of Attorney so that someone you trust can take care of your financial affairs if you become mentally incapacitated. We can also sort out safe storage of your will for you. And we can set up a Funeral Plan for you if that is what you wish.

We are members of The Society Of Will Writers and abide by their standards when drawing up your will. We give knowledgeable, confidential and friendly advice to help draw up one of the most important documents you will ever have.

So if you live in Lancashire, please give us a call to make an appointment, and we will come out to your house to take instructions for your will. This will then be sent to our head office where the legal document will be drawn up for you.

We are very cost conscious for our clients, and our basic will starts at just £49.

Your local agent is Des Ingham, who lives in Darwen in Lancashire, and you can contact him on his mobile on 07934 604 217, or leave a message at his home on 01254 771634.

We look forward to hearing from you soon.