Estate Planning Lawyers

Amazingly, over 70% of people do not have an accurate and up to date will. Make sure that you are not one of them – or you risk dying intestate (in other words without indicating who should inherit your property). This is likely to result in a very uncertain future for your friends, family and even business partners. Making a will is common sense and is probably less expensive than you might imagine – most wills solicitors offer value for money fixed prices for simple wills. The consequences of having no will can be significant and include:

1. You have no control over what happens to your property – instead the intestacy rules will apply which set out in law which family members should inherit your property and in which proportion.

2. There may be disagreements as to how your assets are divided between your loved ones. Sadly it is increasingly common for relatives to take court action amongst themselves in arguing over family property. Don’t leave any uncertainty — make your wishes crystal clear.

3. Your family might become involved in unnecessary costs or delay – the financial cost alone of challenging a will can be significant – amounting to many tens of thousands of pounds.

4. You do not choose who looks after any young children – if you do have youngsters, it is much better to clearly indicate in your will who you would like to care for them should you die.

5. If you were cohabiting without being married, your partner will have no automatic right to any of your property. Worse still they could even be evicted from your home.

6. There may be insufficient money left to comfortably provide for your partner or spouse.

7. Your family home might need to be sold to distribute your estate unless you make the position clear. This could even leave your spouse homeless.

8. There is a risk that your estate may have to pay more tax unnecessarily. Those who don’t consider tax planning as an essential part of making a will may find that they run the risk of their estate having to pay significant amounts of unnecessary tax – leaving less to distribute amongst family and friends.

9. You could find that your business partners are left without protection which could result in a forced sale of your business.

10. Making a will is common sense and is probably less expensive than you might imagine.

To maximise your peace of mind, consult a specialist wills solicitor who should be able to offer value for money fixed prices for simple wills.

If you have a Revocable Living Trust, you know that it can serve as an essential incapacity planning tool. If you’re ever disabled – through illness or injury – to the point that you can no longer manage your own financial affairs, your Disability Trustee can step in and take over your trust property.

However, if a Revocable Living Trust is the only estate planning tool in your incapacity plan, then there are probably gaps that need to be filled. Unfortunately, your Disability Trustee can only control property that’s been funded into your trust. That’s why it’s important to also have a Durable Power of Attorney for finances.

Transferring Property into Your Trust

With a Durable Power of Attorney, you appoint an agent to manage your non-trust property in the event of your disability. So, if you have a stroke or are in the later stages of Alzheimer’s, your agent can access property that’s been left out of your Trust, and transfer it to the Trustee. This ensures that your assets are properly and consistently managed during your lifetime, and that there’s a smooth transition of property to your beneficiaries after you pass away.

Managing Non-Trust Property

There is certain property that should not be transferred into your Revocable Living Trust. This includes assets like retirement accounts, life insurance policies, and sometimes even motor vehicles. With a properly drafted Durable Power of Attorney, your agent can manage these assets on your behalf.

Medicaid

Your Disability Trustee won’t have power to engage in Medicaid planning on your behalf. However, with a properly drafted Durable Power of Attorney, your agent can handle this task.

For more information on Revocable Living Trusts or Durable Powers of Attorney, you can speak to an estate planning attorney.