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What we do
Wills
Discretionary Trust Wills
Discretionary Trust Wills
The word ‘Will’ in legal terms is a very small word with a very big meaning.
By dying intestate (not having a Will), you are leaving your loved ones in a difficult situation as you may not have made your wishes clear.
Having a professionally drafted Will states your wishes in a legally drafted document to protect your loved ones.
No two clients are the same and we will advise you of all the options available to you.
Discretionary Trust Wills
Discretionary Trust Wills
Discretionary Trust Wills
A better way to leave money to vulnerable loved ones
Many families have members who may be struggling with alcohol, drugs or other dependent issues, such as gambling. If they suddenly inherited a large sum of money, it could be disastrous. Lots of parents have a disabled child who cannot manage their own finances, or a family member who is reliant solely on state benefits. If they were to inherit a lump sum, all benefits would be stopped until the money had run out. By using a Discretionary Trust (created on death) in your Will, these situations can be avoided.
A Discretionary Trust is a flexible way of leaving money or other assets from your Estate to vulnerable loved ones. On your death, the Trust is managed by two appointed Trustees of your choice, who decide how and when the beneficiaries can receive any inheritance. When setting up a Discretionary Trust, you will be asked to make a ‘Statement of Wishes’ to be given to your Trustees at the time of your death, outlining what you would like to happen and providing guidance when you have gone.
Estate protection Wills
Discretionary Trust Wills
Estate protection Wills
Most couples own their property jointly, as ‘beneficial joint tenants’. This means that the property belongs to you and your partner jointly. If one of you pass away, legally, your half of the property automatically passes to your spouse. Whilst being the traditional method used in many older Wills, this situation brings huge risks. These risks can be avoided by severing the tenancy of ownership and changing it to ‘Tenants in Common’ (where you own 50% of the property each). We then write your Will in such a way that on first death, the first half of the property is put into trust for your children (or nominated beneficiaries). This means that if the surviving spouse wishes to re-marry or needs long term nursing care in later life, the first half of the property is already protected as it is held in trust. In most circumstances, a Severance of Tenancy needs to work hand in hand with a Right of Occupation.
Home Protection Trust
Lasting Power of Attorney
Estate protection Wills
At North East Wills & Estate Planning Sevices, we know from experience that the most important thing people want to leave in their Will, is their home; however, in many circumstances, leaving a large asset in your Will can cause problems for your beneficiaries.
Many people worry about losing their homes, causing them to make ill-advised decisions, such as handing over their properties to their children during their lifetime. This is something we strongly recommend you do not do, as once you have given your home away, you have lost control over it. If your children were to divorce, become bankrupt or die, the security of your home would be under threat.
You may wish to write a child out of your Will. Unless it is done correctly, they could contest your Will and would have every chance of bringing a successful claim against your estate following your death, meaning your chosen beneficiaries could lose out.
Most of us don’t know when we are going to die and sometimes, it might be that your children do not want to inherit at that particular time, perhaps because they are going through a messy divorce, or that by leaving them a lump sum of money, you may inadvertently cause your children an inheritance tax issue of their own or they could potentially lose all their means-tested benefits.
At North East Estate Wills & Estate Planning Services , our Home Protection Scheme allows you to remain in your own home for the rest of your life, whilst fully protecting it from all these threats.
Get advice from our professionally qualified estate planners – make an appointment today. When social distancing isn’t in place, our experts can meet you in person, otherwise we offer online and voice meetings. Just get in touch on 0191 338 7734
Lasting Power of Attorney
Lasting Power of Attorney
Lasting Power of Attorney
A Lasting Power of Attorney (known as an LPA), is a legally binding Government backed document that allows you (the Donor) to appoint a trusted friend or family member of your choice (the Attorneys), to make decisions for you, should you lose mental capacity or no longer wish to make decisions for yourself. All LPAs are managed through the Office of the Public Guardian (OPG).
There are two parts to an LPA: the Property and Finance LPA, which allows your Attorneys to access your bank accounts, pay your bills and make decisions about your house; and the Health and Welfare LPA, which allows your Attorneys to make decisions about where you will live, who is going to look after you and whether you undergo medical treatment. You can also give your Attorneys the power to agree to or refuse life sustaining treatment on your behalf, should that be your wish.
Without an LPA, loved ones cannot access your bank accounts, sell your house or choose where you can live. This would cause great stress if they were unable to visit you due to location, or they are reliant on your income to pay household bills, maintain property or fund dependent relatives.
Funeral plans
Lasting Power of Attorney
Lasting Power of Attorney
We work with one of the UK’s top funeral plan providers, offering a wide range of pre-paid funeral plans to suit every budget and individual need. Our funeral plan provider has a network of funeral directors across the UK who automatically accept their plans, ensuring that the price they quote is the price you pay. This enables them to deal quickly and efficiently with your application, meaning that when the time comes, your family have peace of mind knowing all your funeral wishes, and costs, have been taken care of.
Inheritance tax planning
Inheritance tax planning
Inheritance tax planning
When we die, we like to imagine that we can pass on our assets to our loved ones so that they can benefit from them. In order for them to benefit fully from our assets, it is important to consider the impact of Inheritance Tax.
Our complete guide to Inheritance Tax takes you through all of the key considerations including practical advice on how to limit the amount of inheritance tax to be paid on the assets you leave behind for friends and family