PREMIER WILLS & TRUSTS

1. PREMIER WILLS & TRUSTS MAXIMISING THE EFFICIENCY OF YOUR WILL Members of the Society of Willwriters

2. PREMIER WILLS WILL • TAILOR YOUR WILL TO SUIT YOUR SPECIFIC WISHES. ALL WILLS ARE NOT THE SAME • MINIMISE ANY POTENTIAL RISK TO YOURSELVES AND YOUR FAMILY. • ENSURE YOUR POSSESSIONS STAY IN YOUR BLOODLINE, OR GO TO YOUR CHOSEN BENEFICIARIES. • SHOW YOU HOW TO KEEP HOLD OF AS MUCH OF YOUR ESTATE AS POSSIBLE. (More for your children) • PREVENT YOUR SHARE OF JOINTLY OWNED PROPERTY FROM BEING USED TO PAY FOR THE CARE COSTS OF THE SURVIVING SPOUSE, OR BEING LOST TO A FUTURE HUSBAND OR WIFE.

3. IF YOU DIE WITHOUT MAKING A WILL (INTESTATE) • A husband or wife does not automatically inherit everything. • The law decides who gets what. (Intestacy rules applied) • Children under 18 could end up in foster care. • An unmarried partner could end up with nothing. • Children could be disinherited by a future husband or wife. • Your beneficiaries could incur an unwanted inheritance Tax liability. • Step children may not inherit unless they are named in a Will. • Jointly owned property will automatically passes by survivorship to the joint owner. Simply leaving everything to each other could deprive children of any inheritance. • Your home could be lost to pay for care costs of the surviving spouse.

4. Jointly owned property £200k Mrs x should now review her Will If Mrs X re- marries, then dies before her husband, the children may not be entitled to anything following his death. If there is no will the children do not inherit Jointly owned by Mr x & Mrs x Mr x dies the property then passes by survivorship to the joint owner who in this case is (wife) Mrs X If Mrs X requires long term care, she will be assessed on the value of her estate. Anything over £21k and she will pay for her care costs in full. Est: £500pw £26,000pa When her savings have been used the property will be sold and the money will be used to pay for care costs until she passes away, or until she is left with only £12,750. Leaving very little inheritance for the children & grandchildren. £200k Solely owned by Mrs x Don’t ever think of signing your property away to your children!

5. Owned as Tenants in Common £200k Mr x £100k Mrs x £100k Mr x £100k Mrs x £100k SOME OF THE BENEFITS OF OWNING PROPERTY AST in C • The surviving spouse has a life interest in the deceased partners share of the property • If the survivor requires long term care, only half value of the property can be used for means testing purposes. • A future husband or wife can only gain access to the survivors half of the property. • The survivor can buy a larger/smaller property & use the trust fund. There are many options available. Any interest earned from the trust is there for the surviving spouse until they die. The capital is for the children. Mr x dies. His half of the property goes into trust for children. The children will now receive at least half of the value of the property after the death of Mrs x. TRUST

6. IMPORTANT THINGS TO REMEMBER • YOU DO NOT NEED TO NAME A PROFESSIONAL EXECUTOR. THIS CAN BE VERY EXPENSIVE. NAME A PROFESSIONAL ADVISOR INSTEAD WHO CAN ASSIST YOUR CHOSEN EXECUTORS. • A BENEFICIARY OR SPOUSE OF A BENAFICIARY CAN NOT WITNESS THE WILL. • AN UNMARRIED FATHER PRIOR TO 2004 DOES NOT HAVE PERENTAL RESPONSIBILITY. THE MOTHER HAS TO NAME THE FATHER AS A GUARDIAN THEN NAME AN ALTERNATIVE. • THERE IS NO COMMON LAW SPOUSE. IF THERE IS NO WILL AN UNMARRIED PARTNER COULD BE LEFT HOMELESS. • A DISABLED PERSONS BENEFITS COULD STOP IF YOU LEAVE THEM A LEGACY. THINK OF LEAVING THEIR INHERITANCE VIA A TRUST. • MONEY TRUSTS ARE BECOMING VERY POPULAR AND INEXSPENSIVE TO INCLUDE IN YOUR WILL.

7. PREMIER WILLS AND TRUSTS FOR YOUR FREE PERSONAL CONSULTATION PLEASE CONTACT DAVID GRICE LEGAL CONSULTANT 01782 642 695 0772 400 3640 Email david@premierwillsandtrusts.co.uk WWW.PREMIERWILLSANDTRUSTS.CO.UK