FAQs on Wills, Trusts & Probate
What is a Power of Attorney?
A power of attorney is a legal document which enables you to nominate someone/person to help make decisions for you when you are unable to make decisions for yourself.
What is Probate?
Probate is a legal document which gives the executors the authority to cash in or transfer the assets of someone who has died.
How to apply for probate with a Will?
To apply for probate the executors must investigate and value the estate first. They must then declare this information to HMRC and pay any Inheritance Tax. They can then apply for probate at the Probate Registry.
What is estate administration tax?
There are lots of taxes which may become payable when someone dies. These include Inheritance Tax which is payable depending on the size of the estate, income tax on any income generate from the assets of the estate and capital gains tax on any disposals made at a gain.
Why do I need a Power of Attorney?
A power of attorney enables you to nominate someone/person to help make decisions for you when you are unable to make decisions for yourself.
What is the role of an Attorney?
To act in your best interest and make financial and/or health decisions when you are unable to make such decisions for yourself.
What is role of an Executor of a Will?
To administer your estate in accordance with your Will and ensure your wishes are adhered to.
What is a mirror will?
A mirror will is designed for couples who want to make almost identical wills. The terms of each will tend to ‘mirror’ each other. As you can only leave assets which you own as a gift in your will, this may not be a suitable option if your assets are not the same as those of your partner. You must also keep in mind that there is nothing to stop your husband, wife or partner from changing their will without your consent at a later date.
How to make a Will Checklist?
A Will checklist should include who you want to appoint as your executors and trustees, provide details of your funeral wishes, guardians and beneficiaries.
Who does not need a Will?
Everyone should have a Will.
What are benefits of having a Will?
It enables you to decide what will happen on your death, who will look after your affairs and who you would like to receive your estate.
What is the Court of Protection?
The Court of Protection is a UK court which helps protect those who lack the mental capacity to make decisions for themselves.
What is the role of the Court of Protection?
The Court of Protection will consider applications for a deputyship order for those who lack the capacity to make decisions for themselves and who do not have a power of attorney. The timescale for such application varies but in average can take at least 4-6 months.
What are the Court of Protection fees?
The deputyship application fees are currently £385.
What is the inheritance tax threshold 2019/20?
£325,000 for individuals together with an additional Residence Nil Rate Allowance of currently £ .
How do I get inheritance tax forms?
They can be obtained from the HMRC website.
How much does it cost to get a power of attorney?
Legal fees vary depending on who you instruct but the court registration fee is fixed and is currently £82 per person per type of LPA. The court fee is means tested so could be reduced or waived.