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Wills, Trusts and Estate Planning
Ensuring that your wishes in regards to your property and assets are carried out correctly after your death is paramount. At True Bearing Legal Services, we offer expert advice on Wills, Trusts and Estate planning and create Legacy Plans for clients that are designed around their own personal circumstances. Each plan is drafted to make sure that our clients estates pass only to their chosen beneficiaries and avoid any common pitfalls or mistakes that could cost money or create further heartache for those left behind.
We believe that good Legacy Planning is about getting good advice, considering everything that could affect your wishes and being aware of all your options so that you can make your own informed choice. To speak to our Legal Services team about any aspect of Legacy Planning please fill out our contact form to request a call back at your convenience or call 01257 260011.
Our Legal Services team offer a wide range of Legacy Planning options. Our Team of Legal Intermediaries have completed a rigorous training process in order to ensure they have the right level of knowledge to advise on complex legal matters such as Wills, Trusts and Estate Planning. They come from all walks of life and bring a wealth of experience in order to be able to listen, empathise and advise our clients.
All advice given by our Legal Services is tailored to you and your circumstances. Our Legal Intermediaries cover the whole North West including Lancashire, Cheshire, Merseyside and Cumbria, so we will have one in your area.
Will Writing and Will Advice
Many people believe that if you are married, and you don’t make a Will, then your estate will automatically go to your husband or wife upon your death. This is not always true and is a common mistake that people make as it depends on the value of your estate and whether or not you have children. Dying without a will in place is known as intestacy and those who die intestate are then subject to a different set of rules to those who have made a Will. Your legacy may not pass to those you intended if you die intestate.
Avoiding intestacy is easy, a problem that can be solved by making a Will and keeping it up to date whenever your circumstances change. True Bearing Legal Services provide a range of Will writing and Will advice services.
Probate is the process by which the executors of an estate are granted the authority to distribute the estate to the beneficiaries. A grant of probate is a legal document that confirms that the executors have the authority to deal with your estate. By having a valid Will, Trust or Legacy Plan in place, the process of dealing with your estate after your death will be more straightforward for those left behind. If you do not make a Will then your family member will need to apply for a grant of ‘Letters of Administration’ and the process becomes more complicated. We are able to offer appropriate guidance on how to move forward with a Probate application.
A Trust is a legal arrangement through which one person or institution (known as a trustee) holds legal title to property for another institution (known as a beneficiary). A Will Trust is created within a Will to allow someone to benefit from an asset even though they are not the legal owner. It allows an individual to protect property that they hope to pass on to their family. It can also help to avoid sideways disinheritance. The Legal Intermediaries at True Bearing will be able to explain the potential impact of each of these legal processes in plain English and recommend the best approach for your personal circumstances.
How True Bearing Legal Services Can Help You
Here at True Bearing we have been advising our clients on legal matters since 2014. Our Legal Intermediaries have completed a programme of extensive and in-depth training in order to develop the level of knowledge required to assist with a range of complex legal matters.
Alongside Wills, Trusts and Estate Planning, we are also able to help our clients with other legal matters such as Lasting Power of Attorney. By engaging the services of a Legal Intermediary, you will be working with a knowledgeable professional who will be on hand to advise you every step of the way.
The initial appointment with the Legal Intermediary will be at our expense and can take place either in the comfort of your own home, online though Microsoft teams or in our offices in Chorley. We believe in transparency so our fees will always be communicated to you before going ahead.
True Bearing Legal Services can provide you with the Wills, Trusts and Legacy Planning advice that you will need to make an estate plan that will ensure that your legacy will pass to those you intended. To find out more, get in touch with us today to arrange a one-to-one introductory meeting at our expense. This will give you an opportunity to discuss your circumstances with us, so that we can advise you on the best legacy planning approach for you the right services to meet your needs.
Frequently asked questions about Wills, Trusts and Estate Planning
What is Estate Planning?
Estate Planning is a process by which an individual will anticipate and arrange for the management and disposal of their estate, in the event the person becomes incapacitated/after their death.
Why should I make a Will?
By making a Will, you are leaving clear instructions about how you would like your estate distributed after your death. If you do not leave a Will then your estate will be subject to the rules of Intestacy.
Why do I need a Will if I am married?
Many people think that if they are married and do not have a Will, then everything will simply pass to their spouse/civil partner. Unfortunately, this is not always the case and depends on the value of the estate. By making a Will you can ensure your wishes are carried out after your death and that you avoid further hassle and heartache for those left behind.
What is Intestacy?
Intestacy means you have died without a valid Will in place and therefore your estate will be distributed according to these rules. Many people assume that if they die without a Will, then everything will automatically pass to their spouse. Depending on the value of the estate, this is not always the case. The main – and perhaps most significant – effect of dying intestate, is that it is no longer the deceased who decides which family member or loved one inherits what, but rather the law decides. This can obviously cause uncertainty and is far from ideal, which is why we recommend that you make a Will to avoid dying intestate.
What is a Trust?
A Will Trust or testamentary trust - is created within your will to allow you to protect a property that you wish to pass on to your family. A Will Trust is a legal entity that allows someone to benefit from the asset without being the legal owner.
What is an Executor?
An executor is an individual named in a Will who will sort out a persons’ estate after their death. It is advisable to name more than one Executor in case one of them passes away or loses capacity.
Why should I put my assets into a Will Trust?
Setting up a Will Trust will enable you to protect property that you own and ensure it passes to those that you intended. It will also prevent Sideways Disinheritance. The team at True Bearing Legal Services will be able to set up a Will Trust for you and provide valuable advice on Estate Planning.
How does the Residence Nil-Rate Band (RNRB) work?
The RNRB can only be utilised when estates are directly inherited by children, stepchildren, adopted children or grandchildren. For example, it will not apply if property is left to other family members such as nieces, nephews, brothers or sisters.
You must leave a property in your estate to claim the RNRB. For a property to qualify under the RNRB, it is enough for the property to have been a residence but not necessarily a main residence, of the deceased at some point. For example, a property that has always been a buy-to-let, will not qualify.
What is the Residence Nil-Rate Band (RNRB)?
The residence nil-rate band (RNRB), is a piece of legislation that permits the further reduction of Inheritance Tax (IHT) on the sale of a family home.
The individual allowance for 2021 remains at £175,000 but increases in line with the Consumer Price Index (CPI). It is transferable between spouses, which will eventually permit them potentially to pass on wealth up to £1m without incurring tax.
Prior to RNRB being introduced, what happened was that every person received a Nil Rate Band of £325,000 (this is the value of an estate that is not subject to inheritance tax). Now that the new RNRB has been introduced each parent will have a nil rate band of £325,000 plus a RNRB of up to £175,000 (by 2020). A potential total of £500,000 for each parent which is not subject to inheritance tax on death.