Optimal Wills & Estate Planning

08/06/2021

3 reasons to have a Lasting Power of Attorney in place.

1. If you lose mental capacity at any stage, your spouse will not be able to access your joint bank accounts as they can be frozen by your bank, at which point you have no choice but to apply to the courts which is costly and time consuming.

2. Your next of kin will not be able to make decisions on your behalf regarding your health and welfare, such as accessing medical records, deciding where you live or what care your should receive.

3. It allows you to remain in control by naming the people you trust to manage your affairs should you lose mental capacity.

Many people leave it to late to set these documents up by thinking it is something you do when you have been diagnosed with dementia and this is not the case. Think of Lasting Power of Attorney as an insurance policy, that if you lose mental capacity, you'll be glad that you have them and so will your family and loved ones.

For more information, please contact us on T: 01675 592141 E: simon@optimalwills.co.uk or our website: www.optimalwills.co.uk

18/05/2021

Making a Will is one of the most important legal documents you can have. It is also a way of passing assets on to your beneficiaries, but have you considered or are you concerned about certain threats to your estate. Answer the the following questions (yes/no)

1. I would like to plan my estate in the most tax efficient manner?

2. If my spouse/partner meets someone else after my death, I would like my Will to written so that my estate does not pass to any new partners and is protected for my children?

3. I would like the children's inheritance to stay within the family bloodline and not be lost on their divorce as part of a settlement to an ex-spouse?

4. I would like to protect some of my assets against potentially paying for care costs, should I require care at some point in life?

5. If I lose mental capacity, I would prefer a family member or a close friend to look after my affairs and make decisions on my behalf rather than someone not of my choice?

If you have answered "Yes" to any of the above questions, would you like to potentially protect your assets against those threats?

We offer a FREE NO OBLIGATION meeting at your convenience to discuss through the important areas of Estate Planning, which ensures you have the right planning in place.

Call us to book an appointment: 01675 592 141 / 07564 474 286 or email: simon@optimalwills.co.uk. For further information go to our website: www.optimalwills.co.uk

30/03/2021

No-one knows exactly how many children under the age of 18 lose a parent each year, let alone both parents. Yet it's estimated that on average a parent dies every 22 minutes in the UK (Winston's Wish)

The current law states, on the death of both parents who have not appointed a legal guardian of their minor children, then those children will become the responsibility of the courts. Until a guardian has been approved, the children maybe taken into care.

By naming legal guardians through your Will, the responsibility of the children's care will immediately pass to the guardian on the death of the last surviving parent.

By appointing legal guardians you remove the uncertainty and legal complications of having the courts make those decisions, giving you peace of mind that your children are being raised and looked after by the people you trust the most.

For further advice on naming legal guardians within your Will, making a Will and other Estate Planning advice, please contact us at Optimal Wills & Estate Planning. We offer a free no obligation meeting at your convenience.

24/03/2021

Kate Garraway's recent article explains the emotional & financial battles she has had to deal with, and why Lasting Powers of Attorney are so important. Here is my quick summary of what is a lasting power of Attorney.
For more advice please contact: www.optimalwills.co.uk or Tel: 01675 592141

08/03/2021

A recent article with Morepurrs.org showing why it’s important to make a Will which can cater for your pets after you’ve passed away

Discover the practical steps you can take now to protect your cat’s happiness and quality of life should they outlive you.

25/02/2021

What is your marital status & how does it affect you Will?

🧍‍♂️ Single, no children - If no Will then your estate will likely pass to any living parents, then to living siblings
👩‍❤️‍👨 Unmarried couples - Without a Will you have no automatic right to inheritance.
👬 Cohabiting couples - No automatic right to inheritance. If property is jointly owned, then this would pass to survivor, which may mean deceased persons children may be disinherited.
👩‍❤️‍👨 Newly married - Marriage revokes any previous Will written - You need to make a new one to protect each other and children
💔 Separated couples - if you are separated but not yet divorced and die without a Will, your estranged partner will inherit everything due to Intestacy Laws. Make a new Will.
💔💔 Divorce couples - Your Will is still valid, divorce does NOT revoke a Will. However, if your divorced partner is named as an Executor, Trustee or Beneficiary, then this part of the Will can/will fail, therefore update or make a new Will.

If you have a change of circumstances it can affect your Will in many ways, which is why it is important to review your Will every
3-5 years. Is your Will up to date? Does it reflect your current wishes and cater for the people want to leave a legacy to?

If you would like a FREE, NO OBLIGATION meeting to review your existing Will or advice on making a Will for the first time, then please call to book your appointment.

04/02/2021

It is so important to have the right Will -

Bob & Carol own their home and have made Mirror (joint) Wills stating on 1st death the surviving partner will inherit the property and on 2nd death the property will pass to the 2 children.

Bob passes away 1st and Carol now owns the property solely. But watch what happens:

1. Carol remarries and her Will is revoked null and void. She doesn't make a new Will and on her death Carol's new husband inherits the property under UK law - children receive nothing.

2. Carol does make a new Will after her new marriage and makes her new husband the main beneficiary and on his death the 2 children inherit. But after Carol's death her new husband re-writes a new Will leaving the property to his children - Bob & Carol's children receive nothing.

Solution - Protective Property Trust based Will and change ownership from joint tenants to tenants in common meaning they own an equal share in the property.

By placing this trust within their Wills they are protecting their share of the property against the points made above. On Bob's death Carol has the full right of the property until her death, but Bob's share is protected for his children as they are the named beneficiaries. Therefore if Carol remarries her new husband regardless of if she makes a new Will or not he has no right to Bob's share in the property as it is placed on trust for the children.

The issue with basic Wills is there is no guarantee assets will pass to your children, known as sideways disinheritance from the examples above, which are more common than you think.

If you wish to receive more information and protect your children's inheritance, call for a free no obligation meeting at your convenience.

28/01/2021

https://twitter.com/optimalwills/status/1354875262563975173?s=21

“‘DIY Will’ rejected in £300k case https://t.co/98tcW2avHH”

25/01/2021

What are the differences between online Wills which can either be FREE or for a small fee of £15 in most cases compared to a professionally written Will?

👉 Online Wills are order takers, they don't offer you advice on your instructions or your personal circumstances. How can you be sure it's what you actually want/need?

👉 They are only basic Wills which may not be enough for your circumstances. A basic Will won't help if you have children from a previous relationship, have disabled/vulnerable beneficiaries, if you wish to exclude someone from your estate

👉 They don't answer your questions and ensure you fully understand what your Will does and doesn't do?

👉 They don't advise you in regards to your children from a previous relationship, or if you have multiple properties, or tax implications, or what would happen to your business

👉 They don't explain other services to you such as Trusts, Lasting Power of Attorney, Tax Planning

👉 Without guidance you could place something in your Will or word it in away that make sense to you, but is misinterpreted or could be ambiguous that results in the wrong thing happening and not what you wanted.

👉 Online Wills don't check if someone has the capacity to make a Will or that they are not being coerced by someone else, or the identification of a person making a Will

👉 Online Wills don't check that the Wills have been signed, dated and witnessed in the correct way to ensure they are legally valid.

DIY/Online Wills seem like a cheap and simple option, but the fact is by doing something wrong or not having the right things in place, could lead to legal disputes and being successfully challenged costing more in the long term. A professionally written Will is not as expensive as you may think and it will give you peace of mind knowing everything is done legally and correct.

Contact us if you would like more information on making your Will.

19/01/2021

"I've been wanting to make a Will for the past 5 years, but my husband John doesn't want to discuss it. But recently a friend passed away and he did not have a Will and it has caused all sorts of problems. The family are arguing and fighting - I don't want that to happen so I have told him we need to sort it"

Most people I speak to say something similar, but I make sure
the process is simple and the conversation is relaxed by asking some easy and straight forward questions. By doing so we will be able to draft your Wills so they achieve what you want to happen.

Most people who have put off making their Will because they didn't wish to discuss it often say "Is that it! That was not too bad" and it really isn't, and what's more they have complete peace of mind that everything is in place and is sorted so the kids and family members won't be arguing!!

So if the above rings true with you, then give me a call and we can
book an appointment, have a cuppa and discuss how I can help with a relaxed & friendly conversation in the comfort of your own home

14/01/2021

Local Company providing a personal, friendly and professional service in Wills, Lasting Powers of Attorney & Estate Planning within a cost efficient manner. Full member of the Society of Will Writers.