Insights

Wills and Lasting Power of Attorney

Our Guide To Protecting Your Loved Ones And Your Estate

It is estimated that almost 60% of all adults in Britain do not have a Will. That means that 3 out of every 5 people are currently leaving their estate in a position of vulnerability.

We have designed a guide on the pitfalls your loved ones will face should you pass away without a Will, top tips to consider when getting a legal professional to write your Will, the importance of a Lasting Power of Attorney (LPA), and the dreaded inheritancetax.

Check out our top tips guide here:

It is estimated that almost 60% of all adults in Britain do not have a Will. That means that 3 out of every 5 people are currently leaving their estate in a position of vulnerability.
Passing away without a Will can cause undue stress to your loved ones, in time, money, and emotions, during what should be a period of grief.
Creating a Will helps to alleviate those stresses and reduces the risk of disagreements and disputes occurring that can end up in court.

Our Promise to you

A legal experts will hand hold you through the Will writing process to ensure all your needs are met.

Setting up a Will is the only way that you can have a say over what happens to your assets when you die.
The making of a Will is a fairly simple process. It will give you peace of mind knowing that your loved ones will not be troubled by the complexity or expense that might result from intestacy, which is the condition of someone who dies without having a valid Will in place.

  • We offer a free 1 hour call to discuss your Will requirements in further detail
  • We offer Will writing services starting at £500*
    • *These prices are indicative and exclude VAT

8 reasons to write your Will today

  1. There may be an unnecessary tax bill for your beneficiaries (loved ones)
  2. If you are not married then your partner may not be entitled to your assets / estate
  3. Your estate may go to people you do not want it to. For example, if you’re separated, your estranged partner may benefit
  4. The courts may choose an unsuitable or unwanted guardian(s) for your child(ren)
  5. Your business could be divided up, sold or given to someone you would not choose
  6. Dependants needing care may not receive your financial assistance, no matter what your intentions
  7. Other people may claim on your estate bringing large expenses, turmoil and lengthy delays to your loved ones
  8. You won’t know who will take care of your pets

The Wills Jargon-buster

Beneficiary: A person, or an organisation you leave something to in your will.
Bequest: A term for a gift that you leave to a person or organisation in your will. There are a few different types of bequests, which we can explain to you.
Codicil: A document used to amend a will that has already been made.
Estate: Your estate is the total sum of your personal possessions, property and money minus any liabilities.
Executor(s): The person or people that you appoint to carry out your final wishes. These can be professionals, friends, family members or institutions such as banks and some charities. Make sure to let them know!
Guardian: Someone who is responsible for children until they become 18.
Inheritance tax: This is a type of tax that is paid on the portion of your estate that is above the nil-rate threshold.
Intestate: The word used to describe someone who has died without making a will.
Legacy: Another word for a gift or bequest left in your will.
Probate: When somebody dies leaving a will, their execu-tors will usually need to apply for a grant of probate. Once this is obtained, the executors can deal with the wishes ex-pressed in the will and distribute the gifts that have been left.
Residue: This is what is left of your estate after any outstanding debts, taxes, pecuniary and specific bequests have been distributed to beneficiaries.
Testator: The name given to a person who has made a will.
Trustee(s): One or more people who manage a trust.

Our top tips for Will writing and planning your estate

  1. Protect family heirlooms, sentimental items and digital as-sets
    • We all have those sentimental items such as family heirlooms, photographs, art, collectables and much more. A Will gives you the opportunity to gift those items of importance to the people that you love, or to organisations, such as museums.
    • More and more of our personal belongings are being saved online, including passwords for internet accounts, email and Social Media accounts, digital music, and images. When drafting a Will, you can decide whether to leave these to family or friends.
  2. Plan for inheritance tax
    • Once your Will and lasting power of attorney (LPA) have been written and appointed the next step is to think about inheritance tax planning. If not planned for in advance, then inheritance tax can come as a huge shock to family members and potentially cost them a lot of money. In the UK, a record £6.1 billion was collected by HMRC in inheritance tax receipts in 2021—2022. It is critical to understand the worth of your assets and plan ahead of time in order to reduce your liabilities.
  3. Check your Will on a yearly basis to ensure it covers any major updates in your life
    • Your Will should change as your life does. We recommend that our clients review their Will and estate plan each year.
    • You should update your will if you have had a significant life event, such as the birth of a child, a change in your marital status, or the sale of a property, to guarantee that your loved ones, assets and property are protected.

What is a Lasting Power of Attorney (LPA)?

A Will is written to guarantee that your wishes are honoured after your passing.
An LPA is established to safeguard your interests over your lifetime.
Why is an LPA a good idea?
A serious accident or illness that impairs your mental capacity, such as dementia, may cause you to lose the ability to make decisions about your finances or overall wellbeing. In these cases, an LPA gives you more control over how these decisions are made.

Without an LPA:With an LPA:
Your family are not permitted to make decisions for you.You set up an LPA to cover your financial and healthcare needs.
Individual bank accounts can be blocked.
You can appoint someone to make financial decisions on your behalf.
Some situations may result in the freezing of joint bank accounts.
Bills can be paid as usual.
Your money cannot be used to pay bills.
No accounts are frozen. The banks will acknowledge the legal standing of the person you appointed to act on your behalf.
Property cannot be sold. If a cohabiting partner wanted to move, they couldn’t.
The appointed person may make investment decisions for you.
From a legal standpoint your next of kin cannot decide what medical care you receive.
If necessary, real estate can be sold and the person you appointed can make decisions about your personal life, such as where you should live.
Your next of kin have no authority to decide personal matters like where you should live.
Setting up an LPA gives you the power to decide who can make decisions on your behalf.
Only a court order will provide your next of kin the legal right to act on your behalf. This is
time-consuming and costly.
A Lasting Power of Attorney is far less expensive than a court order.

Why use MSR

Your Will is one of the most important legal documents that you will make in your lifetime.

Our team of Wills experts will ensure that your wishes are clearly expressed in your Will, and that your estate is passed on to those most important to you.

We offer a personal and professional Will writing service. We will handhold you through the whole process. So whether you have a simple or complex estate, family situation or request, our experienced Will writers have got you covered.

We do all the work in house and will assign one person to deal with your request. We believe in offering a thorough and caring service and will work with you until you are fully satisfied with the outcome.

*This article is not legal advice but provides a general overview. The specific details of your case will determine the best course of action.