Evie was referred to me by her Financial Advisor. She had lost her husband, Charlie in recent months and she wasn't sure if she needed to update her Will. I visited Evie, and her daughter Karen, at Evie's home in July for a free Will review. Evie and Charlie had relatively straightforward mirror Wills, leaving everything to each other and then the children, with no additional trusts to be mindful of. However, the addition of grandchildren hadn't been factored in and Evie decided she wanted to gift them money on her death.  

Pre Meeting

I had a brief discussion with Karen, the daughter, about her mum's circumstances, what she was looking to achieve and I gave her an idea on prices. We can either get a date booked in for an instructions appointment, or I send my Initial Client Email with useful prompts, factsheets and my terms of business and then get an appointment booked in. The prompts are great conversation starters between couples or if you are on your own, a way to guide you through what I'll be asking. 

Our Instructions Meeting

I don't mind if clients want to have one of their adult children in the room - or a friend or even their financial advisor. Going to someone at their home and being surrounded by their own things, in their own space, makes a sometimes daunting task that much easier to manage. As long as they are there for support only, then it's not a problem. 

As with any of my appointments, formalities like full name, dates of birth and checking photo ID are essential. We then went into the assets. Making a list of the main assets and wealth allowed me to determine whether inheritance tax (IHT) would be a factor on Evie's death. 

Spousal Exemption means that when the first spouse dies, everything goes to the other partner completely free of IHT. Your allowances (£325,000 for everyone, and a further £175,000 if you are leaving a property eventually to your children) pass to your spouse and can be added to their own on their death. That means for a married couple, they can have a joint estate of up to £1million before IHT kicks in. 

I lost Charlie a few months ago and although we had Wills, I didn't know where anything was, Charlie dealt with it all. Our Financial Advisor was a big help and he suggested I get in touch with Stacey to get my Will reviewed. Now it's done, I feel relief that the children won't have to go through that again with me.  

We made a list of all the Children and the grandchildren. Sometimes it's helpful to have this ready for me in advance as it does save time - although it is fun seeing mum's and nan's reeling off full names and dates of birth (normally whilst the dad's and grandpa's are saying things like…'don't ask me!').

Next, we discussed her chosen Executors - the people who you chose to apply for Probate and distribute your assets. As it's a fiscally responsible position, I do always recommend a Professional. I work exclusively with Laurelo Ltd as they hold the same customer centric beliefs as we do at Legacy Protect Wills & Estate Planning. They will excuse themselves from the position if your chosen Executors do not want to use their services when the time comes. 

Evie knew what her funeral wishes were - a cremation and her ashes scattered with Charlie by their holiday home. She didn't realise we could put in her Will that she would prefer donations instead of flowers. I was able to help introduce her to a local firm I work with, Drew and Sons, to discuss a pre paid funeral plan. 

She was also very keen to leave her jewellery to her daughter and one particular necklace to Karen's 2 year old daughter. Charlie had wanted his wedding ring to go to his son after Evie passed, and so we included that too. Plus cash amounts to the grandchildren that would go into trust if Evie passed away and they were under 18. 

Lastly, Evie didn't have any Lasting Power of Attorneys (LPAs) in place. There are two types - a finance & property LPA and a health & welfare LPA. Evie nominates whomever she chooses to be her Attorney(s) in the event she were to lose mental capacity either through illness or injury. Once these are registered with the Office of Public Guardian (OPG), the client is given a reference number to register with the NHS or their banks so that it is already listed before it is necessary. The named Attorneys will then be able to make decisions, in the best interests of the client, on behalf of the client. 

These can be time consuming to complete and it is a lengthy process. Making sure the LPA forms are completed correctly will ensure a smooth process and no delays. Legacy Protect Wills & Estate Planning can complete these documents and liaise with the OPG on your behalf.    

If you would like a free Will review, to update your Will or to get LPAs in place, then please do get in touch with us via our Contact page and we will be happy to discuss your circumstances and see how we can assist.