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Specialist legal advice and practical support for financial affairs and estate management
Bereavement can be a challenging and difficult time and the thought of sorting through a loved one's finances can be daunting and upsetting. We can help and support with the financial and practical affairs, whether they are straightforward or complicated.
Very often a Grant of Representation is needed. If the deceased left a Will, and you are named as an Executor you may require a grant of probate. Or it could be that the deceased died without leaving a will (i.e. died intestate) and you will become an Administrator by obtaining letters of administration.
As a Personal Representative (whether an Executor or an Administrator) our experts in this field are happy to talk to you and advise as to what is necessary in your particular circumstances, so as to make the process as stress-free as possible.
We are able to assist you with just obtaining a grant of probate or letters of administration or deal with the whole administration process on your behalf. We can:
- Assist you in tracing a valid will and/or beneficiaries of the estate
- Obtain valuations of assets
- Ensure funeral accounts and other liabilities are paid
- If inheritance tax, capital gains tax or income tax is payable, ensure this is paid and within the time limit so as to avoid any unnecessary interest or charges
- Prepare the HMRC estate information form and oath to apply for a grant of probate/letters of administration
- Register the grant and collect in monies
- Prepare estate accounts
- Ensure accurate distributions to beneficiaries in accordance with the will or intestacy rules
We can also advise you on how to personally protect yourselves as a Personal Representative with regard to potential claims being made against the estate. Should a claim be made, i.e., by a creditor or a person under the Inheritance (Provision for Family and Dependants) Act 1975, we have the expert knowledge to deal with these claims on your behalf.
We are able to advise Personal Representatives and Beneficiaries on the possibility of post death tax planning, this can include a deed of variation. We can explore this avenue with you and prepare the necessary documentation. You may then want to consider whether in light of any inheritance you need your own further tax planning or to prepare or update a Will.
If you have any queries at all following the loss of a loved one, our qualified and friendly team will be more than happy to assist you, so please give us a call.
FAQs
FAQs Benefits of using an LPA to appoint an attorney
- Choice: the majority of people appoint other family members as their attorneys - people who know you well and are more likely to respect your preferences and best interests.
- Flexibility: unlike a deputyship, an LPA can assign a role to your attorney even without a loss of mental capacity. For example, they could be authorized to deal with your bank if you became physically unable to get to the branch for a while.
- Control: an LPA can be planned in advance at your own pace, avoiding the last-minute urgency of the Court.
- Cost: the appointment of deputies is likely to be significantly more expensive than drawing up an LPA. In some cases, two applications to the Court may be required, doubling the cost.
- Speed: an LPA can be completed and registered in advance and is ready to use immediately in an unexpected situation, for example if you have a stroke. It can also be registered in advance with organizations such as banks. With a deputyship application, it is not uncommon for it to take 6 months or more to give the deputy authority to act.
- Scope: A “health and welfare” deputy appointed by the Court of Protection cannot give or refuse consent to life-sustaining treatment for you, unlike an attorney appointed by LPA. If you were seriously ill, your wishes regarding life-sustaining treatment might not be respected.
Explore Battens' services for wills, trusts, probate and estate administration.
FAQs Wills, LPAs and Tax
Q1. Do I need a Lasting Power of Attorney?
This can be answered in the same way as we treat travel insurance. Hopefully you will not need a Lasting Power of Attorney but if you do, your attorneys will be relieved to see that you have it in place as it will save both time and money. A Lasting Power of Attorney (LPA) appoints people (known as Attorneys) to look after your affairs if for any reason you are unable to do so. There are two types of LPA. One allows your Attorneys to deal with your property and financial affairs and the other enables your Attorneys to make decision about your health and welfare. Please note that some nursing homes insist on future residents having LPAs so that they know someone can act if the resident has lost or loses the capacity to act for themselves. Please arrange an appointment to discuss this further with us.
Q2. Can I alter my Enduring Power of Attorney?
No. An Enduring Power of Attorney (EPA) is still valid but it cannot be altered. If you wish to change your attorney/s you need to make a lasting Power of Attorney. Please note that EPAs only cover your property and financial affairs. Therefore, it is worth considering making a Lasting Power to cover your welfare needs. Please arrange an appointment to discuss this further with us.
Q3. Can my Attorneys continue to pay invoices from my estate when I die?
The people you appoint to be your Attorneys under a Lasting Power of Attorney or Enduring Power of Attorney will cease to be your Attorney immediately upon death. The administration of your estate will be dealt with by the Executors that you appoint in your Will. If you are not sure of what you can and can’t do as an attorney, please arrange an appointment to discuss this further with us.
Q4. Is my Will valid even if I have separated from my spouse or civil partner?
Yes. A separation does not make your Will invalid. You should alter it as soon as possible (if you do not wish your spouse or partner to benefit). When you get divorced or your civil partnership has been dissolved, your Will will still be valid but read as if your ex-spouse or civil partner had pre-deceased you. Please arrange an appointment to discuss this further with us.
Q5 .Do I need to change my Will if I get married?
Your Will will be revoked upon marriage unless it has been made in anticipation of that marriage. Please arrange an appointment with us to discuss what your Will says or needs to say.
Q6. Can the beneficiaries in my Will also be my Executors?
Yes. However, your beneficiaries should not witness your Will. If you are not sure who can act as your witnesses, please arrange an appointment for us to advise you.
Q7. When do I have to pay inheritance tax?
The Nil Rate Band (NRB) is the basic allowance available to an individual before any inheritance tax becomes payable. The NRB is currently £325,000. The value is made up of gifts over and above the allowed allowances for the previous seven years before death and also the value of your estate when you pass away.
Q8. What is the Residence Nil Rate Band?
The Residence Nil Rate Band (RNRB) is an allowance available in addition to the Nil Rate Band and came into effect from April 2017. To apply the RNRB, your property must pass to your lineal descendants (children, grandchildren etc..). The allowance started at £100,000 for 2016 / 2017 and will increase by £25,000 each tax year until 2020 when it will be a maximum of £175,000. Together with the Nil Rate Band (currently £325,000), this will give an individual an allowance free from inheritance tax of up to £500,000, by 2020/2021.
Q9. How much is inheritance tax?
Inheritance Tax is charged at 40% for anything over the inheritance tax allowance.
Q10. Will you store my Will?
Yes. We will store your Wills free of charge. We also store deeds free of charge for existing clients.
Q11. Do common law wives and husbands really exist in law?
In short, no. The law does not automatically recognise couples who have lived together as if married or civil partners. This means that if you do not have a Will the intestacy rules do not distribute any part of your estate to your partner. There is an opportunity to make a claim under the Independent (Provision for Family and Dependants) Act 1975 if you have lived together for more than two years.
Explore Battens' services for wills, trusts, probate and estate administration.
“A simple will required. Naomi Bailey was so helpful, friendly and informative. Very professional.”
“Naomi Dyer was brilliant and other staff were also lovely, efficient, knowledgeable and helpful.”
“Naomi Dyer was very friendly, approachable, highly efficient and dynamic. I thought her advice was impeccable.”
“Naomi and her team were excellent. Thank you very much. It was very reassuring to have the same person deal with Marjory’s estate as her husband, Peter.”
“Naomi Bailey, once again, has been thoroughly professional, very helpful and very pleasant to work with during the updating of my Will.”
“Naomi Bailey helped me in an extremely caring manner at a very difficult and emotional time in my life. She explained everything in a very professional way. She is a true asset to your team. Thank You.”
“Lucy Horsington could not have been more professional, patient and kind.”
“I have always found Christine Greengrow extremely helpful, friendly, knowledgeable and efficient. Thank you”
“Having had problems elsewhere I was made welcome and treated with the greatest respect at all times by Christine Greengrow and her secretary. I cannot thank them enough for their speed of transaction and also Batten's for their low costs but high quality of service.”
“I received very professional but friendly service. Everything was made very approachable and easy despite the difficult circumstances that I was under.”
“I cannot fault the professionalism and specialized knowledge of Battens, easy to ask questions and I liked any suggestions which were made. Also they kept us up to date at all the times. Pleasant and friendly staff nothing was too much trouble.”
“Excellent service throughout, lovely approachable team. I highly recommend Lesley Eveleigh.”
