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“I only need a simple Will – You don’t know what you don’t know”
In this blog, I would like to differentiate between simple and complex Wills, and perhaps why it is a good idea to have professional advice. That isn’t to say that I will always advise the need for complex (typically more expensive Wills). What I will always do is advocate professional advice and provide this specific to your needs. A little insight into my work I saw a client recently who told me that he did not need advice because his estate was straightforward – 2 properties and some savings. His London property was to be left to his daughter, and his home to his partner, and he is not leaving…
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A day in the life of a Will Writer – Episode 2
You will have seen in Episode 1 of this new series that no two days are ever the same for me and that is one of the joys of the work that I do. Having worked in legal firms for as long as I have, I knew that when I started my own business, I wanted to build a reputation for exceeding the expectations of my clients. Running a successful Will Writing business comes with a lot of responsibility and, as well as adhering to legislation governing what I do, there is also case law precedents which govern what I do too. I am writing about this because lots of…
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Common myths about LPAs (Lasting Powers of Attorney)
SLS have been helping clients with important legal documents for years. Here are some of the common myths about LPAs that we have heard. I’m too young to have an LPA. This is a silly one… Sadly, you can lose your capacity at any time and one of the biggest causes for loss of capacity within younger people is from road traffic collisions. If you don’t have an LPA and lost capacity the impacts on loved ones could be catastrophic. My family will take care of me. It’s true that your family will probably take care of you but will they have any legal power to make decisions regarding your…
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A day in the life of a Will Writer – Episode 1
A day in the life of a Will Writer and Estate Planner – Sara Sheppard A day in the life of a Will Writer – with SLS Wills and More’s Founder and Operator – Sara Sheppard. One of the things I love about my work is that no two days are the same but there are some common tasks, themes and conversations. Here’s just sample of some of the work I’ve done in the last week. A common element to my day is networking and developing relationships with other professionals such as Financial Advisers, Mortgage Brokers, and Accountants. The session I went to last week was with 4N…
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Common Myths about Wills
Having practised in private client for so long I’ve heard just about every excuse and reason why people don’t need or haven’t got a Will. Here are some of the most common and frustrating myths. I don’t need a Will – My partner will get everything… Not True. If you don’t have Will your estate Will pass in accordance with the rules of intestacy. Under these rules, the first £270k will pass to your spouse or civil partner after which any surviving children will benefit in conjunction with your spouse. Other friends and family are likely to receive nothing so it’s best to write a Will to ensure your…
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Biggest mistakes made when writing Wills
The problem with making mistakes when writing your Wills is that they often don’t come to light until you’ve passed away by which time, it’s often too late. We have drawn together a list of some of the most common mistakes people make when writing their Wills. Remember though that taking professional advice from me (Sara – SLS Wills and More) means that we’re able to avoid pitfalls help you put a document in place that will stand the test of time. Common mistakes: Being too vague when detailing who you would like to benefit from your estate or with what you’re gifting. This could mean that the gift fails…
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Famous Wills and Estates
Jimi Hendrix Rock star Jimi Hendrix died 50 years ago in 1970 but is a perfect example of the importance of having a Will. The battle over his estate raged on for more than 30 years because he had no Will. What makes matters more complicated is that musicians often generate money through royalties after they’ve died. William Shakespeare The famous playwright’s Will is an interesting one and is even more fascinating because it’s signed 3 times. Most notably he left his wife his second-best bed, but according to the national archives, he left the bulk of his estate to his elder daughter, Susannah Hall and he left £300 to…
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Commercial/Business Lasting Powers of Attorney – What are they?
A lasting power of attorney (LPA) is a legal document through which you authorise a chosen person to make certain decisions on your behalf. The decisions that you authorise your chosen person to make can be either in relation to your finances, for which an LPA for property and affairs will be created, or in relation to your personal life, where an LPA for personal welfare will be created. An LPA is a very important document, as it ensures continuity in the management of your life and your finances, should you become unwell or lose the capacity to make decisions. You may feel that an LPA is not necessary, and assume…
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What does a Lasting Power of Attorney do?
L asting Powers of Attorney (LPA) What are they? This is an important legal document in which you (the donor) appoint people your trust (attorneys) to be able to make decisions for you in the event that you become unable to make them yourself or should you decide not to make decisions for yourself. There are two different types of Lasting Powers of Attorney. One giving power over your Health and Welfare and one for your Property and Financial Affairs. When can they be used? They can only be used when they are properly registered with the Office of the Public Guardian (a Gov Body) known as the OPG.…
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What are the main reasons people write Wills?
What is a Will? As many of us know, a Will is an important legal document in which you express how you would like your property, cash and chattels to be distributed when you’re no longer around. It also makes provision for guardianship of minor children, allows you to appoint people you trust to administer your estate (manage the probate process) and can be used to mitigate tax. There are lots of reasons why everyone ought to have a Will, and in this article, we’re going to explore some of the most common reasons people write their Wills. Reasons to Make a Will Just purchased a house or home This…
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