Most people’s major assets are in the form of property
The average person moves every 7 years in their life time the cost of professional fees for these 7 moves is at least equal to their annual salary.
This is not including buy to let properties and holiday homes.
Or the cost of care home fees in later life.
Yet many people believe that these assets can be protected with a simple will equal to a few hours work. Some believe they don’t need to make any provision and the Rules of Intestate will be sufficient.
Properly structured Trust and Wills can protect your property for less than a month’s salary.
Resulting in the assets going to who you wanted irrespective of events after your death. I.e. your spouse remarrying or children divorcing etc.
Comparing the cost of Trust and other legal services is very confusing, when we researched the cost of these services from banks and other providers; we were unsure exactly what they referred to. Similar to comparing car servicing cost without knowing if you are being offered a basic safety check ,mini service, standard service, or major service with M.o.T.
Many people know what they want to achieve and know there must be a product but become confused by all the different names used by different providers for the same product. We suspect this is to stop you comparing. Also the more complicated they make a subject appear the more they can justify high fees.
Therefore we have listed some of the questions people ask us we hope this helps.
Requirement. You want to put your property and assets in to a Discretionary Trust to take them out of your estate. Suitable in making sure assets pass to your intended beneficiaries, protect against sideways inheritance, care home fees, bankruptcy.
Requirement. you want your property to pass to your children even if your spouse remarries use a Discretionary Trust.
Requirement. You do not want your child to inherit at 18. A Discretionary trust gives the trustees control until any age or event, they could release some assets for education or deposit for a property or any reason set out in your guidance notes.
Requirement you want your property to pass to your children even if your spouse remarries use a Discretionary Trust.
Requirement you want your property to pass to your children even if your spouse remarries but you want your spouse to have the uses of the property for they life time. Lifetime Interest Trust.
Requirement you want your “Buy to Let” property to pass to your children but you want the rental income to go to your mother for her life time, product; Lifetime Interest Trust.
Requirement you are going abroad and want a relative / friend to take care of your assets in the UK including the sale of your property. General Power of attorney or specific Power of attorney with just gives them control over a named item i.e. one property.
Requirement you want a relative / friend to be able to act for you regarding property and financial affairs if you where physical incapable i.e. in hospital. Lasting Power of attorney (Property & Financials) or Lasting Power of attorney (Health & Welfare) for medical treatment etc.
Requirement you want a relative / friend to be able to act for you if you where mentally incapable i.e. dementia or as a result of an accident. Lasting Power of attorney,(Health & Welfare) for medical treatment etc.
Requirement you want to leave precise instructions should you be unable to instruct medical staff, regarding resuscitation, medical treatment commonly known as a “Living Will” legally a “advance directive’”
Requirement you have nominated guardians for your children, you have also set up adequate life insurance provision, you want a trust that will release part of the funds on a annual basis for their upkeep to the guardians, a provision for education, and a provision for deposit on a property you want to nominate trustees to carry out your wishes at their discretion. Discretionary Trust.
Requirement you have a business partner on your death you want your partner to be able to buy your share of the business ;product Life Insurance paid for by the business but how do make sure that your business partner uses this money to buy out your family product Cross Option Agreement & Business Trust. If you want to make other arrangements regarding your business then Business Trust.
You will have noticed that a Discretionary Trust is mentioned many times one trust can for fill all these functions and many others. We do not give the same trust 3 or 4 different names and advise you that you need one of each (we are not a multi-national bank) A Absolute Trust performs a similar function but there is no flexibility, e.g. if you state your son inherits at 25 that when he inherits irrespective of the fact he is about to get divorced or to be made bankrupt or joined a sect.
*1 £250 deposit Safe Hands Plans.
*2 £99 deposit Golden Charter.
*3).Mirror Wills are where there are two identical wills with just the names changed.
*4) Pair of Wills. This is where there are differences between the Wills. Such as different distribution, choice of executors etc but where both Wills are instructed at the same time.
*5) Property Protection Trust helps protect the property against care home fees. For more information clink link.
*6) Lasting Power of Attorney (LPA) includes a LPA Health & Welfare and a LPA Property & Finance together with the application forms completed. It does not include the Ministry of Justice registration fee of £82 this has been reduced from £110. Registration does not have to be completed immediately. Price only applies where we are also producing the Wills. Client registers the LPAs if you wish us to register on your behalf a additional fee is payable of £100 plus the court registration fee.
*7) Two complete sets of LPAs arranged at the same time.
*8) Funeral Plan purchase through us (Safe Hands direct deal and Golden Charter Base Plan 25% discount). Only applies to appointments via Saxon Wills where we are acting on behalf of a plan provider different discounts are available.
*9). Price quoted is for an online telephone and virtual adviser appointment, home visits are available at additional cost.
*10). Price applies if purchasing a funeral plan through us.
*11). Does not include severance of title. Not always required depends on type of ownership.
|Life time Single||£75.00||£25.00|
|Life Time Couple||£100.00||£33.33|
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