Frequent Asked Questions
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WILL WRITING
Will Writing Questions & Answers
1. Why should I have a Will?
A Will enables you to, choose who will get your property after your death, choose how your property will be divided among your various beneficiaries, give specific items of property to specific people, appoint someone you trust to administer your estate; and appoint a guardian for your minor children.
2. What makes a Will invalid (UK)?
A Will can be declared invalid where there is found to have been 'undue influence' on the testator. To avoid any challenge along these lines, it is important that a will is made voluntarily and not under duress, and reflects the testator's true wishes.
3. What are executors and can my executor be a beneficiary in my Will?
Your executors are the people you name within your Will to be responsible for administering your estate, in accordance with the terms of your Will and yes, they can be a beneficiary.
4. Is Probate needed if there is a Will?
If you are named in someone's Will as an executor, you may have to apply for probate. This is a legal document which gives you the authority to share out the estate of the person who has died according to the instructions in the Will.
5. How long after death is a will read (UK)?
On average, it takes between nine and 12 months to obtain the Grant of Probate and complete the estate administration process in England and Wales.
Will TRUSTS
Will and Trust Questions & Answers
1. How do Trusts work (UK)?
A Will Trust is a private legal arrangement added to your Will in which the ownership of your assets are transferred into a private fund. This private fund is then held and managed by you, family members or group of individuals. ​This mean your assets have been taken out of your name and consolidated into the Trust, which you still maintain full control of. To learn more contact us at Legal Help Services Limited
2. Who is the Settlor of a Trust?
The settlor of a trust is the person who creates and funds the trust. Think of them as the architect of a plan to protect and manage assets for the benefit of others. They make the rules about how the trust should work and who the beneficiaries will be.
3. What is the Average Cost of a Will and Trust in the UK?
The cost of creating a will and trust in the UK can vary widely depending on your specific needs and circumstances. On average, it may range from a few hundred to a few thousand pounds. To get an accurate estimate and ensure your wishes are legally protected, it's best to consult with our experts at Legal Help Services Limited.
4. Can a Trustee Be a Beneficiary?
Yes, a trustee can also be a beneficiary in certain situations. This can happen when the person chosen to manage the trust assets is also meant to receive some of those assets. However, it's important to ensure that this arrangement aligns with your overall estate plan and the specific type of trust you're establishing.
5. What Types of Trusts Are There?
In the UK, there are several types of trusts to choose from, each serving different purposes.
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Child Trusts are designed to secure a child's financial future.
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Express Trusts allow you to specify exactly how your assets should be distributed.
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Discretionary Trusts provide flexibility in asset distribution.
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Living Trusts sometimes known as revocable trusts, help manage your assets during your lifetime and simplify the distribution process after your passing.
Legal experts at Legal Help Services Limited can help you select the most suitable trust for your needs and goals.
GRANT OF PROBATE
Probate Questions & Answers
1. When do you need Probate?
Probate is needed when someone passes away and leaves behind valuable things like houses, money, or possessions. It's like getting official permission from the law to handle their stuff and make sure it goes to the right people. If you're unsure, it's a good idea to talk to experts at Legal Help Services Limited. They can help you figure out if probate is required and guide you through the process.
2. When Is Probate Required?
Probate is usually required when someone who has passed away owned valuable things like property or had money saved up. It's a way to make sure these assets get shared properly among their family or chosen beneficiaries. If you're unsure, it's smart to get advice from professionals at Legal Help Services Limited who specialize in handling probate forms and grant of probate applications.
3. How Long Does Probate Take?
Probate takes time, usually around 9 months to a year or even more. It involves legal steps, paperwork, and sometimes waiting for things to happen. But don't worry, experts like probate solicitors at Legal Help Services Limited can help speed up the process and assist with probate fees.
4. How Long Does Grant of Probate Take?
Getting the Grant of Probate is like getting the official permission to handle someone's assets after they've passed away. It can take a few weeks to a few months to sort out. If you want it to move faster and without hiccups, consider seeking help from a probate service like at Legal Help Services Limited, who specialize in probate application forms and grant of probate.
LASTING POWER OF ATTORNEY
LPA Questions & Answers
1. What is a Lasting Power Of Attorney?
A Lasting Power of Attorney (LPA) is a legal document in the UK that allows individuals to appoint trusted individuals (attorneys) to make important decisions on their behalf if they become unable to do so due to illness, disability, or other circumstances. There are two main types of LPAs:
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Property and Financial Affairs LPA: This type of LPA empowers your chosen attorney to manage your financial matters, such as handling bank accounts, paying bills, or selling property.
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Health and Welfare LPA: This LPA grants authority to your attorney to make decisions regarding your health and personal welfare. This includes choices about medical treatment, care arrangements, and even life-sustaining treatment.
Additionally, within the Health and Welfare LPA, there is a subset known as the Advance Care Planning LPA. This specific LPA allows you to outline your preferences regarding medical treatment and end-of-life decisions, ensuring your wishes are respected even when you cannot express them yourself.
2. When does a Power of Attorney start?
A general Power of Attorney starts immediately upon implementation. A Lasting Power of Attorney starts when it is registered with the Office of the Public Guardian
3. Is the Lasting Power of Attorney legally binding outside of England, Scotland and Wales?
An LPA made in England and Wales is not legally binding for use in other countries (including Scotland and Northern Ireland). It is up to institutions (such as hospitals and other health care facilities) in other countries to decide whether to recognise the LPA.
4. How long does a Lasting Power of Attorney last?
The lasting power of attorney (LPA) ends when the donor dies. Tell the Office of the Public Guardian (OPG) and send them: a copy of the death certificate (the original LPA)
5. What happens after LPA is registered?
Once your LPA has been registered by the OPG they'll return the form to you (or to the attorney if they registered it). It will be stamped on every page and it's only valid once this is done. It's important that those close to you, your doctor and anyone else involved in your care know that you have made an LPA
ESTATE PLANNING
Estate Planning Questions & Answers
1. What is Estate Planning?
Estate planning involves making decisions about what happens to your assets, like your home and money, both whilst you are living and after death. It ensures your wishes are followed and can save your family from legal expenses when you pass. Estate planning also includes writing a will, Lasting Power Of Attorney forms, setting up trusts and minimizing taxes.
2. What type of assets can be placed within the Trusts?
You can put various assets in trusts, including:
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Home / Property(s)
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Business Profits
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Savings
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Investments Earnings
Trusts offer protection and control over these assets, ensuring they go to the right people or causes.
3. Is it worth setting up a Trust?
Absolutely. Trusts, like Asset Protection Trusts or Property Protection Trusts, shield your assets from potential issues like creditors or care costs. They provide control over asset distribution, making it a valuable step in securing your legacy. We at Legal Hep Services Limited can give you step by step guidance on setting up a Trust.
4. What is Asset Protection?
Asset protection (also known as a Living Trust), is a strategy to safeguard your assets from potential threats like creditors, lawsuits, or financial challenges. It ensures that your wealth remains intact and benefits your intended beneficiaries.
5. What are the pros and cons of Asset Protection Trusts in the UK?
Pros include protecting assets from creditors and legal issues, the only con may involve initial costs. For more information contact us at Legal Help Services Limited, for a Free Consultation and special offers.