ESTATE PLANNING SERVICES **
We are here to offer quality advice regarding protecting your estate and making sure that your later life planning is taken care of.
I have advised hundreds of clients over the years regarding their estate planning; Wills, Power of Attorney, Property Protection
Trusts
and Family Asset Protection Trusts.
This experience was built up during working with Golden Charter who are one of the market leaders in this field.
Now we have launched this service to all of our clients both old and new exclusively through On Line Mortgages.
We offer UK coverage, this is either through personal visits, advice over the phone (with confirmation of recommendations in writing). With our partnering with The Online Will Service, we can offer face to face advice even if we cannot see you ourselves.
Please see details of our service below:
Legal services for your assets
Everyone wants to leave their family more than just happy memories. But did you know that if you don’t put plans in place to protect your assets then you could be leaving behind less than you’d hoped? Many people worry about having to sell their home to pay for care, and may not be aware of the high legal fees involved with probate. The good news is there are ways to help protect against these and make things easier for both you and your loved ones. Plus, the sooner you act, the more likely you are to save. At On Line Mortgages we offer a full range of services, most of which we advise over ourselves or if there is a specialist needed for your personal circumstances we would agree an introduction to someone qualified in this area.
Why is a Will so important?
It specifies who inherits what: money, property, possessions, personal mementos or charitable donations
A properly drafted Will can protect your loved ones and avoid complications and disputes after you die.
What if I don’t make a Will, or keep it updated?
Without a Will in place, the rules of intestacy apply – often a lengthy and complex process
The people you love may wait longer to receive what you wanted them to get
The courts may decide who gets what
Don’t leave it to chance
Whether it’s writing or updating your Will, considering ways to protect your assets, or organising a funeral plan, many of us don’t get around to making arrangements for the future. But we should.
On Line Mortgages make it simple to manage your affairs and plan ahead.
A Will from us is professionally drafted to ensure it fully meets your needs.
This is not only reassuring, but it can save your family from unnecessary worry by sorting things now.
How much does it cost to make a Will?
Our Will writing services come at a fixed cost, no matter how complex your estate is.
A Single Will costs £149
A Will for you and a mirror Will for your partner or spouse costs £199
What else should I know about making a Will?
Circumstances change. For example, a relationship status or becoming a grandparent. We suggest reviewing your Will every year
The people most commonly appointed as executors on a Will are relatives or friends, solicitors or accountants, or even banks
It’s important to choose your executor carefully as this person will have to take on a great deal of responsibility and work. This includes administrative, legal and taxation duties
If you die without a Will, the law decides who’ll be responsible for your affairs and who’ll inherit your estate. This could mean those you’d prefer not to inherit, benefit
Standard Wills contain your personal details, appointed executors, appointed guardians, funeral details, gifting and residue of your estate
If your health lets you down, here’s a plan that won’t
POWER OF ATTORNEY
What is Power of Attorney?
Power of Attorney is a legal tool that allows you to appoint someone to make certain decisions on your behalf.
It gives them the authority to make the big decisions if you lack mental capacity at some point in the future. Or, if you no longer wish to make those decisions for yourself.
In a Power of Attorney, you’re known as the 'donor'. The trusted people you choose to make the decisions are called 'attorneys'.
There are two types of Power of Attorney:
Those for financial decisions
Those for health and care decisions
Why is Power of Attorney so important?
Currently there are 850,000 people in the UK living with dementia. It’s estimated that by 2025, this will exceed over a million (source: Alzheimer’s Research UK,2015).
If in the future, you or your parents are no longer able or willing to make your own decisions, On Line Mortgages can help.
A Power of Attorney lets families stay in control of their affairs now while making things easier in the future.
By nominating someone to make decisions on your welfare and finance you’re ensuring that there’s no uncertainty or hassle for your loved ones should it ever be needed.
Without a Power of Attorney, your loved ones may have to go to court to get the authority to act on your behalf.This can be time-consuming and costly. By setting up a Power of Attorney now, you’re making things simpler for the future.
Who decides if a person is incapable?
Only a registered medical doctor can decide if you’re incapable. However, you don’t have to be incapable for the Power of Attorney to be used. If you decide you no longer want to make any of these decisions, you can choose to have your Power of Attorney in place now.
How does Power of Attorney work?
Arrange the Power of Attorney to be set up while you still have capacity
Choose the person you’d like to be your attorney
Decide when you’d like the attorney to act – right away or only if you lose capacity
Register the Power of Attorney with the Office of the Public Guardian – We can do this for you so there’s nothing further for you to do. Please note, if you’re self-registering it will be your responsibility to return the appropriate documents to the Office of the Public Guardian. We will advise you which forms should be sent. We recommend you do this as soon as possible after signing your documents. Forms can’t be registered once the person has lost mental capacity.
ASSET PROTECTION: FAMILY PROTECTION TRUST
Your Will is the first key step to planning successfully for later life. It tells everyone how you would like your wishes carried out. A Family Protection Trust works alongside your Will, to ensure that what you want to happen, actually does. It provides complete legal protection for your home and assets. The result? You leave more of your estate to your loved ones, saving money, time and stress.
What else should I know about asset protection?
A Family Protection Trust is a Trust that’s set up to hold your assets, safeguarding them from future circumstances and legal costs.
Protects against Probate, children being disinherited due to remarriage, plus it can even offer protection against care home costs.
You’ll avoid Probate fees of up to 5% of the estates value right away.You remain in control. You can continue to use your assets as you normally would – e.g. you can move home or invest your money.
Your Will remains in force according to your wishes and you can update or change it at any time. Children’s Inheritance Tax is planned for.
How a Family Protection Trust works
When you die, your estate is distributed immediately – there’s no need for Probate (legal fees)
Your Will is carried out by Trustees acting only in your interests. Beneficiaries’ current circumstances are taken into account by your Trustees to ensure your wishes are fulfilled
Your children can use the Trust to protect their own assets
As you may see from above, this can become a complex area to steer through, we are here to take away the difficulty of navigating the correct route once we have established your wishes. Please contact us for advice and guidance in these areas.
Please Note:
The Financial Conduct Authority does not regulate Wills, Estate Planning, some forms of Trusts. This service is offered via referral to a third party