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Will writing and Probate services provided by IWC Estate Planning & Management Ltd

Specialising in Probate, Wills, LPAs & Estate Planning
“You take care of your family all your life,
don’t leave them in a mess when youre not there”
IWC_MASTER_BOOKLETv1.indd 1 10/12/2013 17:46
Your estate is
shared equally
between your
children (grand-
children if your
children have
already died).
Are You Married?
NB: If spouse dies within
28 days then treat as ‘N’
Do you have
children?
Is your personal
estate worth
more than
£250,000?
Your husband/wife inherits
everything (even if separated).
However delays of up to 2
years are commonplace if the
assets exceed £5,000.
Surviving partner
excluded.
No recognition for
Common law spouse.
Are your parents
still alive?
Your estate is shared
equally between
your parents.
Do you have
children?
Your husband/wife inherits the first
£250,000 plus personal chattels and
half of what’s left. The remaining half
is divided equally between the children
when they reach 18 or if they marry
before then.
Do you have any
brothers, sisters,
nephews or nieces
living?
Your estate is shared
equally between your
brothers & sisters. If
siblings have already
died then nephew &
nieces take their
place in the
distribution.
Do you have
step-children you
have brought up,
parents, brothers,
sisters nephews
or nieces living?
Are any of your
grandparents
still alive?
Your estate is shared
equally between
your grandparents.
Do you have any
aunts, uncles or
cousins?
CROWN TAKES ALL!
MAKE A WILL NOW!
Your estate is shared
equally between your
aunts and uncles. If
they have already
died, cousins take
their place in the
distribution.
MAKE A WILL.
Your husband/wife
inherits everything
(even if separated).
Your husband/wife inherits
everything (even if separated).
The rest of your family gets
NOTHING!
N
N
N
N
N
N
Y
N
N
Y
N
Y
Y
Y
Y
Y
Y
Y
ONE
Intestacy rules
take over when there is no will
Its easy to see
why making a Will is
just so important!
IWC_MASTER_BOOKLETv1.indd 2 10/12/2013 17:46
We are a specialist Probate, Will Writing & Estate Planning Company
offering nationwide coverage across the whole of England. Our full
company name is IWC Estate Planning & Management Limited, we are
a Limited Company regulated by the Society of Will Writers and Estate
Planning Practitioners, registered at Companies House.
Our head ofce is in Croydon, Surrey (Direct dial: 020 8150 2010 or
Freephone 0800 612 6105) however we have satellite ofce coverage
across most of England. See the rear of this leaet for a full list of our
ofces.
Our Will writing and probate staff are fully qualied probate practitioners
who hold the appropriate law degree qualications for probate and
estate administration, in addition some are full STEP members.
We provide a xed fee service for Probate Administration, LPAs, Estate
Planning and Wills, our fees will be agreed with you in advance and are
based on the work that we have to do. If you would like to take advantage
of our services we will happily visit you at home, daytime or evening, to
discuss how you would like us to work for you.
In addition to our main core services, for Executors and other professionals
we offer a Medallion Guarantee service, individual bankruptcy checks for
beneciaries living overseas, Share Valuations, Pre-Paid Funeral Plans
and Personal Injury Trusts also known as Compensation Trusts.
Please see rear of booklet for all our ofces.
About us
TWO
IWC_MASTER_BOOKLETv1.indd 3 10/12/2013 17:46
ARE YOU MARRIED?
When your partner dies, if their assets exceed £5,000, although you
may inherit, there is still a Probate application to be made.
Without a Will this procedure can be very long, delays of two years
are commonplace. Arguments often ensue as children may have a
right to part of the estate.
HAVE YOU ANY CHILDREN UNDER 18?
Unless you appoint a guardian for your children, Social
Services and the Courts will have to decide who will take
charge of your children for you. Unmarried fathers don’t
necessarily have automatic guardianship rights.
ARE YOU AND YOUR PARTNER UNMARRIED?
When one of you dies, property and investments
not in joint names will go to the deceased person’s
children or, if none, to their family. When there
is no Will, the surviving partner gets nothing.
HAVE YOU ANY CHILDREN
FROM A PREVIOUS RELATIONSHIP?
Once you and your partner have both died,
your assets will pass to the children or family of
whichever of you died second, leaving the other
person’s children or family with nothing.
HAVE YOU EVER THOUGHT WHAT
WOULD HAPPEN IF YOU WENT INTO CARE?
A carefully worded Will can ensure your
children don’t lose out in the event that you or
your partner go into care.
Do You Need a Will?
THREE
IWC_MASTER_BOOKLETv1.indd 4 10/12/2013 17:46
HAVE YOU EVER CONSIDERED WHAT WOULD HAPPEN
IF YOUR SPOUSE/PARTNER REMARRIED AFTER YOU DIED?
A Will can ensure your children don’t lose out in the event that your
partner gets remarried.
HAVE YOU ANY PROPERTY, SAVINGS OR POLICIES
NOT IN JOINT NAMES?
When a person dies, their assets may be frozen until the administration
of their estate is sorted out, often taking months and possibly causing
hardship for those left behind.
WOULD YOU LIKE TO...
SAFEGUARD YOUR FAMILY’S OR PARTNERS FUTURE?
Making a Will means that what you own goes to those you care most
about and not whom the law has chosen. You’ll know you’ve done all
you can to safeguard your family’s future.
LEAVE SOMETHING TO A GRANDCHILD,
NEPHEW OR NIECE,FRIEND OR CHARITY?
A Will is a wonderful way to remember someone and to be remembered
by someone. In addition, you can leave a lasting legacy so that the
work of your favourite charity can go on.
AVOID ANY ARGUMENT, EXPENSE OR DELAY?
Where there is no Will the average delay in dealing with an estate is
two years. With a Will the average is only six months. A well thought
out and legally drafted Will could avoid argument in the family as well
as saving considerable time, inconvenience and legal expense.
Do You Need a Will?
If you answered Y ES to any question
you simply need a Will
FOUR
IWC_MASTER_BOOKLETv1.indd 5 10/12/2013 17:46
PERSONAL WELFARE
A personal Welfare Lasting Power of Attorney (LPA) allows you to plan
ahead with regard to your personal healthcare and welfare by choosing
one or more people to make decisions on your behalf.
These personal welfare decisions can be taken by somebody else (a
close friend or family member) when you lack the ability to make
decisions regarding your treatment or other personal matters for
yourself; for example if you are unconscious or because of the onset
of a condition such as dementia. The Attorney(s) you appoint to make
personal welfare decisions will only be able to use this power once
the LPA has been registered and provided that you cannot make the
required decision for yourself.
You can decide to give your Attorney the power to make decisions
about any or all of your personal welfare matters, including healthcare
matters.
This could involve some signicant decisions, such as:
Giving or refusing consent to particular types of health care,
including medical treatment decisions; or
Whether you continue to live in your own home, perhaps with helps
and support from social services, or
Whether residential care would be more appropriate for you.
You may wish you Attorney(s) to have the power to make decisions
about ‘Lite-sustaining treatment’, if you do then expressly give your
chosen Attorney(s) the power to make such decisions.
You can also give your Attorney(s) the power to make decisions about
day-to-day aspects of your personal welfare, such as your diet, your
dress, or your daily routine. It is up to you which of these decisions you
want to allow your Attorney to make.
Lasting Power
of Attorney
FIVE
IWC_MASTER_BOOKLETv1.indd 6 10/12/2013 17:46
PROPERTY AND AFFAIRS
A Property and Affairs Lasting Power of Attorney (LPA) allows you to plan
ahead by choosing one or more persons you can trust to make decisions
and take appropriate actions on your behalf regarding your property and
nancial affairs.
Your Attorney(s) can manage your nances and property whilst you still have
capacity as well as when you lack capacity. For example, it may be easier for
you to give someone the power to carry out tasks such as:
Paying your bills
Collecting your benets
Managing your property
Dealing with any income
This might be for lots of reasons: you might nd it difcult to get about or be
housebound or may nd talking on the telephone difcult, or you might be
working or living abroad for long periods of time.
SIX
IWC_MASTER_BOOKLETv1.indd 7 10/12/2013 17:46
It is important to consider funeral planning; otherwise your family will
never know what you would have wanted. If you have strong beliefs
about certain aspects of your funeral and arrangements that are made
after you death, or very specic wishes and requirements, consider
planning your funeral today. Many people have strong views about
burial and cremation, others reject traditional funerary practices and
wish for loved ones to celebrate their life, rather than mourn them.
If you feel strongly about these issues it`s important not to leave
anything to chance.
WHAT YOU WOULD HAVE WANTED
When you make your will, you may wish to mention a preference for
burial or cremation. You may care to set out funeral details such as
religious preferences or requests for donations to charities in lieu of
owers. However, did you know your Executors are under no obligation
whatsoever to carry out funeral wishes requested in your Will? So, no
matter what you include, there`s no guarantee that your last wishes
will be carried out.
The only way to secure your funeral arrangements, just like anything
in life, is to pre-plan. Planning in life assures that you get the type
of memorial and ceremony that you want in death.
FUNERAL EXPENSES
It is impossible to predict how much your funeral
expenses will be, or foresee how far in the future they
may arise, it follows that savings or insurance may
not be enough. However, your funeral costs will
be a rst liability on your estate and must
be paid well before any other bequests can
be distributed. It enables you to relieve
these unnecessary nancial and emotional
burdens on your family, ensuring that they
will have nothing to pay.
Funeral Planning
SEVEN
IWC_MASTER_BOOKLETv1.indd 8 10/12/2013 17:46
It also allows you to pay today`s prices. Historically, average funeral costs
have increased above the normal levels of ination.
For example, a funeral costing just £850 15 years ago would cost around
£2,800 now. This means advance-planning has the potential to save you
and your family hundreds, if not thousands of pounds.
PLANS AVAILABLE FROM IWC
Funeral planning allows you to pre-pay for your funeral; you can do this with
a one-off payment or spread the cost over monthly instalments. Here is an
example of services that can be included:
Administration of plan
Funeral directors professional services
Local Church Fees
Ministers fees
Doctors fees
Advice on registration, documentation and certication for the funeral
Removal from place of death to funeral directors premises
Care of deceased prior to funeral
A high quality cofn
Crematorium fees
Use of chapel of rest for visiting
Attendance of conductor and four bearers on day of funeral
Provision of hearse and limousine for service at local church and/or
crematorium
Full listing of oral tributes
Thank you cards
Bereavement counselling
A tree planted with Future Forests
You will have the peace of mind knowing that
your funeral wishes will be carried out exactly
as you would have wanted.
EIGHT
IWC_MASTER_BOOKLETv1.indd 9 10/12/2013 17:46
IWC can help you with all aspects of estate planning; making your will,
the creation of trusts, funeral planning and avoiding inheritance tax.
Protecting your estate and its assets and safeguarding your children`s
legacy can be achieved in a number of ways.
At your free consultation, we can discuss these options and draft any
documents you require;
Making a Will
Lasting Power of Attorney
Discretionary trust
Asset protection trust
Family protection trust
Protective property trust
Converting to tenants in common
Declaration of trust tenants in common
Deed of trust
Inheritance tax planning
Funeral planning
What is Estate Planning?
An estate plan is a long term scheme devised to take care of your family
and assets in the event that you or your partner either need long term
residential care or perhaps pass away. It is a continuous process that
will differ depending on the circumstances of the individual involved.
There are 2 fundamental goals:
PROTECTING YOUR ASSETS
Estate planning ensures the eventual disbursement of your assets to
the intended beneciaries. You may think that, provided you have
a will, your family will be secure but this is not necessarily the case.
There are other threats to consider, for example what would happen
to your children`s inheritance if your husband or wife were to remarry
after your death? If your share in a property has automatically passed
to your spouse, your children could end up being dis-inherited.
Estate Planning
NINE
IWC_MASTER_BOOKLETv1.indd 10 10/12/2013 17:46
Another potential threat to your estate is local authority care home fees.
According to statistics, women have a 1 in 4 chance of needing long term
care and men a 1 in 6 chance. You will be means-tested by the authorities
and if you have assets worth between £14,250 and £23,250, you have to pay
a contribution to social care costs. If you have assets over £23,250, you must
pay all care costs. This will amount to £30,000 - £50,000 per year. Should
the last surviving spouse need to go into care, the authorities can even put
a charge against your home.
LESSENING TAX LIABILITY
The second goal is avoiding, wherever possible paying 40% death duty on
the estate. Inheritance tax seems terribly unfair, especially when you`ve
paid tax throughout your life; income tax, national insurance contributions,
capital gains, VAT. It does however have one great plus, it is avoidable with
proper planning. There are many ways in which you can do this; all involve
either lessening the value of the estate or distancing yourself from assets.
Often people now refer to inheritance tax as a voluntary tax because there
are steps that can be taken to mitigate inheritance tax.
PROTECTIVE TRUSTS
Trusts are an important tool. They are used to protect assets and property
from possession by creditors prior to inheritance. This includes protection
from divorce settlements, debts and the trust will not be included during
means testing for care home fees. The current owner establishes a trust
with 2 benefactors; themselves and the inheritor. Upon death, the ownership
transfers to the inheritor. In the case of a protective property trust, it is
agreed with the trustee that the current owner will continue to inhabit the
property until they die.
Married couples must register as tenants in common so each spouse`s share
in the property is treated separately. When the rst spouse dies, the second
does not inherit as their interest goes directly into the trust. It is written
into the deed that the surviving spouse has the right to live in the property
for life or will receive proceeds of any rent. If they decide to sell, they can
do as they wish with `their share` but the other half is safely in trust for the
beneciaries.
A family protection trust means half share is left directly to the children
subject to the surviving spouse`s right of occupation. When the surviving
spouse leaves the house, with their consent, it can be sold and the
half share of the deceased spouse goes to the children.
TEN
IWC_MASTER_BOOKLETv1.indd 11 10/12/2013 17:46
Losing a loved one can be hard enough to cope with emotionally without
having to deal with probate as well.
1. REGISTER THE DEATH
Obtain copies of the Death Certicate, institutions that will require a
certicate include Banks, Insurance Companies, and other organisations
that hold any assets or funds that may need to be released, for example
shares and other equities.
2. OBTAIN THE WILL
An executor should know of the whereabouts of the Original Will and
should retrieve it in order to begin to carry out the deceased’s wishes.
3. ARRANGE THE FUNERAL
Ensuring funeral wishes are carried out. An executor should make
enquiries as to the existence of any pre-paid funeral plan, and should
one be in force make the appropriate arrangements.
4. ARRANGE TO OPEN A PERSONAL REPRESENTATIVE’S BANK
ACCOUNT
This is for use with any money due to the estate or any loan arranged
to pay inheritance tax and/ or probate fees.
5. INFORM ALL RELEVANT PERSONS
Banks, Building Societies, Insurance Companies, Employers, Local
Authorities, Benets Agency, Tax Authorities etc.
6. ARRANGE A VALUATION OF THE ESTATE
This could include the house, all of its contents, investments, stocks
and shares, life policies and all other personal goods. A detailed
schedule of all the deceased’s assets should be drawn up.
7. DRAW UP A SCHEDULE OF DEBTS
That must be paid by the estate. This could include; Mortgages, Loans,
Credit Cards, Household Bills, Taxes, and Overdrafts.
Probate
ELEVEN
IWC_MASTER_BOOKLETv1.indd 12 10/12/2013 17:46
8. COMPLETE THE REQUIRED PAPERWORK
Forms required by the Inland Revenue to determine whether any inheritance
tax is due, and the probate forms which need to be taken or sent to the
probate ofce together with the original will and death certicate.
9. SWEAR THE PAPERS
Provided the case is straightforward an appointment will be made with the
Probate Ofce within 5 – 6 weeks of submitting the documents.
10. DEAL WITH INHERITANCE TAX
If Inheritance Tax is due, the executors’ account of the estate is passed
to the Capital Taxes Ofce, probate cannot be issued until the tax is paid.
11. DISTRIBUTE THE COPIES OF THE GRANT OF PROBATE
The executors now have legal authority over the estate and should distribute
copies of the grant to persons who owe the estate money.
12. DISTRIBUTE THE ESTATE
When the Grant of Probate is received the estate can be divided according
to the instructions left in the deceased’s Will. The executor should keep
accounts showing exactly what they have done and these should prove that
the executor has acted in accordance with the wishes expressed in the Will.
13. STORE THE RECORDS
All paperwork, including the grant of probate should be stored securely for
the minimum specied period.
Its easy to see why many people prefer to use the service
of a professional at this difficult time.
TWELVE
IWC_MASTER_BOOKLETv1.indd 13 10/12/2013 17:46
RESEALING PROBATE
IWC have a dedicated overseas probate team that can assist you in probate
abroad and resealing probate in the UK. If a relative has died abroad but
still has assets in the UK or you’re dealing with an estate where there are
overseas assets, a probate reseal will be required if the other country is part
of the Colonial Probate Act.
PERSONAL INJURY TRUSTS
These trusts should be considered when making a claim for compensation
for personal injury when the person likely to receive the compensation is in
receipt of means tested benets. If you are a Solicitor dealing with a Personal
Injury claim on behalf of a client or maybe you are the recipient of a claim,
either way we can assist.
MEDALLION GUARANTEE AKA MEDALLION SIGNATURE GUARANTEE
We can offer assistance if you need to obtain a Medallion Guarantee (also
known as the Medallion stamp or Barcoded Medallion Signature) to sell or
transfer shares or funds from the USA or Canada. We have expertise in
dealing with American and Canadian securities, overseas probate and the
tax requirements of the IRS (Internal Revenue Service) in the USA or Canada.
THE TRANSFER OF US SHARES WHEN THE OWNER IS DECEASED
There are ofcial procedures in place in order to transfer ownership of stocks
and shares in the US. This can be a difcult procedure; including completing
the relevant forms, providing copies of ofcial documents and there may be
a tax implication. It is slightly easier to transfer shares into the co-owners
name from a joint account when the other owner has passed away. Either
way, heres some of the documentation that may be required. We can also
deal with the full process of transferring or selling shares listed in the USA
and Canada.
OVERSEAS BANKRUPTCY SEARCH
Are you distributing funds from an estate where beneciaries live overseas?
If so, you are required to run bankruptcy searches on any such beneciary.
Failure to carry out an overseas bankruptcy search could you leave you open
to possible problems in the future.
At IWC we can offer bankruptcy searches for a number of jurisdictions
overseas including the USA, Canada, Australia, Spain, Italy and many more.
Other Services
Call us today on 0800 612 6105 or visit us at www.iwc-ltd.co.uk
THIRTEEN
IWC_MASTER_BOOKLETv1.indd 14 10/12/2013 17:46
Testimonials
IWC provided an excellent estate management service when a family
member passed away recently. They were proac ve, effi cient and
courteous throughout the process and provided great value for money.
I can thoroughly recommend their service.
Neil Salvin
There is no way that I could have dealt with claiming my late brothers
estate without the help of IWC and I can’t recommend them highly
enough. They dealt with everything by email in a though ul and
professional manner for which I can’t thank them enough. Thank You”
S.Colson
FOURTEEN
IWC_MASTER_BOOKLETv1.indd 15 10/12/2013 17:46
IWC Estate Planning & Management Ltd
Tel/Fax: 020 8150 2010
email: enquiries@iwc-ltd.co.uk
“Don’t put off ‘till tomorrow what could be done today!”
www.iwc-ltd.co.uk
IWC Probat
e Services
32 Sovereign, Street Leeds LS1 4BJ
Tel: 0113 322 0818
IWC Probate Services
Denby House Business Centre,
Taylor Lane, Derby DE75 7TA
Tel: 01773 300500
IWC Probate Services
Newcastle NE1 4DR
Tel: 0191 300 2110
IWC Probate Services
111 Marlowes, Hemel Hempstead HP1 1BB
Tel: 01442 500166
& regional telephone numbers
IWC
IWC Probate Services
Suite 43-45 Airport House, Purley Way ,
Croydon , Surrey CR0 0XZ Tel: 020 8150 2010
IWC Probate Services
(Administration Centre)
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Tel: 01ϯϳϲϯϰϵϯϲϲ
IWC Probate Services
Kings House14, Orchard Street, Bristol BS1 5EH
Tel: 0117 3700 499
IWC Probate Services
Coppice Side Business Centre, North Street,