ooooo
What is a Will ?A Will is a written document which sets out how you wish your assets ( called your estate ) to be distributed after your death and who should manage and look after the same.
The person who makes a will , if male is called the Testator and if female, the Testatrix
Do I need a Will ?There are many good reasons for making a Will. If you do not have a Will your estate will be divided according to the Rules of Intestacy. It can also take longer to finalise your affairs and that could prove distressing for those left behind. Making a will will allow you to appoint suitable people to manage your estate to ensure your wishes are carried out. There are other benefits to making a Will such as tax planning and saving.
Good Reasons to make a WillOoooo
Reflection
The process of making a will, may also allow you to reflect on your life so far and perhaps look into the future. By considering the use of Incentives this process gives a chance for reflection also on your family ethos and the expectations you have for your beneficiaries and other important aspects.
This process provides a rare chance to consider not just your estate plan, but also other important matters such as your business, your relationships, your values and wishes, the needs and welfare of your family after you have passed on. A good estate plan provides for a sensible ordering of your affairs and enables you to leave an enduring legacy,Ooooo
An Enduring Legacy
A good will, is probably the most important document you will consider and sign. A great chance to create and fashion something of wisdom; something of lasting value and significanceWe are much influenced at many times by the thoughts and actions of those who have gone before us. Those after us will benefit by what we do well now.Ooooo
Ooooo
Appointments
In order that your affairs are properly dealt with after death, you may in your will appoint
Guardians Executors Trustees
Guardian
A Guardian is a person who you may appoint to look after your minor children. The choice of a Guardian can be made from close family and friends
Executors
Executors are persons who you can appoint to look after the administration of your estate. They will collect together the assets and deal with the payment of debts and see that the right people receive their of the estate.Trustees
Trustees are persons who will look after your estate in situations where you have set out conditions, which are required to be fulfilled before distribution or where your Beneficiaries are still youngOoooo
Some Frequently Asked Questions
Will My Marriage affect my Will ?
Yes - Your Will will be revoked by your entering into a Marriage or a Civil Partnership. That is unless the will is made in anticipation of the Marriage or the Civil Partnership
What are Mirror Wills ?
A Mirror Will is where spouses in a Marriage or partners in a Civil Partnership each make wills which are effectively the same
What may revoke my Will ?
Your Will will be revoked either by your destroying it or making another will. Your will, will also be revoked by your entering into a Marriage or a Civil Partnership. A Divorce or a Dissolution of a Civil Partnership will revoke parts of your will
Can I change my Will ?
Yes you can change your will at any time. You can make what is called a Codicil to your will. This is fine for minor changes. For major changes you should make a new will and the new Will will revoke your old will
What about my Debts ?
Your debts have to be paid out of your estate in priority to any other distribution. If there is insufficient money your estate will be insolventValidity
In England and Wales In order for a will to be valid it must generally be:
1. Made by a person aged at least 18 and 2. Made by a person who is sound mind and who is aware of the nature of what he is signing and3. Made voluntarily and without undue influence and4. In writing and 5. Signed by the person making the will in the presence of two witnesses and6. Signed by the two witnesses in the presence of the person making the will and7. Dated
oooooo
What can I leave under my will?
Everything you own. This is known as your estate and includes;
Money in any accounts and cash
Land and Buildings
Stocks and Shares
Contents of Safe Deposit boxes
Proceeds of Insurance Policies
Gold and Jewellery
Valuable items such as paintings
Personal and household goods
Cars
Intellectual propertyDigital DeathThe last several decades have seen a new phenomenon that of Digital Assets. Digital Inheritance is the process of handing over digital assets to your beneficiaries
Digital AssetsDigital assets are (in contrast to physical assets) unlike usual assets. Data sets that can be inherited can include passwords, instructive memos, digital contracts, digital receipts, pictures, medical information (e.g. about inheritable diseases). Today, more and more assets are resting on media that are not owned by the data owner but by service providers (e.g. Google, Apple, Microsoft etc.)In contrast to physical assets, electronic assets can be copied indefinitely, which could be problematic if the asset represents intellectual property.
Ooooo
Digital ContractsA problem is also posed by the fact that some contracts with service providers most often are automatically terminated (by the terms of service) as soon as the customer ceases to exist. Meaning that there is no right for heirs to access that data.In contrast to conventional inheritance of physical assets, digital inheritance also needs to cope with the fact that the digital heirs may only know the person making the will by their email addresses or mobile numbers. Handing over digital assets requires additional instructions and passwords that may be crucial for an heir to further deal with the digital assets
Businesses
Business interests need to be properly considered in order that your estate plan fits in well with your business assets. You can plan future business and financial strategy better if you have given careful thought to making a good estate planOoooo
Some IssuesProperty
Is it freehold .. is it leasehold...
Are the papers in order.....???Businesses
Will your share in any business have to be sold, if so how will the price be calculated?
Are there plans to continue the business if you fall ill or the worst happens ?Is the business the kind of business which your beneficiaries will be capable and passionate about running. If not then consider alternatives... maybe a business that will suit their interests, abilities and sensibilities
Business assets can take different forms from large to fairly small The interests may be held in partnerships or involve shares in companies. A review of business interests should be carried out to ensure there will be no difficulties in passing on the interests for the convenience of your beneficiaries as well as your business partners and fellow shareholders
A sensible approach would be to ensure that your Estate Plan fits in with your business interests and reviews should be carried out frequently. Businesses embrace many aspects and only brief pointers can be given here but this area is covered in more detail in our book on Estate Planning and Incentives and other publications
Your Accountants and Financial Advisers should work closely with your Legal Advisers in developing a suitable Business and Estate Plan " Money is a singular thing. It ranks with love as man's greatest source of joy. And with death as his greatest source of anxiety "J. K. Galbraith
Place above quote on Home page
oooooo
oooooo
Letter of Wishes
A well crafted Letter of Wishes can be valuable in many ways.
WIlls tend to be restricted by what they can say because of the legalities involved. Letters of Wishes can allow you to say a lot more and since they are not legally binding, you may let your thoughts and wishes flow, they may have a persuasive effect
A Letter of Wishes is not a legal binding document and, unlike a will, it does not automatically become publicly accessible after your death. Instead, this document takes the form of a letter addressed to your executors and trustees or beneficiaries. As its title indicates, it expresses your wishes and tells readers about specific things that you want to happen after your death.Ooooo
Think of this document (or documents, as you can write several letters of wishes to different recipients) as a personal letter in which you can give instructions and guidance on virtually any subject related to your estateA good incentive could be for a member of the family to propagate the family ethos and its bonding by arranging regular gatherings and also creating an online presence where interaction may take place. PLACE ABOVE PARA ELSEWHERE
Help your executors by listing your main assets
Help executors identify specific items listed in your will (photos or descriptions that would otherwise be hard to describe in, or attach to, your will)
ooooo
Lasting Powers of Attorney
If, during your lifetime, you lose the ability to make decisions for yourself you would undoubtedly want some reassurance about who would be making those decisions on your behalf. Who, for example, would operate your bank accounts and pay your bills if you did not have capacity? Arguably as important as a will, a Lasting Power of Attorney (LPA) should form part of your overall succession planning ensuring all your affairs are in order should the worst happen.
If you have not made any provision for this eventuality in your lifetime, someone on your behalf, perhaps a close relative, friend or solicitor may apply to the Court of Protection to be appointed as your ‘Deputy’. The application process for appointment as Deputy can take several months to conclude and the costs can be high.
The simple alternative is to decide now who you trust to make decisions on your behalf by appointing an Attorney. You can appoint more than one Attorney to act in the event of your mental incapacity and set out conditions when they can and cannot act on your behalf.Ooooo
Matters not Covered
There are some matters an LPA cannot cover. An attorney cannot vote on the donor's behalf, or make decisions relating to marriage, a civil partnership or sexual relationships.Also, an attorney cannot make or alter a will for the donor, and cannot demand to see a will unless specially authorised by the Court of Protection. In some circumstances this can be awkward: an attorney may decide, quite properly, to sell an item owned by the donor, without knowing that the item has been left by will to a relative. Should a donor be aware of such a possibility, the attorneys should be warned and appropriate details left with them. Alternatively, the section on “ guidance to my attorneys' may include the necessary information.
Advance DecisionAdvance decision or advance statement
Advance decisions and Advance Statements are the formal names for the two different types of ‘living Will’The term ‘living Will’ does not have a legal meaning but can be used to refer to either an advance decision or an advance statementAn advance decision is a decision to refuse treatment; an advance statement is any other decision about how you would like to be treated. Only an advance decision is legally binding, but an advance statement should be taken into account when deciding what is in your best interests.Ooooo
Living WillsA Living Will is a statement expressing your views on how you would or would not like to be treated if you are unable to make decisions about your treatment yourself at the relevant time in the future.Legal The Mental Capacity Act 2005 provides a legal framework to help empower people to make their own decisions and to make clear what actions carers and family can take. It puts the law on advance decisions (or living Wills) on a clear statutory basis for the first time. The rules relate particularly to advance decisions to refuse treatment, including refusal of life-sustaining treatment.
Why make an advance decision ?You may wish to make an advance decision if you have strong feelings about a particular situation that could arise in the future. This might relate to having a limb amputated following an accident or having a blood transfusion.
More commonly, you may have been told that you have a terminal illness or form of dementia. You may wish to prepare an advance decision indicating the type of treatment you would not want to receive in the future. Making an advance decision may give you peace of mind knowing that your wishes will not be ignored if you are unable to take part in the decision-making process at the relevant time.
ooooo
oooooo
oooooo
reword or delete
Explain that there are no Tax Exemptions for Incentives as such.Explain that as there is more than ample information on tax available generally that am not going into details of exemptions and allowances at present.Also consider whether wish to include below or replace with more general points about tax
Taxation
The tax payable on your estate after death is called
Inheritance Tax
Nil Rate Band
Ooooo
Everyone is allowed to leave up to a certain amount without their inheritors needing to pay tax on it. The amount is set by the government and is called the nil-rate band
Currently (in the 2012/2013 tax year) everyone is able to leave £325,000 completely tax-free. Above that amount, anything you leave is subject to tax of 40%.
Exemptions / AllowancesMoney given away before you die is still usually counted as part of your estate, hence subject to Inheritance Tax. However if you die within seven years of giving the gift. There are reducing sliding scales of tax payable for each of the seven years before you die
Annual Inheritance Tax Exemption. The first £3,000 given away each tax year is completely ignored as part of your estate. This can be carried foward for one year.
Exemptions / AllowancesGifts to charities and political parties are Inheritance Tax free
Gifts of no more than £250 to any one recipient per tax year are excluded from Inheritance Tax.
Gifts from income. If you have an income (pension or earnings for example) and you give money regularly from that which leaves you enough income not to impact your lifestyle, then it is exempt.
Ooooo
Exemptions / AllowancesGifts on consideration of marriage. If you give a gift that is conditional on an agreement of marriage or civil partnership it is exempt. There are limits: £5,000 for a gift from a parent, £2,500 from a grandparent, £1,000 from anyone else.Woodland, Heritage, Farm and Business. If you own an agricultural property that is part of a working farm then a percentage may be exempt from tax. Similarly if you own woodland,
Disclaimer
Issues relating to Taxation are complex and expert advice should be taken from professionals on your individual circumstances. The information set out here is only a guide and is given in good faith and without any liability
ooooo
The Intestacy Rules ( included in the Administration of Estates Act 1925) set out who gets what if you die without making a will.BELOW IS OUT OF SYNC SO RECHECK AGAIN AND REWRITE
If you are not married ( or in a Civil Partnership ) and have no children
Your surviving relatives will inherit in the following order:
Parents
Brothers or sisters or their children (or children’s children)
Half brother or sisters or their children (or children’s children)
Grandparents
Uncles or aunts (brothers and sisters of the whole blood of a parent) or their children (or children’s children)
Uncles and aunts (brothers and sisters of the half blood of a parent) or their children (or children’s children)
If you are married ( or in a Civil Partnership ) and your estate is worth more than £250,000 and you do not have children but have parents or brothers or sisters or their issue
The surviving spouse’s/civil partner’s automatic share goes up to £450,000 and they still receive the personal possessions. Half of anything left over also goes to the spouse/civil partner absolutely (meaning that it is not subject to a life interest). The other half goes to the surviving relatives in this order:Ooooo
Parents
Brothers or sisters (whole blood) or their children (or their children’s children)
If you are married ( or in a Civil Partnership ) and your estate is worth more than £250,000 and have children thenThe first £250,000 and the personal possessions will go to the spouse/civil partner and they will get a life interest in half of whatever is left over. The other half will go to the children immediately with the rest following when the life interest ends on the death of the spouse/civil partner.
If any child should pre-decease you, then their own children (your grandchildren), would get their parent’s share and so on if a grandchild has predeceased.
If you are married or in a Civil Partnership and your estate is worth less than £250,000
Your surviving spouse/civil partner gets everything.The Intestacy Rules ( included in the Administration of Estates Act 1925) set out who gets what if you die without making a will.If you have no surviving spouse/civil partner, parents, children, siblings, grandparents, uncles, aunts, cousins, first cousins; in this unhappy predicament
everything goes to the Crown !Not to Her Majesty
oooooo
an expand in BookOnline MemorialsGrieving online
With the significant adoption of the online world by people, there are an increasing number of people open to using the internet as a way to grieve and remember loved ones after death. There are over 20 websites dedicated to providing online memorialsOoooo
Implications
There are social, cultural and practical implications of death in the Digital World, thus stimulating a reconsideration of how death, mourning, memories and history are currently being augmented in our technologically mediated society. The archiving, networking and post mortem engagement of ‘digital remains’ leads us to consider what place digital information has in our lives legally, sentimentally and historically.
Facebook
Facebook has been used as a social grieving space for several years already. Profiles of the deceased are routinely transformed into online memorials. But the memorialisation process locks the profile and disables the ability to add new “friends.”
As a result we have seen the creation of memorial “pages” on Facebook. A simple search for “R.I.P” on Facebook shows that people are creating these pages so anyone can participate.
Dedicated online memorial websites go a step further than Facebook. They create a place whose declared purpose is to connect with others and grieve socially. This eliminates the confusion that people experience when encountering death in a vibrantly social place like Facebook.Online Memorial
An online memorial consists of tribute pages hosted on special websites, set up so that families can remember lost loved ones. This can be simply a one-page web document giving the name of the deceased and a few words of tribute, through to a fully functioning memorial site designed to celebrate, commemorate and remember someone's life in its entirety.
Content typically includes multiple photos in a gallery or slideshow plus chosen music and videos uploaded along with memories and stories from friends and family. A common feature is the acceptance of thoughts or candles, often by visiting strangers to the memorial offering their condolences and support to the grieving party. There can be a timeline which charts the person's life and a family tree to display their links with ancestors and descendants. There may even be a blog or journal which provides a record of emotions and feelings felt during the period of bereavement.Ooooo
Ooooo
Online Healing
An online memorial is now widely accepted as an integral part of the grieving process , and the underlying basis for this is the way in which it can bring those affected by a death closer together by encouraging communication and expression. It is normally one of the tools for bereaved people to communicate with each other and to act as a bridge with others.
An additional benefit is that it can prolong the grieving communication process. It is very easy to all feel compelled to 'stop talking about it' once the funeral has taken place when successful grieving normally requires a much longer period of active remembering. An online memorial where friends and family can all tell their stories and express their feelings of loss over the medium term can help everyone manage their grief effectively together.
FuneralsHow your funeral is arranged will depend on your faith ( or lack of faith ) .
The traditional types of funerals will be familiar to most people. We set out on this page some types of funerals and burials
Any directions you set out in your will for your funeral will not be binding. However where possible it is likely that your wishes would be observedFunerals
A funeral is a ceremony for celebrating, sanctifying, or remembering the life of a person who has died. Funerary customs comprise the complex of beliefs and practices used by a culture to remember the dead, from interment itself, to various monuments, prayers, and rituals undertaken in their honor. These customs vary widely between cultures, and between religious affiliations within cultures. The word funeral comes from the Latin funus, which had a variety of meanings, including the corpse and the funerary rites themselves. Funerary art is art produced in connection with burials, including many kinds of tombs, and objects specially made for burial with a corpse.
Green Funeral
Those with concerns about the effects on the environment of traditional burial or cremation may choose to be buried in a fashion more suited to their beliefs. They may choose to be buried in an all natural bio-degradable green burial shroud, sometimes a simple coffin made of cardboard or other easily-biodegradable material. Further, they may choose their final resting place to be in a park or woodland, known as an eco-cemetery, and may have a tree planted over their grave as a contribution to the environment and a remembrance. Here is am image of a funeral coffin made of willow
How your funeral is arranged will depend on your faith ( or lack of faith ) .
The traditional types of funerals will be familiar to most people. We set out on this page some types of funerals and burials
Ooooo
Any directions you set out in your will for your funeral will not be binding. However where possible it is likely that your wishes would be observedFunerals
A funeral is a ceremony for celebrating, sanctifying, or remembering the life of a person who has died. Funerary customs comprise the complex of beliefs and practices used by a culture to remember the dead, from interment itself, to various monuments, prayers, and rituals undertaken in their honor. These customs vary widely between cultures, and between religious affiliations within cultures. The word funeral comes from the Latin funus, which had a variety of meanings, including the corpse and the funerary rites themselves. Funerary art is art produced in connection with burials, including many kinds of tombs, and objects specially made for burial with a corpse.New Orleans Jazz Funeral
A unique funeral tradition in the United States occurs in New Orleans, Louisiana. The tradition arose from a combination of African spiritual practices, French musical traditions, and African-American cultural influences. A typical jazz funeral begins with a march by the family, friends, and a jazz band, starting from the home, funeral home, or church, and proceeding to the cemetery.
Throughout the march, the band plays very somber dirges.
Once the final ceremony has taken place, the march proceeds from the cemetery to a gathering place, and the solemn music is replaced by loud, upbeat, raucous music and dancing where onlookers join in to celebrate the life of the deceased.
This is the origin of the New Orleans dance known as the "second line" where celebrants do a dance-march, frequently while raising the hats and umbrellas brought along as protection from intense New Orleans weather and waving handkerchiefs above the head as they are no longer being used to wipe away tears.
What we have done for ourselves alone dies with us; what we have done for others and the world remains and is immortal
oooooo