Everyone
should make a Will. The consequences of not so
doing can be serious for those concerned. You
should not assume that the estate will automatically
pass to the surviving spouse if someone dies without
having made a Will.
Many people consider
they do not need a Will until they approach retirement
age. Most people when they first
set up home incur considerable obligations and
responsibilities both financial and otherwise.
Others feel that making a Will is a final step.
But you can alter your Will.
Indeed you should keep it under constant review
to ensure it still meets your needs and wishes
and is not affected by new legislation. Wains
can assist you by drawing up the Will and keeping
developments under review.
Wains can advise
on long term tax planning both during life and
after death which can yield considerable savings
for the family.
Standard Will
forms obtained from stationers are adequate
if you follow
implicitly all the instructions particularly
with regard to signing. However, a mistake may
well
make the Will invalid and usually this is only
discovered after death. A substantial proportion
of home made Wills contain mistakes. Instructing
a solicitor to assist in the making of a Will
is,
therefore, very cost effective.
Wains can advise
on all aspects of the preparation of Wills including
the appointment of Executors. If requested, Wains
can act as Executors. After death Wains can provide
the speedy and efficient administration of the
estate. This includes:
- Ascertaining and valuing assets as
at date of death
- Preparation of papers to lead to
Grant of Probate
- Obtaining the probate
- Dealing with assets, turning them
into cash or transferring them direct
to the beneficiaries
- Paying debts and legacies
- Investigating and resolving any tax
queries before distributing the estate
to the residuary beneficiaries
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Probate work
has a reputation for being a lengthy procedure.
However, Wains will expedite the matter in a speedy
and efficient manner so far as is possible and
keep clients fully and regularly informed of the
position as the matter proceeds.
There are more elderly
people in the community than ever before requiring
assistance in connection with pensions, residential
care and how, if at all possible, to avoid the
family home from being used to meet nursing home
fees. Over the next decade this will be of even
greater importance as more people retire earlier
and live longer.
Wains can advise on all such
matters of concern. These include advice and preparation
of Enduring Powers of Attorney and registration
at the Public Guardianship Office. The firm, if
required, can act as Attorneys if there is no
member of the family available for this purpose.
There are numerous time limits applicable which
may adversely affect an efficient and satisfactory
arrangement of assets should the client require
nursing home or other care.
Delay in seeking proper
advice can make all the difference between retaining
family assets and the peace of mind of the client
or losing these and the client suffering hardship.
Wains can advise on legislation and many social
security regulations which have to be considered
and for which Local and other Authorities sometimes
have different interpretations.
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