Wills & Lasting Power of Attorney

Why everyone needs a will

Case Study WILLS

Client Details – Wendy Timmis, 74

  • Property Value: £400,000
  • Sole Owner
  • Equity Release of £84,000
  • 3 Children and 9 Grandchildren
  • Divorced

What were the key requirements?

Wendy wanted to put her property into a Trust, as her friends were doing it, to help avoid third parties interfering with her property after her death.

Option A

  • Transfer house into a Discretionary Trust during life
  • Pay £30,000* in tax to do so

Option A means the Equity Release company, has to agree to the transfer. They will not agree as this will delay them getting their money back by up to 125 years!

Option B

  • Standard Will
  • No immediate tax
  • Able to claim additional Inheritance Tax allowances

Option B means no upfront tax payments, an uplift of up to £175,000 for tax allowances and certainty of where the property is going.
Wendy picked Option B.

clients are fictitious and used to illustrate an example only

More Than Financial, How? Wills and Estate Planning and HoneyPro are professional partners in wills and estate planning. HoneyPro provide advice via the online review and application, or if preferred via an online meeting.

By clicking on one of these links you are departing from the regulatory site of More Than Financial. Neither More Than Financial nor Quilter is responsible for the accuracy of the information contained within the linked site.

Will writing is not part of the Quilter Financial Planning offering and is offered in our own right. Quilter Financial Planning accept no responsibility for this aspect of our business.

Inheritance Tax/Estate Planning/Trusts and Will Writing Is not regulated by the Financial Conduct Authority.

Why everyone needs a LPA

Case Study LPAs

Client Details – Mrs Phillipa Collins

  • Age: 82
  • Widowed
  • Mortgaged home worth: £180,000
  • 2 Children
  • Collects State Pension and a Workplace Pension

What were the key requirements?

Mrs Collins’ husband passed away 3 months ago, whilst he was resident in care. When Mr Collins entered care, it was a heart-breaking experience for the whole family, they all felt so powerless when Mr Collins was placed in a residential home over 70 miles away.

Whilst Mr Collins was in care, Mrs Collins was left to organise the mortgage payments each month, organise the payment of the bills and had some assistance from her children, namely John and Sandra, who both live nearby. Now however, Mrs Collins is tired with having to deal with all of the bills and talking with each service provider and wants her children to be able to manage this for her instead. As Mrs Collins is relying on her state pension and her workplace pension, she really needs to keep costs to a minimum. Her and her husband had remortgaged the home 4 years ago, on a 5 year fixed term mortgage and Mrs Collins is terrified that she may forget to remortgage and she’ll have to pay the much higher variable rate.

When Sandra entered the Post Office, to collect her mother’s pension for her, the Post Office had refused to hand over any money to her, because she didn’t have any authority. It was always Mrs Collins’, Sandra and John’s assumption that family members and next of kin could collect the pensions for Mrs Collins, however the Post Office are asking for written consent each and every time, or a Lasting Power of Attorney.

What did they choose?

  • Mrs Collins approached Honey to get her Lasting Power of Attorney for Property and Finance done, so her children could collect her pensions for her
  • Mrs Collins learned that if her husband had set up a Health and Welfare Power of Attorney, she could have decided which care home he was to live in and it would have meant he could have been a lot closer to her. One of Mrs Collins’ regrets was not visiting her husband as often as she would have liked, simply because the 140 mile round trip each time, really exhausted her. She really does not want her children to experience this should she need to go into care
  • Mrs Collins told Honey that she would like John and Sandra to take over with managing her responsibilities and was surprised to hear that without the Property and Finance LPA, her mortgage couldn’t be renewed onto a cheaper fixed-term, should she have lacked the necessary mental functioning to enter into such an agreement
  • With both of her LPAs put in place, Mrs Collins has felt, for the first time since her late husband had gone into care, more at ease that the heartache that the whole family suffered, would not be repeated

clients are fictitious and used to illustrate an example only

More Than Financial, How? Wills and Estate Planning and HoneyPro are professional partners in wills and estate planning. HoneyPro provide advice via the online review and application, or if preferred via an online meeting.

By clicking on one of these links you are departing from the regulatory site of More Than Financial. Neither More Than Financial nor Quilter is responsible for the accuracy of the information contained within the linked site.

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