Education for Wills, LPAs and Estate Planning

WILLing to Learn?

WILLing to Learn? Will Writer Alex Truesdale believes that a little education is far from a dangerous thing when it comes to Wills, Lasting Powers of Attorney and Estate Planning.

Tamil philosopher Thiruvalluvar once wrote: “The best inheritance is education”. Whilst we would all like to be able to make material provision for our families on our deaths, a little education now - for all of us - can have a great impact after we are gone.

For more information contact Alex Truesdale or  Call: 07887 946557 for any questions that you may have on Wills or your estate planning needs.

WILLing to Learn?

Alex Truesdale believes that a little education is far from a dangerous thing when it comes to Wills, Lasting Powers of Attorney and Estate Planning. 

Tamil philosopher Thiruvalluvar once wrote: “The best inheritance is education”. Whilst we would all like to be able to make material provision for our families on our deaths, a little education now – for all of us – can have a great impact after we are gone.

EDUCATING OUR GRANDCHILDREN

The board outside Reed’s School in Cobham proclaims: “A good education is a fortune a child can never spend”. School fees can be a major burden though, so grandparents often include their Grandchildren in their Wills, but such bequests can attract inheritance tax (IHT). To fund grandchildren’s schooling in a more tax-efficient way during your lifetime, consider:

• utilising your annual exemption – we can all give away £3,000 per year, tax-free.
• gifting to a ‘bare trust’ to utilise grandchildren’s income tax and capital gains tax allowances – such gifts are disregarded for IHT after seven years.
• invoking the unlimited ‘normal expenditure out of income exemption by diverting excess income to your family regularly. Records must be kept demonstrating that you are not having to liquidate capital investments to fund such gifts.
• establishing a family business, designating grandchildren as shareholders, and paying dividends to utilise their tax allowances.

Willing to Learn with Alex Truesdale Wills In Cobham Surrey

EDUCATING OUR CHILDREN

Adult children are commonly appointed as their parents’ Executors, but how many of us know what that role will entail? Common questions include:

• Where did Mum and Dad keep their Wills?
• What assets are in their estate?
• How are these Wills supposed to work?
• How are we to divide their personal possessions?

Educating our Executors in advance, whether by holding a family meeting, writing a Letter of Wishes, or discussing how to share out keepsake gifts (often the most contentious aspect of the division of
an estate) can set minds at rest, minimise legal fees and help to avoid future disputes.

Our experience in estate administration over the years has shown that many cases would have been simplified and shortened had clients asked themselves what information would be of most use to their loved ones after they had passed away.

This has led us to develop “Your Lifefile” – an essential tool to be completed, and periodically updated, to help your Executors.
If you would like to receive a Lifefile, please email us.

EDUCATING OUR GUARDIANS

Appointing Guardians for children under 18 should they lose both parents is the most important reason for making a Will, even if the estate is relatively insignificant. But how many of us have thought about what happens in practice?

Letters of Wishes, explaining to Guardians how their wide-ranging powers and responsibilities should be exercised, are increasingly being written alongside Wills.  We advise clients with young children to include advice setting out their hopes and aspirations for their children’s continued upbringing, covering aspects such as:

• Education – whether private, state, boarding or day.
• Maintaining ties with family and friends.
• Hobbies, travel, and enrichment.
• Religious preferences.

Leaving such instructions demonstrates your care for your children even when you are no longer able to parent in person.

EDUCATING OUR ATTORNEYS

Using Lasting Powers of Attorney (LPA) to delegate decision-making powers over health, welfare, property, and finance to trusted individuals in the event of a loss of mental capacity has become increasingly complex. It is no longer necessarily a case of handing over the reins absolutely. To ensure that Attorneys understand the limits of their authority and how to interpret any grey areas:

• consider drafting Instructions and Preferences within the LPAs themselves in a way acceptable to the Office of the Public Guardian
• leave written guidance to Attorneys
• convene a meeting to discuss your wishes.

EDUCATING OURSELVES

Whilst the thought of Wills, Lasting Powers of Attorney and Estate Planning can be daunting, we are here to ensure that it never becomes overwhelming. Taking
the first step to educate yourself about the issues at hand can be as simple as arranging a telephone or Zoom call with us to discuss your situation on a confidential and no-obligation basis.

After all, you’re never too old to learn

JUST OUT...

Our brand new LifeFile. Designed to help ensure your personal and financial affairs are left in an orderly way, the LifeFile is a practical guide for you, and your executors, as to your most important information and documentation.
To receive your free copy please email info@alextruesdalewills.com
Alex Truesdale Wills - Will writing, LPA's, estate planning & estate admin services in London Cobham

Alex Truesdale

Arrange a consultation with Alex Truesdale

2023-11-29T11:00:32+00:00
Go to Top