Wills, Trust & Probate Services
A brief guide to the services offered by the Wills, Trust and Probate Department
Stones have been providing a full range of legal services to the public in Exeter, the South West and nationally for over 100 years. In the Wills, Trusts and Probate department we specialise in helping people deal with the past, cope with the present and plan for the future.
The team comprises experienced fee-earners who pride themselves on providing professional, cost-effective, sensitive advice whatever the circumstances.
We hope you find this information a helpful guide to the services we provide. Please do not hesitate to contact us if have any queries or need further advice.
Helen Honeyball, Head of Department
Wills
If you die without making a Will, the law decides who inherits your property under the rules of intestacy. For example, your spouse or loved one may not receive the whole of your property or children may receive money earlier than you would like.
A Will is an essential part of planning for arrangements after your death and can include the appointment of guardians and arrangements for precious personal items. It is important to have a professionally drawn Will. Those you leave behind deserve to know that you have done all you can to ease matters after you have gone.
If you already have a Will you will want to make sure that it still reflects your wishes.
Circumstances in which you should consider updating your Will include:-
• Death or illness of executors or beneficiaries
• A change in your marital status
• Beneficiaries are in personal or financial difficulty
• Changes in minor children’s circumstances e.g. schooling
• Your children are now over the age of 18
• You want to benefit new individuals or charities
• Changes in your financial circumstances
• You have concerns regarding care home fees
• You are concerned that new laws may affect your estate
Your current Will may have incorporated special arrangements to mitigate inheritance tax. The inheritance tax rules have changed significantly in the last few years and while those provisions may be relevant, it is important to review them to ensure that they are still appropriate.
Lasting Power of Attorney
From 1st October 2007, Lasting Powers of Attorney (LPAs) replaced Enduring Powers of Attorney (EPAs). Any EPA you drew up in the past may still be valid and we would be happy to review and confirm this. There are two types of LPA:
• One for property and affairs
• One for health and personal welfare
LPAs enable you to choose who you wish to be appointed to look after your affairs and under what conditions and restrictions they may act.
We recommend you consider appointing an attorney at an early stage, even though you may not need to rely on one now, to protect against unforeseen circumstances. A loss of mental capacity may mean you have also lost the capacity to make an LPA just when you need one.
Administration of Estates
Stones partners are often appointed as executors to assist in the administration of an estate. Even where Stones are not appointed, the executors can instruct Stones to deal with the administration to assist with:
• Efficient administration of estates, particularly where the grant of probate is needed to complete a house sale
• Complex instructions from the testator
• Drafting of deeds of variation to reduce tax liabilities
• Remove the burden of paperwork from grieving relatives
• Assist in cases of intestacy where wills have not been left
• Trust management
Elderly Client Issues
If you go into care you will either have to pay for it yourself or rely on means tested local authority funding. Reducing your capital by giving away assets to reduce this risk is tempting but without clear planning you run the risk of making ineffective gifts.
Many people are worried that nothing would be left to pass on to their children.
Stones advise on the following areas:
• Advice on related areas of nursing care and NHS funding
• Lifetime gifts and trusts
• Careful Will planning
• Protecting your assets
• Creating a Lasting Power of Attorney
Planning for Retirement
Everyone should have the right to look forward to their retirement. We can assist in a number of ways:
• Arranging for the secure succession of your business assets to the next generation
• Making lifetime gifts and the creation of trusts
• Personal tax planning advice
• Helping elderly relatives plan for the future
Court of Protection and professional attorney services
Where provision has not already been made for an individual to appoint an attorney and that individual loses their mental capacity, Stones can assist in making an application to the Court of Protection for the appointment of a family member as deputy. If no family member is suitable, a Stones Partner may be appointed as deputy.
We currently manage the financial affairs of individuals who are unable to do so themselves, either as appointed deputies or as nominated attorneys where we have been appointment attorneys before mental incapacity occurs.
Other linked services we offer include:
• Agricultural law specialism
• Disputes regarding provision under wills
• Capacity issues
• Charity law advice
• Preparation of HIPS and conveyancing services
• Capital tax advice
• Working with your financial adviser and accountant to make provision for the future
• Family law