Free Wills & Probate Drop-In Clinic with Chadwick Lawrence
We are delighted to announce that we will be hosting a regular drop-in clinic with Chadwick Lawrence, offering Empire House members free advice and guidance in various areas of law.
Taking place in our relaxed, private orangery, the sessions offer an informal way to gain knowledge about the topics at hand over a cup of coffee.
The first session on 10th November will be led by Wills, Powers of Attorney and Probate
solicitor, Ellie Hirst, focusing on areas such as:
· Making your first will
Despite common misconceptions, wills are not just for old or rich people. Yet, 59% of UK adults do not have a will. Starting from just £200, a will is vital if you want to have a say about where your money would go if you died.
For example, if you have children from a previous partner, you will want to ensure they receive a fair share of your estate.
Another common scenario for is if you are not married and want to ensure your partner is looked after.
· Updating your will
If you have a will but your circumstances have changed, it is important to review it. For example, if your children have turned 18, they can now become executor of the will. People often forget to update the executor of the will, frequently leaving it in the hands of aunties and uncles, for example.
Another scenario is where relationships break down, begin or change but people haven’t considered the impact these changes in their personal life have on their will, leaving those close to them in a very difficult situation after their death.
It is best practice to update your will every five years.
· Inheritance tax relief
There are various ways to minimise the inheritance tax that your loved ones will pay if you die.
The main benefit of inheritance tax planning is to reduce the amount of tax payable (if any) on death. Other benefits include a better understanding of your estate or helping your family members by putting in place arrangements to make it easier for them to access your finances.
· Lasting Power of Attorney
This may initially sound like it’s not for you, but if you are a business owner and your business would grind to a halt if you became ill, you could create an LPA to make decisions in your absence.
For example, if you are on holiday or are in an accident that renders you unable to make decisions, this may jeopardise the day to day running of your business. Your colleagues may not have the automatic right to make decisions so appointing an Attorney who you trust is vital for business continuity so that your chosen individual can complete transactions, pay bills and salaries, sign cheques, insure property, obtain assets, deal with tax affairs and continue to access/operate the business bank accounts.
The 15–30-minute session is perfect for those who would like to learn more about their options or to ask some specific questions related to their own circumstances.
Book your free slot today by emailing [email protected] to discuss your options.