Wills, Trusts and Power of Attorney
Designed to give you peace of mind, we ensure your assets and loved ones are protected with the highest standard of STEP-qualified guidance.
What is a Will?
Planning ahead is one of the most important things you can do for the people you care about. A will, a trust, and a lasting power of attorney each serve a different purpose, but together they make sure your wishes are followed, your assets go to the right people, and someone you trust can act for you if you ever need them to.
IMS Property Group works with STEP-qualified specialists to provide guidance in this area. We do not provide legal advice directly.
All will writing, trust creation, and lasting power of attorney services are carried out by qualified third-party professionals, and we strongly recommend taking independent legal advice before making any decisions.
Why is a Will important?
A will is a legal document that sets out who inherits your money, property, and possessions when you die. It also allows you to name guardians for any children, specify your funeral wishes, make charitable gifts, and establish trusts.
Despite being relatively straightforward and inexpensive to put in place, more than half of people in the UK do not have a will. Dying without one is known as dying intestate, and the consequences can be significant. Your estate will be distributed according to the rules of intestacy rather than your own wishes, which do not account for unmarried partners, stepchildren, or estranged family members. This can lead to legal disputes that reduce the value of the estate and cause real distress to those left behind.
A valid will ensures your loved ones receive their inheritance without unnecessary delay or dispute. It also allows you to:
- Ensures any children are looked after by the legal guardian(s) you wish to take care of them, providing peace of mind that they are in safe hands if both parents should die. This also gives the guardian(s) the legal right to look after the children’s inheritance in Trust until they are of age.
- States what happens if the people you want to benefit die before you.
- Establishes who will manage your affairs after death (your Executor), who will inherit your family heirlooms/legacies, how money will be distributed to your charity of choice, your funeral wishes, and any Trusts.
- Specify how money should be distributed, including gifts to charity
- May help to minimise the impact of Inheritance Tax.
Trusts
A trust is a legal arrangement where assets are held and managed by one or more trustees for the benefit of one or more beneficiaries. The person who provides the assets is called the Settlor.
A wide range of assets can be held in trust, including cash, property, shares, and land.
Trusts are used for a number of reasons. Common ones include protecting family assets, managing assets on behalf of someone who is too young or unable to handle their own affairs, passing on assets during the settlor’s lifetime, and distributing assets on death through a will trust.
Different assets put in trust, include…
- Cash
- Property
- Shares
- Land
People set up Trusts for many reasons, below are some of the main ones…
- To control and protect family assets.
- When a beneficiary is too young to handle their affairs.
- When someone cannot handle their affairs because they’re incapacitated.
- To pass on assets while a settlor is still alive
- To pass on assets when a settlor dies (a ‘will trust’)
- Under the rules of inheritance if someone dies without a will (in England and Wales)
Settlors
The settlor decides how the assets should be used, which is set out in a trust deed. In some cases the settlor can also benefit from the trust assets, known as a settlor-interested trust, which carries its own tax rules.
Trustees
The trustees are the legal owners of the assets held in the trust. They are responsible for managing the trust in line with the settlor’s wishes, handling day-to-day administration, paying any tax due, and deciding how the assets are invested or used. If trustees change, the trust continues, but there must always be at least one trustee in place.
Their roles are to…
- Deal with the assets according to the settlor’s wishes, as set out in the trust deed or their will
- Manage the trust on a day-to-day basis and pay any tax due
- Decide how to invest or use the trust’s assets
Beneficiaries
The beneficiaries are the people who benefit from the trust. There can be more than one. Depending on how the trust is set up, beneficiaries may receive income from the trust assets, such as rental income from a property held in trust, the capital itself when certain conditions are met, such as reaching a specified age, or both income and capital.
They may benefit from…
- The income of a trust only, for example from renting out a house held in trust
- The capital only, for example getting shares held in a trust when they reach a certain age
- Both the income and capital of the trust
Setting up a trust
Trusts can be set up at any time or written into your will.
What is a Lasting Power of Attorney (LPA)?
A Lasting Power of Attorney (LPA) is a legal document which allows you to name one or more people to act on your behalf if you are no longer able to make decisions for yourself. When you put an LPA in place, you appoint someone to help you make decisions, or to make decisions for you, if you are unable to do so
There are two types of LPAs: – a Lasting Power of Attorney (LPA) for property and financial affairs, and an LPA for health and welfare. They work the same way but deal with different parts of a person’s estate and require different documentation.
A Property and Financial Affairs LPA allows your attorneys to make decisions for you about your bank accounts, investments, your home and other properties, your pensions and anything else which you own.
A Health and Welfare LPA allows your attorneys to be able to make decisions about your day-to-day care, such as where you should live, and what medical treatments you should receive. You can also give your attorneys authority to be able to refuse consent to life sustaining treatment on your behalf if you wish.
You are able to tailor both types of LPA to your own individual circumstances and to your own particular wishes and values.
Costs
- Single Will £345
- Mirror Will (2 persons) £495
- Lasting Power of Attorney starting from £195
Plan for the future with confidence
To get started, simply fill out your details below and we will provide you with a quote from one of our trusted solicitors.