Estate planning. Wills, Trusts, POA etc

[C69]

I recently had a bit of a health scare and my wife asked me to look into our financial planning in case one of us died.
Therefore rather than use Google I obviously lt came here to get some info before seeking professional advice.
Specifically were were looking at Trusts on Death, a Discretionary Will Trust and POA.
Anyone have any experience of this or know where to get the best online advice and the expected cost of getting these set up.
Btw I am glad to say that news of my impending death is exaggerated.
However it put things onto perspective and need to make more concrete plans.

[Sandstorm]

My wife is in the industry and recommends you go see a lawyer. You can do your own Lasting POA (financial and health) online thru Office of Public Guardian if you’re feeling confident. If not, lawyer time.

Different lawyers charge different rates, but get a recommendation for one from someone you know. That lawyer will give you advice that suits your specific circumstances.

[Paddington Bear]

Talk to a solicitor, cocking this stuff up is worse than not having anything in place at all. Assuming that there’s a decent sum involved (based on what you’re considering), take a look at a decent sized law firm rather than someone operating out of a shop on the high street. Brabners up your way are pretty well regarded.

Price wise I would be very surprised if my colleagues in this area quoted you much less than £10k for this and potentially much more depending on how complex the situation is and the sums in question. London prices admittedly. See if they’ll give you a fixed quote or at least a cap they won’t exceed.

Discretionary trusts are complicated and will require your trustee(s) to have an understanding of the law and associated tax implications (or more likely being willing to pay for advice) as and when. You also need to trust that they’ll respect your wishes, albeit I’m taking the assumption from your post that you have your wife in mind for the role.

Online sources (myself included) are hit and miss and often quote American law. Talk to a professional

[C69]

I was looking at around £5k and will be definitely looking at legal advice.

[Hal Jordan]

I was looking at around £5k and will be definitely looking at legal advice.

£5k should be about right for Wills with trusts in them, Lasting Powers of Attorney for both Health and Welfare and Property and Finances and associated advice.

Paddington's colleagues are taking the piss on their pricing for anyone not willing to pay the London premium.

However, do it yourself or get someone half-arsed doing it and your family will pay a shitload to put the mistakes right, if they can be rectified.

And if necessary have a sit down with your solicitor, accountant and financial advisor so you can be sure that you don't fuck up something somewhere else by pushing a tax lever focused purely on one part of IHT, CGT and income tax.

[dpedin]

Remember there is a different law system if in Scotland, it is often found to be easier and more straightforward on these issues. I got will and POA sorted relatively easily and cheaply. Obviously same HMRC across UK but you may need especialist financial advice.

[Tichtheid]

Remember there is a different law system if in Scotland, it is often found to be easier and more straightforward on these issues. I got will and POA sorted relatively easily and cheaply. Obviously same HMRC across UK but you may need especialist financial advice.

Sorry to derail this C69, I don’t know about the things you specifically ask about, but in response to dpedin, I would advise anyone in Scotland to go to a specialist city firm, we dealt through two country solicitors firms who do a bit of estate agency, a bit of conveyancing, a bit of IHT work a bit of will drawing up a bit of this a bit of that. It took ages and only ever came across as tin pot compared to the firms we used in Brighton.

They were certainly no cheaper either.

[C69]

I was looking at around £5k and will be definitely looking at legal advice.

£5k should be about right for Wills with trusts in them, Lasting Powers of Attorney for both Health and Welfare and Property and Finances and associated advice.

Paddington's colleagues are taking the piss on their pricing for anyone not willing to pay the London premium.

However, do it yourself or get someone half-arsed doing it and your family will pay a shitload to put the mistakes right, if they can be rectified.

And if necessary have a sit down with your solicitor, accountant and financial advisor so you can be sure that you don't fuck up something somewhere else by pushing a tax lever focused purely on one part of IHT, CGT and income tax.

Was looking at it to prevent messy probate issues and ensuring that if nursing home fees are needed in future they won't be eating up our money. Hopefully leave a nest egg long term for my daughter as a beneficiary.
As I said had a massive health scare so getting shot sorted very early.
It does help having paid the mortgage off and have a bit of savings.
Probably a good thing to work all all our pensions and savings stuff and spouse pensions and death in service stuff etc.
Not wanting to go through probate stuff and sorting POA out is a major factor.
Given that we both know people who have had a major issue with both and know of families who's kids have been left with nothing after remarraige and disputes.

[Yeeb]

I recently had a bit of a health scare and my wife asked me to look into our financial planning in case one of us died.
Therefore rather than use Google I obviously lt came here to get some info before seeking professional advice.
Specifically were were looking at Trusts on Death, a Discretionary Will Trust and POA.
Anyone have any experience of this or know where to get the best online advice and the expected cost of getting these set up.
Btw I am glad to say that news of my impending death is exaggerated.
However it put things onto perspective and need to make more concrete plans.

Sorry to hear this re the health , if you leave in your will contact details I can ping a wreath with FHHD if you so wish ?
Just to echo what’s been said, get it done properly, I am in advantage that a lot of our stuff was done in S.A. where it’s much cheaper, plus Romania where it was done long before I reached adulthood. The wills at least are very cheap and quick to do and clearly set out what you want done , don’t forget if there is someone you specifically want to exclude it’s best to give them a nominal £100 that way they can’t really put a claim in and say they were excluded. Estate planning is also good , sadly my own affairs are from from as tax efficient as they should be , properties in my own name was daft with hindsight.

One more tip - let your wife and kids know where your bank details are, when my dad died we knew his details (brother was his carer) so withdrew a few thousand in cash from ATM before the accounts got locked and probate etc, was during Covid so delays then were huge. Last thing anyone needs in time of grief , is a cashflow problem whilst the legalities go through the motions.

[C69]

I recently had a bit of a health scare and my wife asked me to look into our financial planning in case one of us died.
Therefore rather than use Google I obviously lt came here to get some info before seeking professional advice.
Specifically were were looking at Trusts on Death, a Discretionary Will Trust and POA.
Anyone have any experience of this or know where to get the best online advice and the expected cost of getting these set up.
Btw I am glad to say that news of my impending death is exaggerated.
However it put things onto perspective and need to make more concrete plans.

Sorry to hear this re the health , if you leave in your will contact details I can ping a wreath with FHHD if you so wish ?
Just to echo what’s been said, get it done properly, I am in advantage that a lot of our stuff was done in S.A. where it’s much cheaper, plus Romania where it was done long before I reached adulthood. The wills at least are very cheap and quick to do and clearly set out what you want done , don’t forget if there is someone you specifically want to exclude it’s best to give them a nominal £100 that way they can’t really put a claim in and say they were excluded. Estate planning is also good , sadly my own affairs are from from as tax efficient as they should be , properties in my own name was daft with hindsight.

One more tip - let your wife and kids know where your bank details are, when my dad died we knew his details (brother was his carer) so withdrew a few thousand in cash from ATM before the accounts got locked and probate etc, was during Covid so delays then were huge. Last thing anyone needs in time of grief , is a cashflow problem whilst the legalities go through the motions.

Want to have a single point of contact and give all info so giving all the info to the estate planners. We were recommended a company called Honey Legal who seem to be a large oufit. They would sort out all the issues related to Trusts and discretionary wills POA etc so ll the boxes regarding benificiaries and IHT CGT etc are sorted and hopefully probate would be negated to an extent if all the boxes are ticked.
Lol when we were looking at all our policies and life insurance and death in service etc we realised if I died my wife would be minted.

[Yeeb]

I recently had a bit of a health scare and my wife asked me to look into our financial planning in case one of us died.
Therefore rather than use Google I obviously lt came here to get some info before seeking professional advice.
Specifically were were looking at Trusts on Death, a Discretionary Will Trust and POA.
Anyone have any experience of this or know where to get the best online advice and the expected cost of getting these set up.
Btw I am glad to say that news of my impending death is exaggerated.
However it put things onto perspective and need to make more concrete plans.

Sorry to hear this re the health , if you leave in your will contact details I can ping a wreath with FHHD if you so wish ?
Just to echo what’s been said, get it done properly, I am in advantage that a lot of our stuff was done in S.A. where it’s much cheaper, plus Romania where it was done long before I reached adulthood. The wills at least are very cheap and quick to do and clearly set out what you want done , don’t forget if there is someone you specifically want to exclude it’s best to give them a nominal £100 that way they can’t really put a claim in and say they were excluded. Estate planning is also good , sadly my own affairs are from from as tax efficient as they should be , properties in my own name was daft with hindsight.

One more tip - let your wife and kids know where your bank details are, when my dad died we knew his details (brother was his carer) so withdrew a few thousand in cash from ATM before the accounts got locked and probate etc, was during Covid so delays then were huge. Last thing anyone needs in time of grief , is a cashflow problem whilst the legalities go through the motions.

Want to have a single point of contact and give all info so giving all the info to the estate planners. We were recommended a company called Honey Legal who seem to be a large oufit. They would sort out all the issues related to Trusts and discretionary wills POA etc so ll the boxes regarding benificiaries and IHT CGT etc are sorted and hopefully probate would be negated to an extent if all the boxes are ticked.
Lol when we were looking at all our policies and life insurance and death in service etc we realised if I died my wife would be minted.

Holy shit so much this, if I or my wife dies, it’s instant retirement for the other. The 6x salary thing, plus the income replacement at 50% until youngest child is 18, plus the private life insurance that covers our original mortgage debt, plus the pensions to remaining spouse (often overlooked this), plus all the isas property, business interests and bank accounts - some serious fucking wedge as a % of your current salary. Rather sobering when it’s so far ahead of your current position and that you are clearly worth more dead than alive :(

[Sandstorm]

Is it any wonder that so many people look at their patio and the height/width of their partners.....

[C69]

Sorry to hear this re the health , if you leave in your will contact details I can ping a wreath with FHHD if you so wish ?
Just to echo what’s been said, get it done properly, I am in advantage that a lot of our stuff was done in S.A. where it’s much cheaper, plus Romania where it was done long before I reached adulthood. The wills at least are very cheap and quick to do and clearly set out what you want done , don’t forget if there is someone you specifically want to exclude it’s best to give them a nominal £100 that way they can’t really put a claim in and say they were excluded. Estate planning is also good , sadly my own affairs are from from as tax efficient as they should be , properties in my own name was daft with hindsight.

One more tip - let your wife and kids know where your bank details are, when my dad died we knew his details (brother was his carer) so withdrew a few thousand in cash from ATM before the accounts got locked and probate etc, was during Covid so delays then were huge. Last thing anyone needs in time of grief , is a cashflow problem whilst the legalities go through the motions.

Want to have a single point of contact and give all info so giving all the info to the estate planners. We were recommended a company called Honey Legal who seem to be a large oufit. They would sort out all the issues related to Trusts and discretionary wills POA etc so ll the boxes regarding benificiaries and IHT CGT etc are sorted and hopefully probate would be negated to an extent if all the boxes are ticked.
Lol when we were looking at all our policies and life insurance and death in service etc we realised if I died my wife would be minted.

Holy shit so much this, if I or my wife dies, it’s instant retirement for the other. The 6x salary thing, plus the income replacement at 50% until youngest child is 18, plus the private life insurance that covers our original mortgage debt, plus the pensions to remaining spouse (often overlooked this), plus all the isas property, business interests and bank accounts - some serious fucking wedge as a % of your current salary. Rather sobering when it’s so far ahead of your current position and that you are clearly worth more dead than alive :(

Don't mind paying a bit more ATM to set it all up and have a single point of contact.
Worked out all of our policies, saving death in service, spousal pensions, ISA etc etc at the weekend.
Luckily have most of the info to hand but need to future proof. The money adds up and we had forgotten sore policies we still had.
The guy we got initial advice from said we're were one of the youngest couples he had dealt with
Early and mid 50s.
I am now semi retired and can't see myself working more than another few years.

[C69]

Is it any wonder that so many people look at their patio and the height/width of their partners.....

Lol at least I am fit and weigh as much as I did 30 years ago after exercise and diet. I rarely drink alcohol now and have a much healthier diet.
Btw BMi about 27 and go to gym 4/6 days a week.
My missus exercises at least once a day and is fit as a butchers dog.

[vball]

My wife died after a sudden illness last week. We had no will.
In Scotland her assets mean that it is not categorised as a small estate so need some legal help.
Awaiting discussions with lawyer as to what this will mean. Hopefully just a letter (type of thing) which will cost me something which gives me rights to her stuff. This is not technical jargon.

Also awaiting call back from life insurance policy - did the online thing last week and had no confirmation/etc back from them. Called them today and they said somebody will call in next 48 hours.
Just as well I do not urgently need the money to arrange funeral type stuff.

It has been a bugger of week.

[Tichtheid]

vball, that is terrible news. I'm so sorry to hear that.

I wish you the strength to get through what is surely a really tough time.

[Uncle fester]

Can't offer much on the way of practical help here but sorry for your news vball and c69.

[C69]

Sorry for your loss vball.
My serious health scare prompted me to investigate these issues and get things in place asap.
I hope you get things vball.

[Hal Jordan]

I recently had a bit of a health scare and my wife asked me to look into our financial planning in case one of us died.
Therefore rather than use Google I obviously lt came here to get some info before seeking professional advice.
Specifically were were looking at Trusts on Death, a Discretionary Will Trust and POA.
Anyone have any experience of this or know where to get the best online advice and the expected cost of getting these set up.
Btw I am glad to say that news of my impending death is exaggerated.
However it put things onto perspective and need to make more concrete plans.

Sorry to hear this re the health , if you leave in your will contact details I can ping a wreath with FHHD if you so wish ?
Just to echo what’s been said, get it done properly, I am in advantage that a lot of our stuff was done in S.A. where it’s much cheaper, plus Romania where it was done long before I reached adulthood. The wills at least are very cheap and quick to do and clearly set out what you want done , don’t forget if there is someone you specifically want to exclude it’s best to give them a nominal £100 that way they can’t really put a claim in and say they were excluded. Estate planning is also good , sadly my own affairs are from from as tax efficient as they should be , properties in my own name was daft with hindsight.

One more tip - let your wife and kids know where your bank details are, when my dad died we knew his details (brother was his carer) so withdrew a few thousand in cash from ATM before the accounts got locked and probate etc, was during Covid so delays then were huge. Last thing anyone needs in time of grief , is a cashflow problem whilst the legalities go through the motions.

Want to have a single point of contact and give all info so giving all the info to the estate planners. We were recommended a company called Honey Legal who seem to be a large oufit. They would sort out all the issues related to Trusts and discretionary wills POA etc so ll the boxes regarding benificiaries and IHT CGT etc are sorted and hopefully probate would be negated to an extent if all the boxes are ticked.
Lol when we were looking at all our policies and life insurance and death in service etc we realised if I died my wife would be minted.

Do not, unless there is a very, very, very good reason, have a Will which leaves anything whatsoever to a trust which is not contained in the Will itself. There is absolutely no reason for an "average" family to have a discretionary trust external to a Will. All it will do is cause trouble, and require reorganisation post death on the first of you. And cost you a ridiculous amount of money if I know how these things are marketed, which 20 years working in this area means I bloody well do.

A well drafted life interest trust in the Will in favour of the surviving spouse, which ends on the second death, with the power to advance capital out of the trust during the survivor's lifetime is usually the simplest type of IHT and protection planning, is as vanilla as it gets in terms of HMRC involvement, and shouldn't cost more than about £1,500 including VAT for both (I.e. not £1,500 each) from a decent firm of solicitors.

[Yeeb]

Want to have a single point of contact and give all info so giving all the info to the estate planners. We were recommended a company called Honey Legal who seem to be a large oufit. They would sort out all the issues related to Trusts and discretionary wills POA etc so ll the boxes regarding benificiaries and IHT CGT etc are sorted and hopefully probate would be negated to an extent if all the boxes are ticked.
Lol when we were looking at all our policies and life insurance and death in service etc we realised if I died my wife would be minted.

Holy shit so much this, if I or my wife dies, it’s instant retirement for the other. The 6x salary thing, plus the income replacement at 50% until youngest child is 18, plus the private life insurance that covers our original mortgage debt, plus the pensions to remaining spouse (often overlooked this), plus all the isas property, business interests and bank accounts - some serious fucking wedge as a % of your current salary. Rather sobering when it’s so far ahead of your current position and that you are clearly worth more dead than alive :(

Don't mind paying a bit more ATM to set it all up and have a single point of contact.
Worked out all of our policies, saving death in service, spousal pensions, ISA etc etc at the weekend.
Luckily have most of the info to hand but need to future proof. The money adds up and we had forgotten sore policies we still had.
The guy we got initial advice from said we're were one of the youngest couples he had dealt with
Early and mid 50s.
I am now semi retired and can't see myself working more than another few years.

But can you see yourself lasting another few years ?

[Yeeb]

My wife died after a sudden illness last week. We had no will.
In Scotland her assets mean that it is not categorised as a small estate so need some legal help.
Awaiting discussions with lawyer as to what this will mean. Hopefully just a letter (type of thing) which will cost me something which gives me rights to her stuff. This is not technical jargon.

Also awaiting call back from life insurance policy - did the online thing last week and had no confirmation/etc back from them. Called them today and they said somebody will call in next 48 hours.
Just as well I do not urgently need the money to arrange funeral type stuff.

It has been a bugger of week.

Fucking hell, sorry the hear that bud - possibly the worst thing I’ve read in a forum :(


Have a cheeky FHSD + brofist

[dpedin]

Vball - sorry to hear that mate, terrible blow for you and kin. You've suddenly made this thread much more important to many posters. Hope you get things sorted out without too much hassle. Take care.

[laurent]

My wife died after a sudden illness last week. We had no will.
In Scotland her assets mean that it is not categorised as a small estate so need some legal help.
Awaiting discussions with lawyer as to what this will mean. Hopefully just a letter (type of thing) which will cost me something which gives me rights to her stuff. This is not technical jargon.

Also awaiting call back from life insurance policy - did the online thing last week and had no confirmation/etc back from them. Called them today and they said somebody will call in next 48 hours.
Just as well I do not urgently need the money to arrange funeral type stuff.

It has been a bugger of week.

Very sorry to hear that.

My condolences. (I know it's not really much).

[Hal Jordan]

My wife died after a sudden illness last week. We had no will.
In Scotland her assets mean that it is not categorised as a small estate so need some legal help.
Awaiting discussions with lawyer as to what this will mean. Hopefully just a letter (type of thing) which will cost me something which gives me rights to her stuff. This is not technical jargon.

Also awaiting call back from life insurance policy - did the online thing last week and had no confirmation/etc back from them. Called them today and they said somebody will call in next 48 hours.
Just as well I do not urgently need the money to arrange funeral type stuff.

It has been a bugger of week.

Apologies, scrolled past without taking this in. As with others, condolences from an internet rando.

[Torquemada 1420]

I recently had a bit of a health scare and my wife asked me to look into our financial planning in case one of us died.
Therefore rather than use Google I obviously lt came here to get some info before seeking professional advice.
Specifically were were looking at Trusts on Death, a Discretionary Will Trust and POA.
Anyone have any experience of this or know where to get the best online advice and the expected cost of getting these set up.
Btw I am glad to say that news of my impending death is exaggerated.
However it put things onto perspective and need to make more concrete plans.

You should be fine doing your own POAs.
https://www.gov.uk/government/publicati ... f-attorney
I'd stick to the paper format rather than attempting the online version.

You should talk to a STEP solicitor for trusts on death. Stay away from jobbing high st ones who dabble in a bit of conveyancing, divorce, litigation, estate etc The amount of f**k ups I've seen from this....
Trusts might be unnecessary depending on stuff like kids, size of your estate etc.

[ScarfaceClaw]

Is it any wonder that so many people look at their patio and the height/width of their partners.....

Lol at least I am fit and weigh as much as I did 30 years ago after exercise and diet. I rarely drink alcohol now and have a much healthier diet.
Btw BMi about 27 and go to gym 4/6 days a week.
My missus exercises at least once a day and is fit as a butchers dog.

Just for old times sake, rule 1.

[ScarfaceClaw]

Jesus, sorry vball. Didn’t scroll through. Very sorry to hear that and hope my flippant post above isn’t too out of order.

[Torquemada 1420]

My wife died after a sudden illness last week. We had no will.
In Scotland her assets mean that it is not categorised as a small estate so need some legal help.
Awaiting discussions with lawyer as to what this will mean. Hopefully just a letter (type of thing) which will cost me something which gives me rights to her stuff. This is not technical jargon.

Also awaiting call back from life insurance policy - did the online thing last week and had no confirmation/etc back from them. Called them today and they said somebody will call in next 48 hours.
Just as well I do not urgently need the money to arrange funeral type stuff.

It has been a bugger of week.

Sorry for your awful loss.

Again, you should seek the help of STEP registered solicitor. I don't think Sco is desperately different to Eng but with no will you will need to go through the intestacy process and get Letters of Administration to allow you to deal with her personal estate assets**.

In regards the life assurance, it will depend on a few things
1) If it was a joint life (1st death) plan, you ought to be able to get the proceeds immediately upon production of the Death Certificate.
2) If it was single life and was written in trust to you (using the insurer's own version), then ditto. However, this is unlikely since most advisers are too lazy to do this routine procedure when selling a policy.
3) If it was single life and not in trust, I expect the insurer will not pay out without the Letters Of Administration.

As a heads up, if your wife had any bank accounts solely in her name, I would not tell the bank until the last minute. Otherwise they will freeze pretty much everything and make your life difficult.

**{EDIT} Defo see a solicitor. Had a quick look out of curiosity and it's quite different. Comparison here
https://professionalparaplanner.co.uk/d ... ss-the-uk/

Interesting that in Sco, marriage does not invalidate a previous will.

[Yeeb]

Is it any wonder that so many people look at their patio and the height/width of their partners.....

Lol at least I am fit and weigh as much as I did 30 years ago after exercise and diet. I rarely drink alcohol now and have a much healthier diet.
Btw BMi about 27 and go to gym 4/6 days a week.
My missus exercises at least once a day and is fit as a butchers dog.

Just for old times sake, rule 1.

Jeez, let’s just say at first I misinterpreted who you wrote that to - even I was taken aback there.

[vball]

Thanks for the advice and help chaps.
No offence taken at any of the posts.

Legal advice started. Using a company that sponsors our rugby team so expecting mates rates. But since it lawyers, perhaps not much chance of that.
The rugby club has been superb in helping me and my son (me secretary and him ex player) get through this difficult time. Here in Inverness, and as I suppose in many other small clubs, it is part of the community. Helping out at schools, local charities, etc is all part of what a club does. So far away from how the pro teams operate. The club game is still the one I love.

[S/Lt_Phillips]

So sorry to hear about your loss vball. much sympathy, it must be a really tough time for you & your family. I hope the insurance co etc don't make your life any harder.

[Sandstorm]

Condolences VBall. Dying Intestate is a problem and will take a year minimum to work it all out. Sorry for your loss.

[SaintK]

Condolences vball. Dreadful news.

[Blackmac]

Remember there is a different law system if in Scotland, it is often found to be easier and more straightforward on these issues. I got will and POA sorted relatively easily and cheaply. Obviously same HMRC across UK but you may need especialist financial advice.

Yeah, we were the same. I think the whole thing, for both of us cost less than £1000.

[Blackmac]

Sorry Vball, I missed your post. Sorry for your terrible loss.

[duke]

Many condolences Vball, sorry for your loss.

[C69]

Sorry to hear this re the health , if you leave in your will contact details I can ping a wreath with FHHD if you so wish ?
Just to echo what’s been said, get it done properly, I am in advantage that a lot of our stuff was done in S.A. where it’s much cheaper, plus Romania where it was done long before I reached adulthood. The wills at least are very cheap and quick to do and clearly set out what you want done , don’t forget if there is someone you specifically want to exclude it’s best to give them a nominal £100 that way they can’t really put a claim in and say they were excluded. Estate planning is also good , sadly my own affairs are from from as tax efficient as they should be , properties in my own name was daft with hindsight.

One more tip - let your wife and kids know where your bank details are, when my dad died we knew his details (brother was his carer) so withdrew a few thousand in cash from ATM before the accounts got locked and probate etc, was during Covid so delays then were huge. Last thing anyone needs in time of grief , is a cashflow problem whilst the legalities go through the motions.

Want to have a single point of contact and give all info so giving all the info to the estate planners. We were recommended a company called Honey Legal who seem to be a large oufit. They would sort out all the issues related to Trusts and discretionary wills POA etc so ll the boxes regarding benificiaries and IHT CGT etc are sorted and hopefully probate would be negated to an extent if all the boxes are ticked.
Lol when we were looking at all our policies and life insurance and death in service etc we realised if I died my wife would be minted.

Do not, unless there is a very, very, very good reason, have a Will which leaves anything whatsoever to a trust which is not contained in the Will itself. There is absolutely no reason for an "average" family to have a discretionary trust external to a Will. All it will do is cause trouble, and require reorganisation post death on the first of you. And cost you a ridiculous amount of money if I know how these things are marketed, which 20 years working in this area means I bloody well do.

A well drafted life interest trust in the Will in favour of the surviving spouse, which ends on the second death, with the power to advance capital out of the trust during the survivor's lifetime is usually the simplest type of IHT and protection planning, is as vanilla as it gets in terms of HMRC involvement, and shouldn't cost more than about £1,500 including VAT for both (I.e. not £1,500 each) from a decent firm of solicitors.

Err I had hought a trust for my property would prevent the Council taking monies in case of a care home issue ?

[TB63]

Heartfelt condolences vball..

[TB63]

I'm currently going through Grant of probate for my late parents. Submitted all paperwork on 10th January, got a request for more valuations on the house today before they'll submit the paperwork. Cunts, utter cunts..12 weeks wasted on possibly a 16 week process..

[shereblue]

Want to have a single point of contact and give all info so giving all the info to the estate planners. We were recommended a company called Honey Legal who seem to be a large oufit. They would sort out all the issues related to Trusts and discretionary wills POA etc so ll the boxes regarding benificiaries and IHT CGT etc are sorted and hopefully probate would be negated to an extent if all the boxes are ticked.
Lol when we were looking at all our policies and life insurance and death in service etc we realised if I died my wife would be minted.

Do not, unless there is a very, very, very good reason, have a Will which leaves anything whatsoever to a trust which is not contained in the Will itself. There is absolutely no reason for an "average" family to have a discretionary trust external to a Will. All it will do is cause trouble, and require reorganisation post death on the first of you. And cost you a ridiculous amount of money if I know how these things are marketed, which 20 years working in this area means I bloody well do.

A well drafted life interest trust in the Will in favour of the surviving spouse, which ends on the second death, with the power to advance capital out of the trust during the survivor's lifetime is usually the simplest type of IHT and protection planning, is as vanilla as it gets in terms of HMRC involvement, and shouldn't cost more than about £1,500 including VAT for both (I.e. not £1,500 each) from a decent firm of solicitors.

Err I had hought a trust for my property would prevent the Council taking monies in case of a care home issue ?

This is only a personal opinion, no more. There will be others who disagree quite strongly, I'm sure.

I wouldn't touch Honey with a barge pole. It smacks of an organisation essentially selling estate planning solutions. Setting out problems and their solutions is slick marketing, yes. But the website talks about "experts", "teams" even a Honey "family" ffs. It only alludes to a legal team "backed by" SRA (Solicitors Regulatory Authority) in-house solicitors - not to mention 250 "consultants".

There are a number of Alternative Business Structures which may provide closer relationships with real solicitors but I still find re-assurance with traditional firms of solicitors, often LLPs. Look at their websites showing all the solicitors etc in various fields. Profiles, qualifications and even good old rule 1 type photos. None of that on Honey's website.

Lifetime Trusts, especially Property Preservation Trusts* will tend to tie your hands (equity release, mortgages, buying and selling or subletting). Any gifts of property done with a mind to depriving yourself of assets vis a vis the local authority in terms of paying for care fees can see the property gifted included in assessing your capital resources. How might Honey help you then if that did happen? A single ticket to Switzerland may be an option but if you had to go into a care home, would you really want to risk being bundled out of area by a local authority into some underfunded, shabby care home?

At the very least, have Honey round and then, before parting with your "deposit", go and visit a reputable firm of some size in a nearby town or city and ask them what they think of Honey and its solutions and what they would recommend. You might even get a free half hour if you're lucky.

You want to see a STEP registered lawyer (as Torq suggests) in a firm that probably also has SFE (Solicitors for the Elderly) member solicitors too as there will be a familiarity with dealing with care home fees.

*There are too many "QC" approved wheezes marketed that fail.