Posts Tagged ‘Will’

Trust in trusts

Trusts are sometimes used to distribute assets when someone dies rather than making specific provisions in a will. This allows the trustees to decide how and who to pass money to and can result in less tax being paid.

The Sunday Telegraph recently reported the case of a family dispute where the trust was set up by a father to benefit his wife and children. His son, a beneficiary and also a trustee, ended up in dispute with his 79-year-old mother and blocked distribution of money due to her.

A costly legal case resulted before she won her share of the money. Lawyers suggested such trusts should have at least one ‘professional’ independent trustee to avoid this type of problem.

Trusts can be useful devices to distribute assets but good legal advice is important when setting them up.

Steve Clark

Turkeys don’t always vote the way you think!

Turkey magnate Bernard Matthews’ business is struggling as a result of family feuding over his will since he died three years ago, reported the Sunday Times.

His children denied his request not to contest a provision of his will leaving a French villa to his mistress (they won a 56% share of it) while only his illegitimate son inherited shares in the business, which is now suffering a lack of investment and may need a £30 million cash injection by an external investor.

Business owners need to take great care with the provisions of their wills regarding their business interests, since it’s essential that there is clarity about ownership and management.

We will work with your accountant and legal adviser to help you find a solution to these issues. Call us if you’d like to arrange an initial meeting at our expense.

Steve Clark

Where there’s a Will?

In the first part of our financial planning process with clients we chat through with them what legacy they’d like to leave and what they have done about it. The most basic thing they can do is have in place a properly executed, professionally prepared and up to date Will.

Despite this, the majority of clients either have no Will or at the very best one that was drawn up years ago. In the absolute worst case scenario they bought a DIY kit from somewhere like WH Smith.

A recent article from those legal eagles at Wedlake Bell highlights what can go wrong if your Will is not properly executed. If you want to read the full article please click here.

The bottom line is that a husband and wife had three sons – one of whom was adopted. They wanted to leave their estate to the adopted son and nothing to the two others. When they died it was noticed that the husband had signed the wife’s Will and vice versa. The two sons who were due nothing said the Wills were invalid while the adopted son disagreed. At the end of the day the Court of Appeal agreed with the two sons who inherited everything.

The upshot is that the son that the parents wanted to benefit from their estate walked away with – nothing.

If you haven’t got one or your Will isn’t up to date (or if you’ve done a DIY Will) then you really need to take action. Don’t assume for one minute that your money will end up where you want it to.

Steve Clark

The preparation of Wills is not regulated by the Financial Services Authority. 44 Financial Ltd work with a variety of Will writers and solicitors to provide our clients with a professional service who can help you.