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Aria Legal, 2010 Solihull Parkway, Birmingham Business Park, Birmingham (2026)

20/08/2021

Make a Will.
Everything there is to know... in one video!!!

15/08/2021

How can I leave my £1.8m fish and chip fortune to my loved ones, not the taxman?

David Leedhan, an entrepreneur from Bournemouth, paid high rate taxes for the most of his working life. Now, after retiring, he wants to ensure that the money he worked so hard for funds his travels and goes to his loved ones.

After selling his ‘chippy empire’ before retiring, he was left with a sizeable £1.8m estate, much of which would result in inheritance tax (IHT) after he passes.

IHT is a huge concern for many, particularly those with assets over £325,000 as anything over this amount is subject to a 40% tax.

Some estate planning can be made whilst you are alive. Assets could potentially be gifted to beneficiaries before your death.

This could prove extremely tax efficient in terms of inheritance tax, as assets are fully outside the Donor’s estate 7 years after the gift was made.

However, rather than gifting assets away absolutely, as this would mean that these assets will again be potentially at risk from things such as divorce and creditors, as well as adding value to the recipient’s estate, it would be wise to gift with the aid of Trusts.

As well as planning during your lifetime, planning with Trusts can be made in preparation for death ensuring your loved ones are able to benefit from the inheritance you want them to receive.

With our professional knowledge, we can help you set up the correct type of planning for your circumstances. Our expertise will ensure that your assets are both protected from attack and immediately available to your loved ones after you are gone.

Don't delay. Call us today on 0800 612 5331

13/08/2021

Planning your wedding? Here’s something else you need to check off your list.

Things seem to be slowly getting back to some form of normality and at long last, you are finally able to go ahead with their dream wedding you’ve waited so patiently for.

But there is something which may affect your future happiness if you neglect to take care of it now.

When you marry or enter a civil partnership, any Will you have in place is automatically revoked (cancelled) unless it was made in contemplation of the marriage taking place.

If you do not establish a new Will then, when you die, the rules of intestacy will apply to how your assets will be divided.

The actual distribution of assets depends on the makeup of your family and the whole of your estate will not automatically pass directly to your new spouse, probably not what you would want to happen!

Making a Will immediately after the big day is not really something that you want to be thinking about, so why not put one in place ahead of the wedding (in contemplation of marriage) and enjoy your new life safe in the knowledge your loved ones have been provided for.

Call 0800 612 5331 today for more information.

13/07/2021

The “Common Law Spouse” fact of fiction?

Couples living together is the new normal with marriage on the decline, but both financial and legal protections have yet to catch up.

It’s a popular misconception that once a couple have lived together for some time, they acquire the status of a ‘common law spouse’ and with this automatic financial protection if they separate, but this is wrong.

There are some legal rights for couples facing this situation, but they are extremely restrictive and based solely on the law of property and trusts, rather than any element of fairness/discretion, as would apply on a divorce or where children are involved.

One partner can be placed in a precarious position if the couple have been living in a home, where the legal title or tenancy is only in one partner’s name as they would not have an automatic right to continue living at the property if their partner asked them to leave.

Similarly, a partner would be unable to claim a share of any savings or assets held in their partner’s sole name which they have acquired out of their own money.

This will include any pension assets the other party may have acquired.

For many separated couples, this can lead to one person facing a poor financial future, possible homelessness, a lack of pension and no income and on the death of a partner, the survivor has no legal right to inherit their partner’s property, or assets unless the deceased left a Will making provision for them.

Make sure you don’t fall prey to the “common law spouse” myth by calling us today on 0800 612 5331.

12/07/2021

The Cross Option Agreement

If you have put in the hard work to build a business that benefits you and your family, you will want to ensure that your loved ones are provided for after you are gone.

Without a valid Will, your business might be inherited by the wrong people. Even if you do have a Will, are the right people set to take control of your livelihood?

Would you or your business partner be able to run the business with the surviving spouse and beneficiaries?

Setting up a Cross Option Agreement as well as a Will ensures that the surviving business partner has the right to buy out the deceased’s share of the business.

The surviving partner can pay the deceased’s family members with the proceeds of the family life assurance policy, in exchange for their share of the business. This way, the surviving partner would own 100% of the business.

Our tailored Business Estate Planning solutions can provide significant protection to you and your business.

We can help you to minimise the impact of Inheritance Tax, provide protection to your business, and make sure that the right people are in charge of the business you have worked hard to build.

Call us today on 0800 612 5331.

11/07/2021

What happens when this happens ........... Is your Will ‘Divorce- Proof’?

Have you ever thought what will happen to your children’s inheritance if they were to divorce?

You may have already planned who your beneficiaries will be, assuming your children will automatically inherit your assets, after all that’s what your Will says, but this might not actually go to plan when 42% of marriages in the UK end in divorce.

Picture this scenario, as a result of a divorce your child /chosen beneficiary has to split half of their inheritance (your money) with their ex-partner, so the money you intended for your children and grandchildren will go to someone else.

Clearly NOT what you had in mind.

As much as you try you can’t spare your children from the pain of a divorce, but you CAN spare them the bitterness of losing part of their inheritance to an ex-spouse or partner.

Setting up a simple Trust alongside your Will, means that you can control where your money goes, even after you have gone.

To make sure your Will is ‘Divorce-Proof’ get in touch with us TODAY!

Call us today on 0800 612 5331.

10/07/2021

Looking ahead to a brighter future.

Setting up a Trust Fund might be the best thing you ever do for your family.

However, if you don’t do it properly, you may inadvertently make things extremely difficult!
Trust Funds can be set up for a number of purposes such as providing for your children/grandchildren’s University fees, as a way to hand down property, or as a tool to pass down other inheritances and assets.

Trust Funds are also great ways to set up financial security for a loved one with special needs.

There’s a huge misconception that Trust Funds are only for extremely wealthy families, for those who will one day inherit extreme wealth. This could not be further from the truth.

Today, there are multiple reasons why a Trust Fund can be beneficial, regardless of how significant your wealth is.

Really smart Estate Planning includes using the vehicles and tools available to best protect your legacy, both now and in the future - and setting up a Trust Fund for your children/grandchildren can do many things, including:

• Potentially reduce inheritance tax in the future
• Allow you to protect loved ones with special needs
• Offer protection from Divorce
• Offer protection from Marriage after first death
• Offer protection from bankruptcy or creditors

Setting up a Trust Fund for your children doesn’t have to be complicated, time consuming or expensive and as you’ve seen, you don’t need to have millions for a Trust Fund to be beneficial.

You just need to have a desire to protect your family, and the passion to set them up for a financially responsible future.

To learn more about how a trust can help provide for your loved ones, CALL TODAY on 0800 612 5331.

12/06/2021

Would your Will stand up against any dispute?

Many people believe that once their Will has been written that’s the end of it and their wishes would be carried out as they wanted.

However, this is not always the case and the number of Wills being contested by disgruntled relatives is on the rise.

Anna Rea died in 2016. She had previously made a Will in 1986, leaving her assets split equally to her four children (3 sons and a daughter).

However, in December 2015 she wrote a further Will but this time leaving her entire estate to her daughter Rita.

The later Will stated: “My sons have not taken care of me and my daughter Rita Rea has been my sole carer for many years. Hence should any of my sons challenge my estate, I wish my executors to defend any such claim as they are not dependent on me and I do not wish for them to share in my estate save what I have stated in this Will.”

Despite this statement Rita’s three brothers challenged the Will, stating that their mother at the time of making it lacked testamentary capacity; that she spoke very little English and did not properly approve it.

They further told the courts that Rita had manipulated their mother into making the 2015 Will through undue influence and that Rita had poisoned their mother’s mind against them by ‘fraudulent calumny’.

The brothers lost the case because it was found that Rita’s evidence on the main points was more persuasive than theirs and was more importantly, supported by evidence from her mother’s solicitor and doctor that the 2015 Will represented her true wishes.

The brothers consequently lodged an appeal as they felt they had been unfairly treated at the original hearing. The appeal was however dismissed.

To make sure your Will would stand up to any challenge contact us on 0800 612 5331 for your FREE Will review today.

11/06/2021

It’s more important than ever to have a Lasting Power of Attorney.

The current situation has highlighted the importance of having planning in place to protect ourselves and our family.

This also means that it is more important than ever for us private client professionals to explain the benefits of having a lasting power of attorney (LPA) for our clients.

Accidents and incidents can happen at any time regardless of age. By having an LPA in place, it can save families undue stress and expense if they are worried about the health or mental capacity of a relative.

There are two types of LPA, one covering health and welfare and the other covering property and finance.
A health and welfare LPA allows medical decisions to be made about a family member should they become incapacitated because of ill health.

A property and financial affairs LPA provides similar permission over property and affairs, such as buying/selling property, managing bank accounts, investments and paying bills.

You can appoint a friend, relative or professional as your attorney.

It is important to choose people who you can trust to act in your best interests and it is always a good idea to appoint more than one Attorney to ensure this power is not abused.

If an LPA is not put in place then an application to the Court of Protection is made and a deputy is appointed, which is a lengthy and costly process.

Particularly health and welfare deputyship orders are granted very sparingly and are occasionally rejected.

Create an LPA today which provides you with reassurance that should the worst happen, you have chosen someone you trust to make these vital decisions.

Contact us on: 0800 612 5331

10/06/2021

Protecting your children’s inheritance when you re-marry.

A third of all marriages in England and Wales are between couples where one or both spouses had been previously married.

Whether the previous marriage ended in death or divorce, many couples have children from previous relationships.

Many people do not realise that marriage / remarriage cancels any existing Will that is in place. Without a valid Will in place which states otherwise, your new husband or wife will stand to inherit the first £270,000 of your estate, and half of the remaining estate, if you die first and have surviving children.

Under the rules of intestacy, your spouse is given priority over your children and so will be the main Beneficiary, which means that when you die, your spouse could receive everything, and your children could inherit nothing or very little.

Most people who re-marry say they want to leave everything to each other, then when the second person dies, share everything equally amongst their children.

But if you die first, how can you be sure that this will actually happen?

Your spouse is entitled to change their Will, marry again and even have more children, taking your wealth into any new relationship.

It doesn’t take much imagination to know how you would feel if any of this came to pass, when some simple changes to your Will could avoid all of this and protect your assets for your family and future generations.

To ensure your Will is future proof, call us today for a FREE Will review. 0800 612 5331

09/06/2021

Why DIY Wills can be money down the drain.

Many people during lockdown made the decision to put their affairs in order, which often included making a Will, sometimes choosing to do this themselves rather than using a professional.

It may seem quick and convenient to make a DIY Will, but is it ever really a good idea?

In the DIY Wills market, you won’t receive any advice on how best to make your Will to reflect your personal circumstances and there is an alarmingly low level of safety measures in place when drafting your own Will.

The process is wide open to abuse and statistics tell us that they are all too frequently and successfully challenged.

Many people believe that their personal circumstances are straightforward and so they don’t need the advice of a professional Will writer.

However, there are many factors that may need to be taken into consideration when drafting a Will, such as stepchildren, estranged relatives, high value assets and vulnerable beneficiaries to name but a few, and with so many blended families these days there can often be more complex requirements for distribution of assets.

So, why do people still opt for this route?

When a cheap or free option is on offer, it is not surprising there is some consumer demand for it.

However, they completely lack the expertise and experience that the legal profession offers to clients and the protection provided.

The art of Will writing lies not in producing a legally valid document but in KNOWING the client.

When someone chooses to make a DIY Will, there is no comeback if they get it wrong. Making a DIY Will because it appears to be simpler and cheaper could end up costing your beneficiaries dearly.

If you have written your own Will, or just want to ensure that any existing Will you may have will actually do what you want it to do, then contact us now to access our free professional Will review service on 0800 612 5331

08/06/2021

Trusts – protecting your wealth

Most people know what a Trust is and of the many benefits Trusts can provide but having the RIGHT Trust in place for you and your loved ones is critical especially where the status of the potential beneficiaries is concerned.

Trusts have been instrumental in protecting assets and tax mitigation since the nobility first used them to protect their lands and wealth when they went off to fight in the Crusades.

Nowadays, you don’t have to be a wealthy landowner or part of the nobility to take advantage of the many benefits Trusts can provide.

When assets (property, cash etc) are distributed directly to the beneficiaries of a Will the value of these assets are then considered to be part of their estate.

This could seriously impact vulnerable adults, such as those who are in receipt of means tested benefits, or those not capable of making their own decisions and young dependants.

These inherited assets are also now at risk of attack from the following issues:
• Remarriage after first death
• Divorce / separation of the beneficiaries
• Creditors / Bankruptcy claims
• Care costs
• Taxation

Having the correct Trust(s) in place essentially ring fences your assets providing protection from the above risks, for the family home, investments and any business or agricultural assets, whilst still be immediately available to your chosen beneficiaries after you are gone.

To learn more about how Trusts can protect your hard earned assets contact us on 0800 612 5331.

Aria Legal

20/08/2021

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