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Michaels & Company - Wills Trusts & Lifetime Planning, 1 Raleigh House, 2b Boucher Road, Budleigh Salterton (2026)

03/08/2022

Protect Your House after Death!

If you and your partner own a house together, it is important to consider how your property is owned. If one of you passes away, what happens to the house depends on how you and your partner own it.

Most homeowners are not aware of how their property is owned, and how the wrong type of ownership can have devastating effects on your loved ones after you pass away.

For example, if you are the sole owner of the property and you pass away, the house will be subject to the Rules of Intestacy. This means that your loved ones won’t have control over the house, and your surviving partner could find themselves homeless.

However, the rules get more complicated when you and your partner own the property together, as there is more than one way to do this.

If you and your partner own the property jointly, then on first death the property transfers wholly to the surviving co-owner. This may sound similar to what you had imagined, but this can actually cause problems further down the line for the surviving spouse.

If you and your partner are Tenants in Common, each party owns a definitive share of the property. If you die without a Will in place, your share of the house passes to your estate – it does not automatically transfer to your partner. Under the Rules of Intestacy, the house will be inherited by your next of kin, which could mean that your partner now has to share ownership of the house with your relatives.

Your house is one of the most valuable assets you will own. Make sure you know exactly what will happen to it after you are gone!
Contact us now for more information.
Phone 0800 240 4587
Mobile 07904 167506
https://michaelsandcompany.com/contact/

23/02/2022

Protect Your Assets

You might already know what a Trust is, but did you know it is not just wealthy landowners or nobility who can use them? Having a Trust in place that protects you and your loved ones is essential, and there are many benefits to having a Trust when it comes to your potential beneficiaries.

If your assets are distributed directly to the beneficiaries of your Will, they essentially become part of their estate, leaving them open to attack from several issues. These issues can often have a serious impact on young dependants, vulnerable adults or those who aren’t capable of making their own decisions.

The inherited assets are at risk from the following issues:
- Remarriage after first death – where a new marriage cancels out an existing Will, meaning your children could end up inheriting very little, or worse, nothing at all.
- Divorce / separation of beneficiaries – where your child’s spouse is entitled to half of their inheritance after they divorce
- Creditors / bankruptcy claims – if one of your children starts a business which then runs into financial trouble, they may have to pay off their debts / outstanding loans with the money they have inherited
- Care costs – where the council take your family home away from your children in order to pay for your care fees
- Taxation – where your children and grandchildren are slapped with a huge (and ever increasing!) inheritance tax bill after everything is left to them absolutely

Having a Trust in place protects your assets from all of these risks. It protects the family home, investments and any business or agricultural assets, ensuring that you can pass these onto your loved ones after you are gone.

To learn more about the benefits of Trusts and how a Trust can protect your hard-earned assets, contact us now!

Phone 0800 240 4587
Mobile 07904 167506
E-mail [email protected]

16/09/2021

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.

Tel: 0800 240 4587 Mob: 07904 167506

https://www.michaelsandcompany.com/contact/

12/07/2021

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 240 4587 or 07904 167506

Or go to
https://www.michaelsandcompany.com/family-trusts-bloodline-planning/

25/06/2021

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 on: 0800 240 4587 or 07904 1675606

https://www.michaelsandcompany.com/contact/

25/05/2021

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.

For more information on Lasting Powers of Attorney go to
https://www.michaelsandcompany.com/lasting-powers-of-attorney-lpas/

Contact us on: 0800 240 4587

https://www.michaelsandcompany.com/contact/

11/05/2021

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.
https://www.michaelsandcompany.com/contact/
Or phone 0800 240 4587

26/04/2021

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.

https://www.michaelsandcompany.com/contact/

Or phone 0800 240 4587

15/04/2021

Marriage after death

We all want what’s best for our loved ones and for them to be happy after we’re gone, even if this means that they might move on with someone else.

But have you considered the problems which could arise if your spouse were to marry again after your death?
Here’s what usually happens…….

• Your Will - Most couples will have what’s referred to as Mirror Wills in place. These simply leave everything to each other on first death and then whatever is left to children, friends and family, or charity etc on second death. Your surviving spouse now owns all your joint assets.

• The marriage – The surviving spouse marries again taking all the family wealth with them into the new relationship.

• Writing a new Will - Marriage revokes any existing Will and so the newly married couple create new Mirror Wills.
This is no doubt exactly what you would expect to happen on remarriage but…………………….

How would you feel if:

• Divorce - What if your surviving spouse and their new partner divorce and he/she acquired half of everything you once owned?

• Death of the surviving spouse - Your surviving spouse dies and their new husband / wife inherits everything you had worked so hard to build up over the years?

• They write a new Will – The bereaved husband/ wife writes a brand new Will disinheriting your children / relatives, leaving all their newly acquired wealth (your money) to totally different people.

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. https://www.michaelsandcompany.com/contact/

Phone me on 0800 240 4587 or 07904 167506

28/03/2021

In these days of blended families and different types of relationships, there has been a marked increase in disputes surrounding who gets what from a Will. With society being much more litigious, 1 in 4 people are now willing to contest a loved one’s Will.

With contentious probate on the rise, there is now even more reason to ensure that not only do you have a valid Will in place but that it is up to date, will carry out your wishes and that your estate is protected against any possible future claim.

Many legal firms fall short when it comes to ensuring all information is accurately recorded and securely stored and with the current climate changing the way Will instructions are being taken, it is even more important to ensure that your Will is robust enough
to protect your wishes.

To counteract the recent changes, we have implemented additional safety measures when taking instructions from clients to reduce the risk of a successful challenge by providing you with a clear voice, after you are gone.

To review your Will free of charge or to put one in place, call today on 0800 240 4587 and achieve complete peace of mind that those you want to benefit from your estate will actually do so.

16/03/2021

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 go to:

https://www.michaelsandcompany.com/family-trusts-bloodline-planning/

Or phone on 0800 240 4587

02/03/2021

Diego Maradona’s legacy thrown a curve ball.

Late last year the Argentine football icon, Diego Maradona, sadly passed away following a heart attack. His sudden death caused speculation about his wealth and complicated financial legacy, as it’s been suspected that he passed away without making a Will (Intestate).

As Maradona seemingly dies intestate and was not married at the time of death, his children should receive equal shares of the entire estate. Unfortunately, in addition to the eight children Maradona is known to have, it appears that two more individuals are claiming that Maradona is their father and taking legal action to receive their rightful share of the inheritance causing long delays in its distribution.

It’s not only the famous or wealthy who can be affected by not making a Will. In the UK there is a common belief that if someone dies without having made a Will then everything automatically passes to the surviving spouse or civil partner, but this couldn’t be more wrong and can sometimes mean real hardship for the surviving family.

These days with the fact that family dynamics are much more complicated with multiple marriages, blended families and adoptions in and out of families, has meant a massive increase in the number of inheritance claims being made resulting in more costs, long delays for beneficiaries and often the breakdown of family relationships.

Having a professional and legally valid Will in place will ensure that those who you want to inherit actually do so!

To find out more phone 0800 240 4587 or 07904 167506

Or go to: https://www.michaelsandcompany.com/contact/

Michaels & Company - Wills Trusts & Lifetime Planning

03/08/2022

23/02/2022

16/09/2021

12/07/2021

25/06/2021

25/05/2021

11/05/2021

26/04/2021

15/04/2021

28/03/2021

16/03/2021

02/03/2021

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