Testari Wills & Estate Planning

Testari Wills & Estate Planning At Testari we want to help. Help you to direct your hard earnt assets to people YOU chose.

24/07/2023

The Statutory Legacy sum for spouses or civil partners will be increased by £52,000 from £270,000 to £322,000 on 26th July 2023.

What does this mean?

Under the rules of intestacy, where there are no children, the spouse or civil partner inherits everything.

If there are children the spouse or civil partner inherits personal chattels, property, as well as the first £322,000.

The remainder of the estate is divided in half. One half will go to the surviving spouse or civil partner, the other half will be divided equally between the children.

As Estate Planners we all know intestacy is best avoided by implementing a correct and best estate plan to suit your clients circumstances rather than relying on the rules of intestacy.

If you wish to discuss with an adviser please get in touch and we can arrange a no obligation appointment.

23/12/2022

The office will re-open on the 5th January @ 9:30am. Everyone at Testari Wills & Estate Planningari wish you a joyful festive season and a healthy and prosperous 2023.

Mental and physical incapacity can happen at any time. You might have thought that a spouse or family member would insta...
10/10/2021

Mental and physical incapacity can happen at any time. You might have thought that a spouse or family member would instantly gain control of your finances and wellbeing, but this isn’t the case…
Whether we are young or old, we can find ourselves in this situation owing to illness or injury and it can be invaluable having a reliable person who is able to manage your personal affairs and remove the anxiety of having unpaid bills, at a time when you most need peace of mind.
Unless you have signed a power of attorney, your family will have no authority to access your money or deal with your welfare. In this case, the Court of Protection will look to appoint a Deputy for you. This means that the only way your finances or wellbeing can be managed is through an application which can take anywhere in between 12 weeks and 10 months. The judge has the power to decide who to appoint, and this could be someone you wouldn’t have trusted or wanted to manage your affairs.
This is why it’s vital to have a Power of Attorney in place. Doing so means you can appoint the right person to make decisions about your welfare, money or property on your behalf at the right time.
For more information on Power of Attorneys and how we can ensure your wishes are carried out, contact Testari today.

Enduring Power of AttorneyThere may come a time in your life when you areunable to manage your financial affairs or pers...
31/08/2021

Enduring Power of Attorney
There may come a time in your life when you are
unable to manage your financial affairs or personal
welfare, owing to some form of incapacity and you
will need someone to act on your behalf.
To do this after you have lost capacity can prove very costly and will run into many £000's. Don't leave this for your loved ones to sort out. Get it sorted today

Couples living together is the new normal with marriage on the decline, but both financial and legal protections have ye...
05/07/2021

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.

Looking ahead to a brighter future. Setting up a Trust Fund might be the best thing you ever do for your family.However,...
21/06/2021

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 028 3752 2488 / [email protected] / www.testari.info

The current situation has highlighted the importance of having planning in place to protect ourselves and our family. Ac...
25/05/2021

The current situation has highlighted the importance of having planning in place to protect ourselves and our family. Accidents and incidents can happen at any time regardless of age. By having a power of attorney, it can save families undue stress and expense if they are worried about the health or mental capacity of a relative.
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 a power of attorney 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.
Create a power of attorney today which provides you with reassurance that should the worst happen, you have chosen someone you trust to make these vital decisions.
Call Testari today to talk about arranging a power of attorney before its too late

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...
03/05/2021

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.

Have you? Making sure that your affairs are in order has always been high on most people’s priorities and the pandemic ...
05/04/2021

Have you?
Making sure that your affairs are in order has always been high on most people’s priorities and the pandemic has meant that doing so has become crucial.
Part of this planning is ensuring that you have a valid Will in place and despite how uncomfortable it may be to make this decision, Covid-19 fears has meant that people who have never even thought of writing a Will before, recognise that the time has come to take action!
The demand for Wills, Trusts and Powers of Attorney has never been greater and we understand just how important it is to know that you have done right by those you care most about, bringing you peace of mind.
Even those of you who already have a Will need to take stock.
THINK! Where is your Will? When was the last time you looked at your Will? Does your Will reflect your current circumstances? Has anything changed? If the worst were to happen would your Will really do what you want it to do?
We’re here to help.
We, in the legal industry have worked hard to ensure we can continue to provide the same high levels of service and expertise to ensure your needs are met and having adapted the way we work to accommodate government restrictions, means we can help you when it matters most.
For more information, contact us today

We never thought this would happen to our family...Writing a Will may not be at the top of your to do list, but despite ...
19/03/2021

We never thought this would happen to our family...

Writing a Will may not be at the top of your to do list, but despite the procrastinations, superstitions and anxieties of creating a Will, it is extremely important to do so.

Fact of the matter is, if you have any kind of asset, be it life cover, pension, property or savings, writing a Will isn’t something that you should delay - no matter what age!

Dying intestate (passing away without a Will) means that your estate will be distributed according to the laws of intestacy – families are estimated to lose an average of £9,700 of assets if a Will has not been produced!

Even when there is a Will, they have the potential to cause turmoil amongst loved ones – two sisters have even squabbled over who inherited a spoon!

Families often find themselves saying “we never thought this would happen to us” as they’re sat squabbling over inheritance. No one can predict when an issue might erupt within their family and the best way to protect your legacy is to ensure that you have a well-drafted and up-to-date Will. It is NEVER too early to produce one, but often too late.

Get in touch with us today to discuss your Will

Lockdown has given many people the opportunity to think about what’s really important to them and it won’t come as any s...
27/02/2021

Lockdown has given many people the opportunity to think about what’s really important to them and it won’t come as any surprise just how highly family and loved ones feature in their plans for the future.

In fact, a recent survey of more than 2,000 grandparents has revealed that the current crisis has forced those from older generations to reassess exactly how they will pass on their wealth with two in five stating that they now plan to increase the amount of inheritance they intend to leave (source: wealth manager Killik & Co).

With the current climate putting so many people under pressure, almost half also admitted to helping their grandchildren by providing them with much needed financial support now rather than having to wait for an inheritance, utilising Trusts and gifting allowances so they can do so in the most tax efficient manner.

Call today to make sure your grandchildren have what they need, when they need it most!

Late last year the Argentine football icon, Diego Maradona, sadly passed away following a heart attack. His sudden death...
07/02/2021

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!

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