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Property Protection Trusts

Property Protection Trusts and Protecting your Property from Care Home Fees

Many people are concerned that as they get older, they may need to move into a care home and the cost of such care can be very expensive. Many people are therefore looking for ways to protect their assets from care home fees.

In recent years “Property Protection Trusts” have been promoted as being the failsafe, guaranteed way of protecting your property from care home fees. Many companies promoting such trusts are unregulated and their products such as Property Protection Trusts are being promoted and sold by sometimes nothing more than a very persuasive salesperson.

It is likely that your home is your largest asset and you should be very cautious before making any decisions with regard to your largest asset and the roof over your head. Indeed a Property Protection Trust may not even protect your home from being sold to pay for care fees or could cause tax implications and therefore it is very important that you take advice from one of our lawyers before making any decisions with regard to such Property Protection Trusts.

These Trusts can be brought to people’s attention either from cold calling, arranging home visits and sometimes even from kiosks or stalls in public areas. The people “selling” Property Protection Trusts to you can be very persuasive and may not be providing you with correct information or all of the information you should have before making a decision regarding your property. Their fees are often excessive.

In some cases, these companies even offer Lasting Powers of Attorney at what they claim to be a reduced rate. People should take caution as these “cheap” Lasting Powers of Attorney often result in being more expensive than our own charges and the companies involved often do not provide the correct advice or the necessary advice for you.

If you have been contacted by someone discussing Property Protection Trusts and would like to discuss this further with one of the lawyers in the Wills and Probate Department of this firm or you have already created a Property Protection Trust but would like to take further advice then please contact one of our lawyers in the Wills and Probate Department:-

Jane Mawer- jane.mawer@maplessolicitors.com
Jamie Dobbs- jamie.dobbs@maplessolicitors.com
Faye Blair- faye.blair@maplessolcitors.com

Or telephone the office 01775 722261 and ask to speak with one of the team.

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Obtain Probate for as little as £399 image

Obtain Probate for as little as £399

It is of course a very difficult time if a loved one has passed away both emotionally and from a practical perspective in dealing with their Estate. You may have been appointed as an Executor of an Estate and it may be necessary to obtain a Grant of Probate to administer the Estate.

As an Executor you can make an application direct to the Probate Registry in order to obtain the Grant, though this can be a time-consuming and sometimes difficult process as you will still have to complete the necessary Inheritance Tax Return. Whilst we appreciate some Executors are happy and comfortable dealing with the Probate Registry directly we believe that some Executors still like the assistance of a professional in this process. We will be able to guide you through the whole process from beginning to obtaining the Grant of Probate in a friendly and efficient manner to help ease the burden on you at what is already a difficult time.

We can help you obtain the Grant of Probate for a one off fee of £399 (depending upon the complexity of the Estate) which includes the Probate Registry Fee and VAT.

Please contact one of the Team below to see if we can assist you:-

Jane Mawer:- jane.mawer@maplessolicitors.com
Faye Blair:- faye.blair@maplessolicitors.com
Jamie Dobbs:- jamie.dobbs@maplessolicitors.com

Or call the switchboard on 01775 722261

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Will Information Sheet image

Will Information Sheet

Will Information Sheet

The Will Information Sheet sets out the information that you will be asked at your first meeting with a lawyer to prepare your Will.  It is not compulsory that this is completed but it may help you to make decisions on what you wish to include in your Will before the meeting.

  1. You

This simply asks for your personal information.

  1. Spouse/partner

This asks for your partner’s details.  It is important that we have an understanding of your relationship status as you should make ‘reasonable provision’ for any long term partner or spouse.  In the case of married individuals, if you are separated but not yet divorced, please make sure that we are aware of this fact as this will affect our advice to you.

  1. Contact details

These are requested for our use only and will not appear in your Will.

  1. Your Estate

This asks for you to give an approximate value of each of your assets as they stand at the current time and also those of your spouse/partner.  It also asks for any liabilities such as a mortgage/loan/credit cards or any other debts that you may have.

This is requested in order that we can review the inheritance tax position of your estate.  Each person has a ‘nil rate band’ of £325,000 meaning that you do not pay inheritance tax on the first £325,000 of your estate. Anything above this figure will pay tax at 40% (unless other relief’s or the additional Residence Nil Rate Band available). With effective tax planning married couples can utilise both of their individual nil rate bands and not pay inheritance tax on the first £650,000 of their estate or more if the Residence Nil Rate Band can be applied. 

Knowing the value of your estate is also useful for potential residential care home planning.  There is much controversy over the payment of residential care home fees and many do not realise that the time you make your Will is the most effective time to plan ahead and protect assets from being used to pay for those fees.

  1. Your Executors

These are the people that will have to administer your estate after you pass away.  They collect in your assets, pay any debts that you may have including the funeral and distribute your assets as you set out in your Will.  You can appoint up to four Executors.

  1. Guardians

If you have children under the age of 18 then you should appoint guardians to care for them in the instance that both you and your spouse/partner have passed away.

  1. Funeral Wishes

It is not compulsory that you set out your funeral wishes in your Will however if you have a preference over cremation or burial or any detailed requests we recommend listing them.

  1. Legacies- non charitable.

A legacy is a specific sum of money or item that you may wish to leave to a friend or family member. For example, ‘I give £500 and my pocket watch to my Godson Joe Bloggs absolutely’.

  1. Legacies- charitable

You may also wish to leave a donation to charity. Charitable donations are exempt from inheritance tax and so can be a useful tool in reducing the amount of tax to pay if you have a taxable estate.

  1. Residuary Estate

After your debts have been paid and the specific legacies under point 8 and 9 above have been paid, the remainder of your estate is known as your ‘Residuary Estate’.  This is usually the bulk of your estate.

If you have a spouse/partner then the usual option taken is to leave the estate to the survivor of you.  You can then make provision in your Wills that after both of you have passed away the estate passes down to your children or other family/friends depending on your circumstances.

This section of the form gives you space to consider who you would like to benefit from the residue of your estate and in what proportions.

Download Will Information Sheet Here

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Gemma Mayer LLB

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Anita Toal LLB BA

Open Quote Icon "I think you are brilliant. You can use my comments above. You are efficient, friendly and quite clearly very good at what you do. Mainly you don’t leave people hanging around too long for." "So easy to talk to her and she understood what I wanted. She put me at ease and I cant thank her enough" Close Quote Icon

Daven Naghen LLB

Open Quote Icon "Daven provided an excellent service, from attending the first interview with me to the final court appearance. He filled me full of confidence that he would defend me to which he did and come out with an excellent outcome in view of my position that I had put myself in." Close Quote Icon

Faye Blair LLB

Open Quote Icon Faye was excellent, sensitive and acted very well to the time constraints we faced. Great service and dealt with compassion at such sad times made the process less painful very professional. Close Quote Icon

Jamie Dobbs ACILEx

Open Quote Icon Over the last forty years I have cause to deal with many law firms both in a personal and professional capacity, including some ‘top’ London Companies. In all of those dealings I have never found anyone as proactive and so willing to offer help and advice as Jamie Dobbs. During the last two years Jamie guided my parents through the completion of Lasting Powers of Attorney. Helped myself with the use of the LPA and recently dealing with Probate and Estate Administration following their death. Close Quote Icon

Mike Pepper MA

Open Quote Icon Mike Pepper gave us excellent advice. He was always most helpful and accommodating giving lucid explanations every step of the way. Thank you Mike. Close Quote Icon

Claire Smith FCILEx

Open Quote Icon Claire Smith has been amazing in every way. I highly recommend her and I am so grateful for all her help. She’s professional on all levels, reliable, extremely organised and I will be recommending her to everyone. I’m very lucky to have had her representing me and I can’t thank her enough. She is an asset to Maples. Thanks so much Claire! Close Quote Icon