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WillPack Monthly Newsletter. What's going on in the Will Writing world?
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WillPack Monthly Newsletter. What's going on in the Will Writing world? Like us Like WillPack's 2nd September Newsletter  on Facebook
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September Newsletter #2

Welcome to the 2nd September edition of WillPack News

We've been busy here in the office these past few week, one of us was off across the pond, one up north across the border, but the skeleton crew held strong and here we are out the other end and looking to hit the tarmac running. There's been a push with our social media the past few months and it is steadily growing and attracting attention so the offers of advertising for you on our Twitter is still available, we currently only have 4 people signed up, but the more people we get involved the better our outreach and connecting with the public will be. As before we will send out the below message 2-3 times a week

"Looking for a #Will in *#Lincoln*? contact *@JoeBloggsWills* or visit *joeswills.co.uk* for more information and get your #Legacy planned now!"

If this is something that interests you and you want to be a part of the trial then email us on news@willpack.co.uk and we can get things started.
It's been a good month for the Will Writing sector, with Remember a Charity campaign running at the beginning of the month, increasing the visibility and accessibility of Will Writers. More information is only ever a good thing and makes all our lives a lot easier
So without further ado, let's get cracking and ready for October!

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The Protective Property Trust 

Rosie and Jim have been married for 5 years. They have no children together but both were married previously. Rosie has a daughter and Jim has two sons. Their main asset is their home purchased together held as joint tenants, the most common way when couples purchase their home. Where you have a couple and they each have their own children, a problem arises; how do you ensure your children get ultimately what was yours?
Leaving the property as joint tenants means that on the death of the first person the property will pass automatically by survivorship, meaning it then forms part of the survivor’s estate and would pass to their beneficiaries either by the terms of their Will or by intestacy.
To prevent this from happening the ownership needed to severed to Tenants in Common, this means each will now have their own 50% share to dispose of how they wish. Simply severing the tenancy can lead to some problems; the first being there is no security for the survivor and can lead to problems because the deceased’s children now hold an interest in the property.
Also if their own shares are left directly to their own children and they were married, and then divorce, this share of the property could form part of the settlement, and if they got into financial difficulty then the property could be assessed by creditors.
The best advice would be to advise that Protective Property Trusts are used in each Will. For example both Rosie and Jim each want to leave their respective shares to their own children. Jim passes away before Rosie but instead of leaving the property to his sons his share is to be held in Trust, giving Rosie a life interest to allow her to live in the house, move house if she wishes or downsize to release capital where she would have the right to income. Rosie would not own Jim’s 50% share of the property as it is held by the Trustees and ultimately at the end of the Trust this share then passes to Jim’s children.We all want our respective families to benefit from our deaths especially if we have no children to which to leave our estate.
Take Rosie and Jim, a typical couple, living together not married, no children, want each other to benefit. Jim dies, in his Will he states that his estate is to pass to Rosie, subject to her surviving him for 30 days; Rosie survives Jim by 30 days and takes Jims estate absolutely, when Rosie dies both her and Jim's estates pass according to her Will, to her parents or brothers and sisters leaving Jims family nothing. This is possibly not what Jim would have wanted had it been explained to them both when giving their instructions.
So what are the options?
Option 1 is for each to leave their estate on a life interest trust for each other, and when the survivor dies, the trustees of the trust fund distribute the fund according to the wishes of the testator. However, trusts can be expensive and may also run for many years.
Option 2 is a cheaper alternative is to write the Will as follows:
I give my estate to my partner Rosie subject to her surviving me by thirty days and on her death the residuary estate to be held in two equal shares and distributed as follows:
One share to be divided between the family [named] of Rosie and in equal shares if more than one.
One share [or the remaining share] to be divided between the family [named] of Jim and in equal shares if more than one.
Failure to take account of both families can result in a negligence claim from the aggrieved beneficiaries. Although we have used an unmarried couple, it does not matter whether they are married or not, the result is the same.
Amy - 
Extreme Will Writers - "You don't have to go to extremes for charity"

Remember a Charity Campaign

Throwing your granny and granddad out of a plane after getting them to sign their Will has never been so glamorous. The week of 7th September this year was a big one for Charity bequests with The Remember a Charity Campaign hitting full swing. According to the campaign
“Three quarters of Britons regularly give to charity in their lifetimes, yet only 7% currently include a charity when writing a Will. Nevertheless gifts in Wills are still the foundation of many of Britain’s charities, creating almost £2 billion each year, the equivalent of 19 Comic Reliefs. Without this income, many charities would simply not exist and others would have to cut crucial services.”
So it’s vitally important that these gifts continue to be given in Wills, so that the more vulnerable in our communities get the care they need.

The charity’s main aim is to increase the legacy market, which it appears to be succeeding in doing. The rate of giving to Charity has increased from 5.1% to 7.3% over the past decade equating to around £500 million more going to charities.
By using humour, while still remaining frank and considerate about death, which can be a sensitive subject for some, they aim to reduce the taboo surrounding writing a Will and encouraging open and honest conversations with family and friends.
Legacy income is currently worth over £2 billion a year. If, together, we can grow the sector by just 4%, we could raise an extra £1 billion for UK charities.

 

FAQ

Q. How long will it take for my client's LPA instruction to go through?
A. The short answer; usually around 7 weeks. We draft it in our usual time of 7-10 days, it gets sent back to you or your client to sign, we then check that information and send them in bulk to the OPG within a week. The OPG then have their 'cooling off' period of 3 weeks, from which point you could receive the final documents from the OPG any time up to 2 weeks from that time, as they are sent 2nd class through Royal Mail. However the OPG do state it could take up to 10 weeks from them receiving the information.
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