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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 October Newsletter on Facebook
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October Newsletter
Welcome to the October edition of WillPack News

We hope everyone's ready for their Hallowe'en festivities, we've refrained from putting too many pumpkins out, but there is still time. 
It's often a good time for people coming to get Wills as there are a lot of death related and generally spooky advertising and events going on. So we're preparing for an influx here in the office as people start to think about their future and their family.
We keep picking up a few more people for our Twitter rounds each week so if you're one of our members and want to be part of it, email the following information; the area you cover, your Twitter handle/Facebook and website to news@willpack.co.uk and we can get things started.

 

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Gift with Reservation of Benefit (GROB)

Gifting property, money or other assets away can be a successful method of avoiding inheritance tax (as long as the donor survives for 7 years) however clients should be wary of retaining any benefit in that property. If they continue to enjoy any benefit in that property it will be considered as part of their estate for inheritance tax purposes.
The common example a client gifting their home away to their children during their lifetime but continuing to live in the property. As the client retains the benefit of living in the home, it would be considered as part of their estate for inheritance tax purposes. Following the introduction of the new family home allowance from 2017, a gift of this nature could actually worsen the client’s tax bill as the home may no longer be seen as their family home and as a result would not be entitled to the additional nil-rate band.
There are a number of exceptions to the rule, mainly where the client gives full consideration (for example if the client pays full rent to the children whilst living in the home) and a change of circumstances, unforeseen at the time of the gift (for example if the client gives the property to their children and moves out, but later becomes ill and moves back into the house for the children to look after them). 
 Chris - 

Per Stirpes

Per Stirpes is a Latin legal term, in definition meaning ‘by branch’. When this term is used in a Will, it is simply specifying that the gift that has been made will pass down in accordance with the family tree.  At WillPack we most commonly use the ‘Per Stirpes’ clause in our Wills with the gifts of the Residuary Estate to specify if a beneficiary does predecease the testator, then the share that beneficiary would have received will pass down to their own children equally, and it will continue to pass down until a member of the original beneficiaries family tree has inherited.
 
For example, Mr Foster leaves his entire estate to his 2 children in equal shares, Daniel and Jean. In the Will, the Per Stirpes clause has been inserted. Mr Foster has now deceased, however Daniel has predeceased Mr Foster, therefore in accordance with the Per Stirpes clause, the share that Daniel should have received will now pass down to any children that Daniel had before he died, or if his own children has also predeceased Mr Foster then Daniel’s grandchildren would inherit, and so on. Should Daniels family tree fail entirely, then his share will pass to Jean and follow her family tree
- Liam

Safe-4: Digital Inheritance Vault

Safe4 launched the Digital Inheritance Vault at the recent Society of Will Writers annual conference in Redditch.  The Vault, which is endorsed by the Society, allows members to provide their clients with a highly secure online facility for managing their inheritance plan, and all of the documents that will prove to be essential during probate.  As well as the vital documents that relate directly to the estate – the will itself, lasting powers of attorney, trusts, deeds – the Vault will allow a wide variety of other references to be held to systems such as PayPal or eBay, or even online gambling accounts, which may contain credit balances that will enhance the value of the estate.

In today’s digital age we are all creating online content every time we send an email or text message, or update a system like Facebook or LinkedIn.  This information forms part of the Digital Legacy we will leave behind, and helps to define how we will be remembered.  The Vault will help with the capturing of these important personal and family records.
 
As well as allowing WillPack members to offer a service that their clients will value, the Digital Inheritance Vault will provide members with an ever-increasing annuity revenue stream, to add significant value to their business.
You can find more information and benefits for yourself and your client Here and Here
- Ben Martin - Director at Safe-4
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