46 • Financial planning, legal services & donations
At Home & In Te Garden • Sunday 24 May 2020
Probate & Wills — you’re in safe hands
Prowse Probate is a small, family-run business that’s been trading since 1992
Prowse Probate specialises in the prepa- ration of Wills and Lasting Powers of Attorney, assists with probate applica- tions, administers estates and provides inheritance tax advice.
Why make a Will? A Will is one of the most important legal documents you’ll ever sign. If you die without a valid Will, everything you own will be shared out in a way defined by law. Tis may not be to your chosen beneficiaries (even if you’re married, your spouse will not necessarily receive your whole estate). Also, the estate may not be admin- istered by the people of your choice (your executors). It’s also sensible to write a Will, as
this can often reduce the amount of inheritance tax payable on your death and also allow you to make any life- time gifts as efficient as possible.
Why make a lasting power of attorney? A lasting power of attorney (LPA) lets you choose who should manage your affairs and make decisions on your behalf if you lose mental capacity. One LPA is for ‘financial decisions’. Tis relates to things like paying bills, managing investments and selling properties. Te other LPA is for ‘health and care decisions’. Tis relates to personal decisions, such as where you live, what care you receive and, ulti- mately, whether to turn off the life support machine. If you lose mental capacity without
an LPA, your loved ones will need to apply to the Court of Protection for a ‘deputy’ to be appointed to manage your affairs. Tis is a very long-winded and expensive process and the deputy has to complete annual accounts setting out each penny spent.
Probate When someone dies and leaves property, money
and possessions
— their estate — you need to sort out who gets what. To do this, you need what is known as a ‘grant of representation’ (either probate or letters of administration). Tis proves your authority to administer the estate to collect all assets, pay the debts and distribute to the benefi- ciaries. It also involves dealing with the inheritance tax liability. Dealing with probate is difficult at
any time, but during this crisis Prowse Probate is still here to offer support and guidance in this specialist area to make this as stress-free as possible.
STEP members As a STEP member with fully
recognised legal qualifications, Prowse Probate has many years of experience working with solicitors, organisations and personal clients. The company is very competitive
price-wise (around a third of the price of solicitors) and never introduces hidden extra charges. In the current climate, Prowse Probate can work remotely to take into account social distancing.
Dealing with probate is difficult at any time, but during this crisis Prowse Probate is still here to offer support and guidance in this specialist area to make this as stress-free as possible
To get in touch please visit:
valuewills.co.uk, call 01322 555321 or email
h.prowse@
btinternet.com
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