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Executors

You can nominate up to four executors to manage your estate after you have gone.  It is wise to nominate a minimum of two in case of difficulties or the inability of one to act on your behalf.  Sometimes expert executors are required for certain parts of your estate such as for businesses or specialist investments. 

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Being an executor can be one of the most stressful things a person encounters and there is research on the subject as a result.  So, it is  a good idea to think very carefully about who you wish to nominate and whether they are comfortable doing this on their own.  You may wish to include a named professional such as a probate solicitor to be a joint or sole executor but do note that a solicitor can refuse to step down as an [joint] executor.  There may be a number of reasons for this and one of them is that they do not consider it in the best interests of handling your estate, given there are so many problems surrounding executors.  It is also a good idea to name a minimum of two executors in any event. Once an executor is named they are not obliged to continue.  There is a process where they can ask a solicitor to work with them, or take the matter over for them.  It is important this conversation takes place with your executor(s) which often, is not the case.

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The role of executor is not to be underestimated unless it is a reasonably straightforward estate. 

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Numbers of problems may ocurr with executors who fail in their duties and are downright difficult.  For example, in one case, one of three children was named executor.  being the eldest son.  He was charged with selling the house and liquidating other assets.  After 10 years he still had not done so, having decided to delay to suit himself.  The other two siblings were forced to take the matter to court in order to see their inheritance which in turn wasted a good amount of the estate along with the other consequences of ten years of stress and relationship destruction.  It really is wise to consider these matters carefully.

Probate

Tipi Wills & Planning works with solicitors to provide you with expert probate services.  It takes a number of years of hands on training and expert qualifications to provide probate services. 

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This also means you can have professional executors for your Will.

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These solicitors can also provide you with Lifetime Trusts.  Your Will can provide you with trusts that you need once it is effected, but sometimes you would like a trust set up before your Will takes effect.

 

You may also choose your own probate services and/or professional executors if you wish.

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Consider in your planning, appointing a Power of Attorney and whether you would it be preferable in your circumstances to also have a professional attorney.  (Attorney power ends of death).  You may choose people you know, or ask a professional.  It can help if the professional and your appointed attorney know you when it comes to decision making, especially if it is questioned or challenged.  This is another reason why purchasing an LPA from someone who has not enquired on your circumstances, is not helpful to you.  There is an added benefit of the attorney knowing you and your family well as it could be invaluable in ensuring matters are done in the way you would have wished.  You can provide additional guidance / instructions such as in a Letter of Wishes too.  We can talk with you and guide you in helping you to make the choices that may best suit you.

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Expert support and teamwork are given to the client through a combination of Tipi Wills & Mediation, The Society of Will Writers & Estate Planning Practioners and our network of experts.  Your needs are well provided for.  This combination of spreading the expertise, is also a cost effective way of providing these services for a client.  All of your needs are met but not in the most costly way.

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Additionally, you have the security of knowing we are all experienced professionals that are strictly regulated who must undergo continuous learning.  

Trusts

Trusts are a complex area of the law and is a particular feature of English law.  SWEPP provide training and expertise in this area.  It also has a specialist department that deal solely with trusts which enables our training and expertise to continously grow in this area. I work with a network of experts so that we can provide you with a comprehensive and thorough advisory service.

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Solicitors can also devote their career to specialising in this area.  Your Will can provide you with a variety of simple or quite complex trusts that you may need to effect your wishes and so can be a cost effective way to do comprehensive planning.  Sometimes you would like a trust set up before your Will takes effect.  Trusts set up in your lifetime must be done by specialists. For example if you wish to provide for family or minors by ringfencing certain assets to protect the person or the assets whilst you are still alive. 

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Otherwise, your Will is a very good way to create a trust, such as where you would prefer children or grandchildren not to inherit significant sums until they have reached a certain age, such as 21 or 25. 

 

Trusts are no longer able to avoid tax completely as certain loopholes have been closed, and sometimes tax can become due on setting up a trust, periodically through a trust or when the trust is ended, an exit charge. 

 

Certain trusts are offered by some organisations, as always a good idea.  However, whether a trust is suitable for your needs must be explored fully and expert advice given to you before you make decisions on your way forward.  There are pros and cons to everything.

Be in control.  Be Certain

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