With no will, what you leave behind might not go where you want it. So, the answer to your question “Do I need a will?” is probably Yes..

Putting a will in place ensures that you decide what happens with your possessions, your money and property after you die. 

Why do I need a will?

A will, properly drafted, eliminates uncertainty and reduces the potential for family conflict at a difficult and, in most cases, emotional time.  Also divorce and the complexity surrounding families where parents have introduced new partners and possibly other children are becoming more common, making the division of assets more complicated. A will that is specific and lays out clear wishes will prevent any speculation over disposal of assets.

Tax Reasons

Having a will in place can help reduce the amount of Inheritance Tax that might be payable on the value of your estate left behind. Do I need a will?

Thinking about the children

Writing a will is especially important if there are children or where there is another dependent family. A concise statement of intent will ensure clarity when leaving something to people outside the immediate family.

Your wishes will not be met

If you don’t write a will, everything you own will be shared out in a pattern defined in law. This means that your possessions may be dealt with in a way you wouldn’t have wished for.

What should I include in my will?

When putting together your will, there are various things to consider:

• If you have children under the age of 18, you should stipulate who will take care of them.
• What will happen to your possessions, property and liquid assets such as savings, occupational and personal pensions, insurance policies, bank and building society accounts and shares?
• Your beneficiaries. Who are the people who you want to benefit from your will. You should include a list of people to whom you wish to leave money and possessions.
• Finally, you will need to consider who will sort out the estate and carry out your wishes as set out in the will. These people are known as executors.

Do I need to see a solicitor?

Not everyone uses a solicitor and, you don’t have to. A will is a legal document and it is important to make sure it is correctly worded to ensure that it cannot be misinterpreted. Should you decide to write your own will, it is still advisable to seek advice from a professional first. 

A solicitor will make sure your will is in order. While having the support of a solicitor may be expensive, misunderstandings caused by poor wording can be avoided and a solicitor might be able to point out whether there are ways to reduce a potential inheritance tax liability (depending on the size of your estate).

It will usually cost upwards of a few hundred pounds to have a solicitor help with your will although the exact cost will depend on the complexity of your affairs. 

Should you wish not to use a solicitor, you can use a will writing service which can also give you support and guidance. If your circumstances are very straightforward then this might be a better option for you. 

When looking for a will writing service, it is important to make sure that it is recognised by a regulated body. The service can start from around £80 upwards, depending on the complexity of your will and the expertise of the company you have engaged. 

Make sure you receive a full breakdown of costs before going ahead. It is particularly important to look for clauses that give the will writing company the power to administer your estate, as they could charge extra fees for doing so. Even with relatively straightforward estates, you might be charged a percentage of that estate, perhaps 5% to act as sole or joint executor. These charges will still apply if the estate is very straightforward, or if most of the probate work is done by someone else. 

Government advice on Wills – Click here

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Self-employed parents whose trading profits dipped in 2018/19 because they took time out to have children will be able to claim for a payment under the self-employed new parents claim support grant (SEISS), the government has announced. The scheme requires claimants to have traded in 2018/19 with their profits making up at least half of their total income. They must also have submitted a self-assessment tax return on or before 23 April 2020 for the 2018/19 tax year.

The Treasury has ensured parents, including mothers, fathers and those who have adopted, who took time out of trading to care for their children within the first 12 months of birth of the child or within 12 months of an adoption placement, will now be able to use either their 2017-18 or both their 2016-17 and 2017-18 self-assessment returns as the basis for their eligibility for the SEISS.

They will also need to meet the other standard eligibility criteria for support under the SEISS. Further details of the change for self-employed parents will be set out by the start of July in published guidance.

The SEISS, which has so far had 2.6m claims, was extended last month, with those eligible able to claim a second, final grant in August, as well as being able to receive the first.

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Be on your guard! New scams can still catch you out, How to prevent scams?

Three days before the Prime Minister announced lockdown in March, City of London Police were already reporting a 400% increase in scams because COVID-19 was creating an ideal environment for fraudsters to do what they do best – try and take your money!

It’s important to be aware of the many new scams around at the moment because of coronavirus. With so much personal information out there, scammers are using the opportunity to play on your uncertainty. It’s crucial to know what kind of scams are happening, how to recognise them and report them.

What to look out for:

Phishing – these are emails and SMS messages that include links to websites where you are asked to put in your details. These could be login details, personal information or bank details. These may also appear to be from a government department or even the NHS.

This kind of scam may also consist of an unexpected visit to your door, with a person offering to do grocery shopping for you, or to get you cash, which would mean handing over your bank card and PIN.

How to spot – If it is an email, the first thing is to look at what’s in the email. Real organisations will not normally send you a URL link to click on and if you are a customer of the organisation, the email won’t address you with ‘Dear Customer’ or ‘Hello Client’, the email will greet you with your name. Scammers, who write these emails, aren’t always English native speakers, so look out for poor spelling, strange phrases and incorrect spacing.

If you receive emails or texts about coronavirus from someone you don’t know, or from an unrecognisable email address, don’t click on any links or purchase anything. Don’t give money or personal details to anyone you don’t know or trust – for example, someone who knocks on the door and offers to help. Communities are coming together to help those most vulnerable during these times; be sure to make arrangements first and know who’s coming to your door. 

How to prevent scams. Other types of scams that are happening at the moment include the following:

• Fake lockdown fines. Do not fall for a bogus text or email message stating you have been fined for stepping outside during the coronavirus lockdown. The scam message claims to be from the Government, telling the recipient their movements have been monitored through their phone and they must pay a fine or face a more severe penalty.
• Free school meals. The Department for Education has issued warnings about a scam email designed to steal your bank details saying: ‘As schools will be closing, if you’re entitled to free school meals, please send your bank details and we’ll make sure you’re supported.’
• WhatsApp request to forward your code. A recent scam could grant hackers full access to your WhatsApp messages, photos and videos. Someone who knows your phone number could request to register your WhatsApp on a different device, and when a verification code is sent to you, the hacker will then message you to try and coax you into forwarding this on to them. They could then target your contacts with requests for money.

If you’ve been affected by a scam, how do you report it?

There are a few things you can do. Firstly, report it to Action Fraud. You can visit their website which is run by the City of London Police and is where they track and keep tabs on all the different kinds of frauds. You can use their online reporting tool to report the scam. 

Equally, you can call Action Fraud on 0300 123 2040.

If you notice unknown activity on your bank or credit card statement, do speak to your provider immediately and they will be able to help and give you the best possible advice. 

For more information, go to Brighton Mortgage Broker – The Finance House

Finally, the FCA offers an information website where you can read more about spotting a scam as well as a section where you can report a scam.‘

If there is one thing that the current climate has taught us, it is that we never quite know what the future holds and we need a financial safety net.

No matter what your financial situation may be today, it only takes one unexpected event for your plans to unravel very quickly. Having the right insurance cover in place will provide you with the financial support you need when you need it most. 

As time goes by, relationships multiply, house moves begin and raising a family or starting a business might be on the cards. The type of cover you need is very much unique to each individuals’ circumstances and should grow with you throughout your life. This makes it important for you to follow the advice of an expert and carry out regular reviews. 

Protecting your home and income should be at the top of your priority list. If you’re already paying for an insurance product, it may be tempting to cancel your insurance policy to save money. It’s important to bear in mind that an insurance policy will be there when things go wrong, taking that away will remove your safety net and you might put your future financial position at risk. A financial safety net is a unwanted cost until you need it!

So why not get in contact with us and we can arrange a review, to help find the best plan to fit your circumstances. Remember many policies come with a whole range of value adding benefits on top of the policy itself such as mental health helplines and virtual GP services so it’s important that you speak to us to find out what you might have available to you and your family.

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There is good news for those who are asking “can we now move” and are looking to move, all buyers and sellers, in England, can now put their properties on the market.

The government has estimated that 450,000 people have been unable to progress their plans to move since stay at home measures were introduced back in March.

As the lockdown easing begins, the housing market is opening its doors, allowing buyers and tenants in England to view properties and move home.

The viewing of new properties is now also permitted. Not only are house viewings allowed again, but estate agents can also visit properties to conduct valuations and take photos and videos.

This news will positively impact borrowers as it removes one of the main barriers to mortgage lending under lockdown. 

In March, lenders withdrew hundreds of largely higher-risk mortgage deals that required in-person valuations and put mortgage applications on hold where such surveys could not be completed. 

However, lenders are now widening the number of mortgage deals available, at higher loan-to-value (LTV). 

If you are considering moving home, please don’t hesitate to get in touch by using the form on the right or by giving us a call – we can then discuss the options available. Don’t forget, we are here to support you as much as possible during these challenging times. 

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