Nene Legal

Life can take an unexpected turn at anytime, fortunately we were able to help this wonderful family at just the right time 🙏

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Nene Legal has been working tirelessly to ensure that each client's needs are met with precision and care. The feedback we've received this week has been incredibly uplifting, highlighting not only the effectiveness of our strategies but also the strong honest relationships we’ve built with our 1st class clients.

As we move forward into the week, we're eager to continue building on this momentum and supporting more satisfied ⭐️⭐️⭐️⭐️⭐️ clients

Not only do we have the best clients but the now the best pets too (zoom calls with a difference)

If it works for our clients it works for us 🙌🏼

Choosing an Executor for Your Will

Selecting an Executor for your Will is a crucial decision. The Executor will handle the administration of your estate after you pass away, so it's important to choose wisely. Here are some key points to consider:

**Understanding the Role of an Executor**
The Executor's job is to carry out your wishes and manage your estate. Their duties include:
- Locating the Will and applying for probate, if necessary.
- Identifying beneficiaries as specified in the Will.
- Informing financial institutions and government departments about your death.
- Identifying all assets, including digital ones.
- Paying off any debts and filing necessary tax forms.
- Safeguarding property or assets until they can be sold or distributed.
- Arranging payment for funeral expenses from the estate.
- Distributing remaining assets to beneficiaries.

**Choosing a Relative as Executor**
Most people opt for a relative, but this requires careful thought. Consider if they can handle the responsibilities. A spouse is often chosen because they know the estate well, but they may also be grieving. Appointing a co-executor can help alleviate their burden. Also, think about age; your chosen executor should still be capable when needed.

**Getting Permission**
Always ask permission before appointing someone as Executor. It's a time-consuming role with significant responsibility, and not everyone may want it.

**Professional Executors**
If no suitable family member or friend is available, you might appoint a professional like a bank, solicitor, or trust company. While services can be expensive, they may be necessary for complicated estates. Unlike many companies who charge a percentage and add on miscellaneous charge known as ‘ disbursements’ Nene Legal do not!, we offer a fixed cost which is often far cheaper than those mentioned before so our clients know exactly what you will pay and not a penny more.

In summary, choose someone trustworthy and capable of handling paperwork and legal forms. Always ask their permission first to ensure they're willing to take on this important task.

To discuss your personal situation, please call 01933 588 990 or visit nenelegal.co.uk

**Social Care Cap Cancelled**

In 2021, the Conservative Government planned to set a limit of £86,000 on how much people in England would have to pay for their care over their lifetime. This limit was supposed to start in October 2023 but got pushed back to October 2025. This idea came from the Dilnot Report in 2011, and although legislation was passed in 2014 to introduce it, it faced delays. Now, the new Labour Government has decided to cancel these changes as they work to fix issues with public finances.

**Current Rules**

Right now, if someone has savings over £23,250, they must pay for all their care costs themselves—this is called self-funding. They will use their savings and income for this payment. If their savings drop below £23,250, local authorities can help cover some costs. For those with savings between £14,250 and £23,250, there is a rule that treats part of those savings as extra income: for every £250 above £14,250, it's assumed they can contribute an extra £1 per week toward care costs. If someone has less than £14,250 in savings, that amount is ignored when deciding if they need to pay for care. Their weekly income is assessed as well; if it’s more than the weekly care cost, they're considered a self-funder. However, they can keep a personal expenses allowance of £24.90 that must be used for personal needs and not care costs; local authorities can increase this allowance if they choose.

**Cancelled Changes**

The proposed changes from 2021 would have mostly kept the current means test but adjusted the capital limits for receiving help from local authorities. The upper limit would have increased from £23,250 to £100,000 and the lower limit from £14,250 to £20,000. This meant that anyone with less than £20,000 wouldn't need to contribute towards their care costs at all; those with savings between £20,000 and £100,000 would contribute partially while those with over £100,000 would self-fund completely. The proposed cap of £86,000 on lifetime contributions was also part of these changes; however not all care expenses would count toward this cap—daily living costs like rent and food were excluded.

**What’s Next?**

When asked about possibly reintroducing the cap later on, Chancellor Rachel Reeves mentioned that Health Secretary West Streeting will collaborate with the sector to enhance social care services. For now though, we will continue under the existing rules which many in the industry find unsatisfactory.

The good news is Nene Legal can still protect your home against long term care fees with a property protection trust within your Will

For more information on protecting your property please call us on 01933 588990 or visit https://nenelegal.co.uk/property-protection-trust/

**What is Inheritance Tax?**

Inheritance Tax (IHT) is a government levy imposed on the estate of a deceased individual. This includes all their property, belongings, and financial assets. When someone passes away, the total value of their estate is assessed to determine if it exceeds a specific threshold.

In the UK, the standard Inheritance Tax rate is set at 40%. However, this tax only applies to the portion of the estate that surpasses a tax-free allowance known as the nil-rate band. As of now, this threshold is £325,000.

If an estate's total value is below this amount, no Inheritance Tax is owed. It's important for potential heirs to understand how IHT works since it can significantly impact what they eventually inherit. There are various exemptions and reliefs available that could reduce the taxable amount, so seeking professional advice can be beneficial.

**What about if I’m married ?**

In the UK, inheritance tax can significantly impact married couples and civil partnerships. A notable benefit is that when one partner passes away, their entire estate can be transferred to the surviving partner without incurring any inheritance tax. This means that spouses or civil partners can inherit property, money, and other assets completely tax-free.

Currently, each individual has a tax-free threshold known as the nil-rate band, which is set at £325,000. If both partners leave behind estates under this limit, their beneficiaries will not pay any inheritance tax at all.

Additionally, if one partner dies and leaves their estate to the surviving partner, any unused portion of their nil-rate band can be passed on. This allows the survivor’s threshold to potentially double up to £650,000 if both bands are utilized.

**Gifting your home to children / grandchildren in the Will ?**

The Residential Nil Rate Band (RNRB), also called the Main Residence Nil Rate Band or family home allowance, helps increase the current nil rate band (NRB) of £325,000.

Married couples and civil partners can pass on up to £1 million in assets to their children and grandchildren without having to pay inheritance tax. However, the RNRB only applies to one residential property, so if you own more than one, you need to pick which one qualifies.

To be eligible for the RNRB, a property must be your main home now or have been at some point in the past. Properties that you have never lived in as rentals do not qualify. Additionally, the property must be passed down to your children or other direct descendants like grandchildren or stepchildren.

Should you wish to explore your individual situation or seek guidance on optimising the inheritance tax benefits available to you, please do not hesitate to contact our Estate Planning team at 01933 588 990.

At Nene Legal, we know that planning for the future is about as fun as watching paint dry!

Our expert team specialises in Will Writing, Lasting Power of Attorney, and Probate services and we love helping , so you can rest easy knowing your ducks are in a row.

We even offer you free home visits because who wants to deal with traffic or having to sit in a stuffy office, Not us!

Let Nene Legal help you safeguard your legacy and protect those who matter most (yes, even your pets).

Give us a ring at 01933 588 990 to schedule your appointment. We promise we’ll make your meeting more fun than watching paint drying!

Found this in the archive, an article written in the ‘inbusiness’ magazine back in 2021, outlining the importance of Company Directors having a business Power of Attorney … it seems like only yesterday it was printed, how time flys when your having fun 🙌🏼

Considering gifting your home to your children?
It's important to plan carefully, as there may be legal and tax implications. In this brief write up , we'll walk you through how to gift property to your children, including potential tax consequences and necessary steps.

Wondering if you can gift your home?
Yes, if you own it outright without a mortgage. The most common method is a Deed of Gift or Transfer for Nil Consideration. By gifting property, you can also reduce Inheritance Tax (IHT). Before proceeding, ensure you meet four conditions:
1) Be of sound mind
2) Listed as the owner with HM Land Registry
3) Have no outstanding mortgage (consider transferring equity instead),
4) Have no charges secured against the property.

Concerned about taxes?
When gifting property without monetary exchange, such transfers can decrease inheritance tax liability by reducing the estate's value over seven years before passing away - known as the seven-year rule in estate planning.

Can you stay in the property after you have gifted it?

Yes, but you must pay rent at market rates and bills; otherwise, it won't be IHT exempt.

What are the risks in transferring ownership?
As you have gifted the property away you will lose all legal rights as you are deemed no longer the legal owner!

This could potentially and seriously expose you if unforeseen circumstances arise: eviction from premises due to sale intentions or family disputes; potential sale amid marital complications faced by your child. Hence, exercising caution and implementing protective measures before proceeding is paramount given these concerns about losing rights post-transfer or facing unforeseen consequences like divorce settlements or eviction.

A well drafted Will can often be a better option and ensure your property remains yours until death and then gifted legally onto to your children.

For a free legal consultation please call 01933 588 990 or visit nenelegal.co.uk

DIY wills often fail because they may not comply with the legal requirements of a valid will. In many cases, DIY wills are not properly executed, signed, or witnessed according to state laws. This can lead to disputes over the validity of the will and its provisions.

Additionally, DIY wills may lack clarity or specificity in language, leading to confusion about the testator's intentions. Ambiguities or mistakes in wording can result in litigation and family discord after the testator's death.

Furthermore, DIY wills may not address complex financial situations, tax implications, or specific wishes regarding assets such as business interests or real estate. Without professional guidance from an attorney experienced in estate planning law, individuals may overlook important considerations that could impact their heirs and beneficiaries.

Ultimately, opting for a professionally drafted will tailored to one's unique circumstances is typically the most reliable way to ensure that one's final wishes are carried out effectively and legally soundly.

For further information please call us on 01933 588 990 or visit nenelegal.co.uk

🙌🏼 We’ve been selected as the Best Estate & Elder Care Law Firm in Rushden. We are honored to be recognised and featured on the “best of list” from Legal Directorate

What a lovely weekend surprise 👌🏼

We’re so honoured to have clients who entrust us to undertake their legal work but when they take the time out to express their gratitude that’s the icing on our cake 😇 🙌🏼

Unlocking Peace of Mind:
5 Reasons You Need a Lasting Power of Attorney

Imagine a key that unlocks the doors to peace of mind, one that empowers you to navigate life's uncertainties with clarity and confidence. This key is known as a Lasting Power of Attorney (LPA), a legal document that grants someone you trust the authority to make decisions on your behalf when you are unable to do so yourself. While often associated with seniors and individuals facing health challenges, the truth is, having an LPA is essential for adults of all ages. It's not just about planning for the inevitable; it's about embracing control over your future in a world where circumstances can change in an instant.

In a world filled with unpredictability, having an LPA isn't merely a precaution—it's a proactive step towards safeguarding your autonomy and ensuring your wishes are honored no matter what lies ahead. Think of it as a shield against uncertainty, helping you navigate financial matters, healthcare decisions, and potential family disagreements with clarity and ease. As we delve into the five compelling reasons why you need a Lasting Power of Attorney, prepare to uncover how this invaluable tool transcends age and status to become an indispensable asset in securing your peace of mind for years to come. So let's embark on this journey together—a journey towards understanding the profound impact an LPA can have on crafting our shared narrative of empowered decision-making and lasting security.

Reason 1: Ensure Your Wishes are Respected

A Lasting Power of Attorney (LPA) empowers you to designate a trusted individual to make crucial decisions on your behalf, ensuring that your wishes are honored even during times when you cannot communicate them. For instance, if you are involved in an accident and lose the ability to express your preferences regarding medical treatment or financial matters, having an LPA in place grants peace of mind knowing that someone you trust will act according to your desires. This legal document essentially acts as a safeguard for your autonomy and ensures that decisions align with what you would have chosen if you were able to voice them.

Imagine a scenario where you are unable to speak or manage your affairs due to a sudden illness. Without an LPA, there could be conflicts and uncertainty about who should step in and make decisions on your behalf. However, by proactively establishing an LPA, you not only provide clarity on who should represent you but also establish guidelines for how decisions should be made. By clearly outlining your preferences in advance through an LPA, you guarantee that your values and choices guide the actions taken on your behalf, preserving your autonomy and dignity even in challenging circumstances.

Moreover, an LPA doesn't solely come into effect during emergencies; it can also address situations where aging or cognitive decline gradually impairs decision-making abilities. By choosing someone reliable to act as your attorney under the LPA before such decline occurs, you ensure that as time passes and capacities diminish, the person making choices for you remains consistent with who best understands and respects your wishes. In essence, creating an LPA is like handing over a blueprint of how you wish decisions pertaining to important aspects of your life should be made—a critical tool for preserving control over one’s life trajectory amidst unforeseen challenges.

Reason 2: Secure Financial Decisions

One of the critical reasons why having a Lasting Power of Attorney (LPA) is essential is ensuring that your financial decisions remain secure even if you are incapacitated. By appointing a trusted individual through an LPA, you designate someone to manage your finances and assets on your behalf. This legal document provides a safeguard for your financial well-being by allowing your chosen representative to handle transactions, pay bills, and manage investments when you are not able to do so yourself.

Having an LPA in place can prevent significant financial complications during challenging times. For example, in cases where individuals face sudden health crises or accidents leading to their incapacity, the absence of an LPA can result in delays in managing important financial matters. Without the authority granted by an LPA, accessing funds or making time-sensitive decisions regarding assets can become complicated and stressful for both you and your loved ones. With an LPA established proactively, you can ensure that someone you trust will step in seamlessly to manage these financial affairs according to your wishes.

In addition to typical financial management scenarios, unforeseen situations like global emergencies or natural disasters highlight the importance of having an LPA. Imagine being unable to access your bank accounts due to illness while needing urgent medical care; without an LPA designating someone who can act on your behalf, handling such complex financial situations becomes daunting. With an LPA, your chosen individual possesses the legal authority required to make crucial financial decisions swiftly and efficiently, offering peace of mind amidst uncertain circumstances. Ultimately, securing your financial decisions through an LPA empowers you and ensures that your assets are managed responsibly in any unforeseen eventuality.

Reason 3: Preserve Healthcare Choices

One of the crucial aspects of a Lasting Power of Attorney (LPA) is its role in preserving your healthcare choices when you are unable to make decisions for yourself. By appointing someone you trust as your healthcare attorney through an LPA, you ensure that your preferences regarding medical treatments, end-of-life care, and other healthcare decisions are respected. This becomes especially important in situations where unexpected accidents or illnesses leave you incapacitated and unable to communicate your wishes.

Consider a scenario where an individual faces a sudden medical emergency and is unconscious, requiring immediate treatment. Without a designated healthcare attorney through an LPA, doctors may have to make critical decisions without knowing the patient's preferences or values. Having an LPA in place allows your chosen representative to work closely with medical professionals based on the guidance you have provided, ensuring that the care you receive aligns with your beliefs and desires.

Furthermore, as we age or face health challenges such as dementia, having an LPA for healthcare decisions becomes increasingly vital. In cases where conditions like dementia can affect decision-making abilities over time, having a trusted individual appointed beforehand can ease potential burdens on family members and caregivers. This proactive approach not only safeguards your autonomy and dignity but also helps prevent any conflicts that may arise among loved ones regarding your medical care. The peace of mind that comes from knowing that your healthcare choices will be honored according to your wishes is invaluable, making the creation of an LPA for healthcare a wise decision for individuals of all ages.

Reason 4: Avoid Family Disagreements

One of the key benefits of having a Lasting Power of Attorney (LPA) in place is the ability to prevent potentially damaging family disagreements regarding important decision-making. In times of crisis or incapacity, families may face difficult choices regarding finances, healthcare, and overall well-being. By appointing someone you trust to make these decisions on your behalf through an LPA, you can avoid conflicts that could arise if family members have differing opinions on what actions should be taken. This clarity helps provide a roadmap for handling situations without causing additional stress or strain within the family unit.

Having an LPA gives you the peace of mind that comes from knowing that your wishes will be followed precisely as you have outlined them. This not only alleviates concerns about potential disputes among loved ones but also ensures that decisions align with your values and preferences. Whether it involves medical treatments, financial matters, or daily care routines, the presence of an LPA can act as a guiding light during challenging times when you are unable to communicate your desires effectively. This sense of assurance can greatly reduce anxiety and uncertainty for both yourself and your family members.

Imagine a scenario where a senior individual becomes incapacitated due to an unexpected illness or accident. Without an LPA in place specifying who should make crucial decisions on their behalf, family members might end up at odds over what course of action to take. These disagreements can not only stall important choices but also cause rifts between relatives. By proactively creating an LPA before such circumstances arise, individuals can sidestep these potential conflicts and ensure that their affairs are managed smoothly according to their predetermined instructions, fostering harmony and understanding within the family structure.

Reason 5: Plan for Dementia or Illness

As we navigate the complexities of aging and unforeseen health challenges, having a Lasting Power of Attorney (LPA) in place becomes increasingly crucial. Planning for the possibility of dementia or other illnesses in advance is a proactive step that can provide immense peace of mind. By establishing an LPA early on, individuals can ensure that their affairs are managed smoothly when faced with conditions that may affect decision-making abilities.

Consider the case of Sarah, a vibrant retiree who was diagnosed with early-onset Alzheimer's disease. Thanks to her foresight in setting up an LPA, Sarah had appointed her daughter as her attorney to handle financial and healthcare decisions on her behalf. As her condition progressed, Sarah’s daughter was able to make crucial healthcare choices aligned with Sarah’s preferences, ensuring she received the care she desired.

For individuals like Sarah facing cognitive decline, LPAs serve as essential tools for managing day-to-day tasks and long-term planning. In situations where mental capacity may be compromised due to dementia or illness, having an LPA allows designated individuals to step in and act on behalf of the affected person, ensuring their well-being and interests are safeguarded. Ultimately, preparing for such scenarios through an LPA empowers individuals to maintain autonomy and dignity even in challenging circumstances.

Unlocking Your Peace of Mind Through a Lasting Power of Attorney
In conclusion, creating a Lasting Power of Attorney (LPA) is not just a legal formality; it is a crucial step in safeguarding your future well-being. By appointing someone you trust to handle financial, healthcare, and personal decisions on your behalf if you become unable to do so yourself, an LPA ensures that your wishes are respected and followed. It provides security knowing that even in challenging times, your affairs will be managed as per your instructions.

Our advice is take action now and establish a Lasting Power of Attorney. Planning for the unexpected is key to maintaining control over your life and assets. By taking this proactive step today, you can unlock peace of mind not only for yourself but also for your loved ones who may need to make decisions on your behalf in the future. Secure your future by securing an LPA - it's an investment in peace of mind that cannot wait.

With the dire England performance yesterday we needed cheering up and having this review pop up definitely made our day 😇

At Nene Legal, we strive to answer all estate planning questions in plain English – whether it’s during one of our free home visits or during a call to answer a query.

Whatever your needs, we are here to offer advice, support and the best possible solutions for you.

Our services comprise of Will Writing , Estate Planning advice Power of Attorney (Health/Welfare) & (Property & Finance) and Probate.

Call us on 01933 588 990 or visit nenelegal.co.uk to help put your affairs in order.

Nene Legal are actIve members of the Society of Will Writers and received the safe to do business with accolade.

I express my gratitude to the management and participants of Townsend Court for the opportunity to share insights on the significance of a well-crafted Will and the necessity of a Lasting Power of Attorney. The morning spent discussing these topics was truly enriching.

There is a massive difference!, in fact both should be considered when looking to safeguard your future, check out our 3 min read blog;
https://nenelegal.co.uk/the-difference-between-a-will-and-a-lasting-power-of-attorney-lpa/

We are delighted to announce that our latest poster designs are now up at Cherry Pharmacy & Post office in high street Rushden , let us have your thoughts 😇

Putting in place a power of attorney can give you peace of mind that someone you trust is in charge of your affairs. If you're aged 18 or older and have the mental ability to make financial, property and medical decisions for yourself, you can arrange for someone else to make these decisions for you in the future.

For more information on setting up a Lasting Power of Attorney please call us on ⁨01933 588990⁩ or visit nenelegal.co.uk/lasting-power-of-attorney-lpa/

All passed and recognised for achieving the SWW code of compliance for yet another year…. 🤓🙌🏼🥳

As in independent company Nene Legal are not tied to work or recommend any 3rd party company nor do we receive any commission from them.

For us it’s about choosing companies that hold the same ethical values as our as well as ensuring that the client satisfaction that they offer echos ours.

Wyke Financial are one of these ! Like Nene Legal they are also rated 5* across their social platforms.

If you require assistance with any of the services they offer, please feel free to contact them directly or contact us and we will can pass your request onto them.

If you have step children you need to read this , your estate could end up passing 100% to your step children and have your own children excluded completely disinherited from the Will.

Here is an extract of an email we received

My father died and left his estate to his wife (my step mother)

My father’s wishes was that his estate was split between his children & step children.

My step mother has passed away without a will and her own children are looking to take the complete estate rather than split between all my fathers biological children and his step children as per my fathers wishes.

They have removed themselves from the family so I have no contact with them,

Do I have a legal case to challenge this?

The estate was my fathers as he paid for everything, it seems strange the step children will benefit from his estate but not his actual child.

Can Nene Legal help resolve this matter ?

A) in short: It’s the worst outcome sideways disinheritance

They can contest as it’s everyone legal right but they do not fall into the 3 categories that have a high chance of winning

Partner who doesn’t inherit

Blood children who don’t inherit (but this is not met as they are not blood children of the step mum)

People who were receiving maintenance/ income

Had we been instructed to deal with the estate we could have prepared a Will protecting 1/2 of the property for the late father and allowing the survivor to choose who they wish to pass their estate to who they choose.

This case could see the WHOLE estate doing to the step children and the late fathers own children receiving NOTHING!

This is typical in cases we hear about where the client either hasn’t been made aware of the best and secure way to protect his share or advice to draft a trust Will has been ignored by the client.

For more information on how to protect your children please call 01933 588 990 or visit nenelegal.co.uk