Archive for the ‘Wills’ Category
Will-writing fraudster jailed
An unregulated will-writer has been jailed for 14 months after fraudulently charging 130 clients between £30 and £60 to fix a non-existent problem with their wills.
Berkshire resident Walter Ventriglia, 47, was running a will-writing firm called Legacy & Law. He wrote to the clients, under the alias Tony Edwards, to advise them that their wills would become invalid by changes to the law unless they paid him to make the necessary modifications. There had been no changes to the law.
He also ran a will storage business, UK Will Register, that he claimed stored clients’ wills in a secure facility in London, whereas in truth they were kept in an airing cupboard at his home.
He was sentenced at Reading Crown Court on 19 August having pleaded guilty to fraudulent trading contrary to section 9 of the Fraud Act 2006.
Friday 26 August 2011 by Jonathan Rayner- Law Society Gazette
National Recognition for WE Solicitors
WE Solicitors has met the strict criteria set out by APIL (Association of Personal Injury Lawyers) to gain corporate accreditation status. The firm can now display the APIL logo as a mark of its expertise and dedication to finding justice for people injured through no fault of their own.
Steven Evans, Managing Partner who has also been accepted as a Fellow of the Association of Personal Injury Lawyers said “We’re very proud to be recognised by APIL in this way,”
“When someone is suffering with an injury or work related illness they can feel incredibly vulnerable and may have little knowledge of the personal injury system. It’s comforting for them to know their lawyer has credentials and abides by APIL’s code of conduct, which means their pursuit of fair redress will be handled with the utmost professionalism.”
- The Association of Personal Injury Lawyers (APIL) has been fighting for the rights of injured people for more than 20 years. A not-for-profit campaign organisation, APIL’s 5,000 + member lawyers (mainly solicitors, barristers and legal executives) are dedicated to changing the law, protecting and enhancing access to justice, and improving the services provided for victims of personal injury.
- Visit APIL’s website at www.apil.org.uk.
People do not want to leave money to charities in their will despite government incentives of paying less in inheritance tax.
http://www.ftadviser.com/FTAdviser/Regulation/TaxationAndTrusts/IHT/News/article/20110404/393b806c-5e8b-11e0-8dea-00144f2af8e8/Research-shows-little-interest-in-charity-will-initiative.jsp
Budget 2011 – Update
Inheritance Tax, CGT and charitable giving
WE Solicitors can provide you with further guidance when making your Will and advise you how Inheritance Tax will effect you. If you are an Executor we can advise you on the tax liabilities of the estate. WE Solicitors, Ivy Mill Crown Street Failsworth Manchester M35 9BG.Telephone 0161 683 3191
email jo-ann.mason@wesolicitors.com
Inheritance Tax
The June Budget 2010 confirmed that the inheritance rate nil rate band will remain frozen until 2014-15
Rates and Allowances, 23 March 2011
Inheritance Tax 2010-11 2011-12
Rate 40% 40%
Nil Rate Band £325,000 £325,000
*Budget 2011 announced that from April 2012, a reduced rate of IHT of 36% will be introduced where 10 per cent or more of the net estate is left to charity.
Capital Gains Tax Annual exempt amount — The annual exempt amount for capital gains tax will increase in line with statutory indexation to £10,600 with effect from 6 April 2011.
Capital Gains Tax
Rates for individuals:
Gains before 23 June 2010: 18% / 28% (note 2)
Gains on or after 23 June 2010: 18% / 28%(note 4)
Rates for trustees andpersonal representatives
Gains before 23 June 2010: 18%
Gains on or after 23 June: 28%
Annual Exempt Amount (AEA)for individuals and personalrepresentatives (note 1)
2010: £10,100
2011: £10,600
Annual Exempt Amount (AEA) for most trustees
2010: £5,050
2011: £5,300
Notes
1. Personal representatives are entitled to the annual exempt amount for the tax year in which the individual dies and the next two years.
2. Individuals gains from 23 June 2010 are charged at 18% up to the limit of the basic rate income tax band (if any), and at 28% on gains above that limit.
3. Tax Year 2010-11: Where Entrepreneurs’ Relief applies, gains before 23 June 2010 are reduced by 4/9 and charged at 18%; qualifying gains on or after 23 June 2010 are charged at 10% (with no 4/9 reduction).
4. Tax Year 2011-12: Rates for Individuals 18% up to the limit of the basic rate income tax band (if any) and 28% on gains above that limit.
5. Companies are not within the charge to Capital Gains Tax. Corporation
Charitable Giving Gift Aid donor benefit limits — Legislation will be introduced in Finance Bill 2011 to increase, from £500 to £2,500, the maximum value of the benefits that individuals and companies may receive as a result of making a donation to a charity of more than £10,000 under Gift Aid. The new limit will be subject to the existing rule that the benefit must not exceed five per cent of the gift.
Other tax measures affecting charities
2.116 Inheritance tax: reduced rate for charitable donations – From 6 April 2012, the Government will introduce a reduced rate of inheritance tax of 36 per cent for estates leaving 10 per cent or more to charity. (Finance Bill 2012) (50)
Information from HMRC website
Regulation of Will Writers
Regulation of will writers
The Law Society is concerned by the absence of regulation for will writing and the damage that the absence of such protection can have on the public. It has launched a campaign calling on the Government to make will writing a reserved activity.
It is time for action to protect consumers
Storage problems – The Law Society received many examples of clients being unable to locate a will, wills being unprotected and/or kept in inappropriate places, significant and/or ongoing charges for storage of the will being charged.
“I recently prepared new wills for a local couple. The husband provided me with a photocopy of their previous wills which were produced by a will writing company. He says a few months ago he received a telephone call from ‘another firm’ saying his original wills had been found dumped in a field. He now has no idea where the original wills are or how to get hold of them. I have looked up the will writing company and immediately came across an article which seems to verify this story.”
“A client was charged about £150 to make a will but then a standing order of £149 per year was set up for storage fees”.
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Executorships – Examples included charging consumers a significant upfront fee to guarantee a discounted executor fee, will writers naming themselves as executor without explaining this to the consumer, and problems arising out of an unregulated will writer being named as an executor.
“A couple made wills with the same will writer and appointed him sole executor. This is despite the fact that they have three adult children. The husband in the couple was seriously ill at the time and died shortly afterwards. His widow does not recall appointing the will writer or discussing this with him and says she has no information from him with regard to his fees or terms of business.”
“A client instructed a will writer who had advertised his services at £49 plus VAT. The client ended up issuing a cheque for £3,000 to the will writing company as they had taken an advance on their probate fees.”
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For full details go to
http://www.lawsociety.org.uk/newsandevents/news/majorcampaigns/view=newsarticle.law?CAMPAIGNSID=297440 to download the manifesto
Read the full extent of the detriment caused to consumers
Drafting a will is a complex activity and should not be undertaken by someone without training and knowledge in this field. What may seem like a straightforward will may turn out to be much more complex once the correct questions are asked of the consumer. There may be children from a previous marriage, complicated family relationships, diverse investments and tax implications that may mean that detailed advice and planning are required. Professional skill is always required when drafting a will and undertaking related services.
Will writing is unlike other legal activities in that most mistakes or defects are often not found until after the client has died, which makes rectification more difficult if not impossible in some cases. A significant number of individuals make a will long before their death, this could be 20 years or more, and by this time if any problems are found there will not usually be any redress available from an unregulated will writer who may no longer even be operating as a business.
Solicitors – a model for consumer protection
Solicitors operate within a thorough and tough regulatory system that includes a number of protective elements. Together, these help identify problems in the provision of legal services, prevent them from recurring, and act as a vital safety net for consumers when something goes wrong.
While solicitors have long been subject to these forms of regulation, they are now the standards set by the Legal Services Board, under the Legal Services Act 2007. Making will writing a reserved activity would be the first step in bringing these protections to everyone making a will.
The coalition government’s plans to sell off all of England’s forestry land could prove a useful inheritance tax planning opportunity, says the Guardian.
http://www.guardian.co.uk/environment/2011/jan/13/english-forests-lost-tax-revenues
As fees increase for residential care The Law Society warns that many Wills could need reviewing as residents of care homes see their assets reduced.
The law Society is urging people to seek legal advice before it is too late.
Law Society president Linda Lee says:
“It does seem very unfair that people who have saved and lived carefully for years can see their assets wiped out because of care home fees, but it does not have to be the case. Many people have ended up in this situation because they have not received legal advice from a solicitor.”
“We advise people who are worried to seek advice from their solicitor as they can inform you of what options you have.”
How does it work?
If you want to participate all you have to do is make an appointment in the month of November to make a Will.
Instead of paying us a fee for making your Will you are invited to make a donation to Will Aid as follows:
For a basic Will - £75.00
For Mirror Wills ( for a couple) – £110
For a Codicil (attachment to existing Will) – £40.00
Call Jo-Ann Mason now to make an appointment.
More Details :
All donations are donated to one of the Will Aid Charities. Click on the link below for more details
Panel seeks evidence on problem will writers
The Legal Services Consumer Panel is calling on the public to submit evidence about problem will writers as part of its investigation into whether regulation of the industry is needed to protect consumers. The review follows a request to consider the issue by the Legal Services Board.
To find out more click on the link below:
http://www.legalservicesconsumerpanel.org.uk/ourwork/Willwriting.html