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9:37 AM, 28th June 2024, About 2 days ago
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When thinking about your future, two things that might not be at the forefront of your mind but are incredibly important are writing a will and setting up Lasting Power of Attorney (LPA).
The consequences of not having a will or LPA can be devastating but as Heritage Wills explains to Property118 in a video interview the process can be simple and straightforward.
Dealing with the loss of a loved one can be difficult in the best of times and Heritage Wills will bring peace of mind in knowing all your affairs are in order.
Established in 2002, Heritage Wills can help take all the stress away when deciding your will.
Since 2002, the company has expanded to become the leading dedicated will writers in East Anglia and serves tens of thousands of clients across the country, priding itself on giving a personal, bespoke service tailored to your individual needs.
Stuart Burrell began his journey with Heritage Wills in 2013, initially serving as their external accountant before becoming the finance director.
In late 2019, he stepped into the role of managing director, just before the pandemic.
Reflecting on the period, Stuart says Covid did have its challenging moments but also brought unexpected opportunities.
He tells Property118: “I was thrown in at the deep end taking on the role of managing director just in time for a global pandemic.
“Covid did certainly have its challenges, but it allowed us to adapt and work in a more efficient manner which has benefited our company and client base.”
Stuart explains how the will writing process changed during Covid.
He said: “Almost all of our appointments became exclusively video calls via platforms such as Teams, Zoom and even WhatsApp calls.
“The situation forced the general public to adopt these things like video calls as well, so it cut out a bit of the battle element for us and made everything a much smoother process.”
The team at Heritage Wills have numerous awards including the “Regional Will Writers of the Year” at the Wills and Probate Awards, and the “Will Writing Organisation of the Year” Award at the National Paralegal Awards.
The company is also a long-term member of the Institute of Professional Will Writers and the will writing team is led by a Society of Trust and Estate Practitioners (STEP) qualified manager.
At Heritage Wills, giving back to the community is hugely important and the organisation works with various local charities across East Anglia.
Stuart explains: “We ask people within the office to put forward charities that are close to their hearts as we want to be involved with the things that will help make a difference to people.
“We’ve teamed up with some amazing charities like the East Anglian Air Ambulance Service, Nelson’s Journey (child bereavement service) and currently, Headway, which supports people recovering from brain injuries due to accidents or illnesses.
“We tend to pick a charity of the year and we have various events throughout the year in which we have quiz nights and disco bingo, and we invite friends, family and clients help raise money for good causes.”
Heritage Wills also proudly sponsors the local rugby club in Norwich, with Stuart serving as chairman.
Stuart explains: “We’ve sponsored the rugby club for nearly seven years. Rugby is something I’m very passionate about – it’s given me a lot in life and it’s our chance to engage with the local community.”
Writing a will can feel overwhelming with lots to consider but Heritage Wills tries to make the process as simple as possible.
Stuart explains the will writing process: “In what can be a difficult and emotive topic for many people, we try to make the process as simple and straightforward as possible.
“We would initially book an appointment at the potential client’s convenience either virtually or face-to-face, depending on where they live.
“We will cover each client’s circumstances, including mapping out a family tree and determining the extent of their estate.
“We then discuss their goals and aspirations, providing bespoke, tailored advice to present them with suitable options, allowing them to make informed decisions.”
Stuart explains why landlords need a will and how the will-writing process works for smart company structure clients for Property118.
He said: “One of the key moments that prompt people to make a will is the acquisition of property or assets.
“Property is often people’s biggest asset so it’s very important to ensure that it goes where people want it to.
“For smart company structure clients, we offer the same full bespoke consultation and in addition to this, we will look to put the growth shares from their smart companies into a discretionary trust held on behalf of their beneficiaries.
“We then register the trust with HMRC to ensure compliance.”
According to moneysupermarket.com, more than half of individuals (52%) either don’t have a will or have an outdated one so it’s important to take action and check your affairs are in order.
Stuart explains: “If you die without a will, you don’t get a say in how your estate is distributed and where your assets are left.
“It follows the laws of intestacy which is a pre-determined way of distributing your estate and in many cases, it’s not what people would choose.
“If the laws of intestacy fail then the money would go straight to the government.”
Stuart emphasises it’s incredibly important to update an existing will.
He adds: “It’s just as important to have an up-to-date will as it is to have one initially just to make sure your wishes are still current, as we all know our lives change on a regular basis.
Heritage Wills offers a client-care package to its customers which gives you total peace of mind once your will has been created.
This package includes secure storage for your will ensuring it remains safe yet easily accessible when needed to be updated or amended.
You may also have other important documents you need to store such as a wedding certificate or property deeds. The client care package offers you the opportunity to store these with your will at no extra cost.
Clients can have access to any documents whenever they need them – all you need to give is 48 hours’ notice.
Once you take out the client-care package, the annual price you lock in is guaranteed, ensuring your payments remain unchanged over time. This offers peace of mind knowing that you will never encounter any unexpected price hikes.
You can make a will yourself online, but this may come with risks.
Stuart explains the benefits of a professionally drafted will: “The biggest benefit of a professionally drafted will is that it ensures all your wishes are adhered to.
“If you draft a will online, any small failure to follow all the legal requirements could easily invalidate the will, as well as leading to potential claims and challenges against your estate.”
An LPA is a legal document where a person of your choice can control decisions on your behalf such as financial, property or health matters and becomes your attorney.
There are several reasons why you may need someone to make a decision when it comes to your personal affairs.
It could be a temporary measure such as if you are going to hospital or going on holiday. Or it could be long-term planning if you become ill and lose your mental capacity.
Stuart explains how setting up an LPA with Heritage Wills works.
He says: “To set up an LPA we will explain in detail what it is to the client, how it works and the role the attorney will play.
“We will also act as certificate provider, which is the person who officially signs the document confirming the donor understands the purpose of the LPA and that there is no fraud or undue pressure to complete the documents.”
Stuart explains the two types of LPA and what each one entails.
He said: “A Property & Financial Affairs Lasting Power of Attorney (PA) takes care of your financial affairs, property, money and assets. This means that your chosen attorney can pay your bills and deal with your income when you can’t.
“The biggest difference is that a Health and Welfare LPA can only be used when somebody has lost capacity.
“The Health and Welfare LPA allows you to make life-sustaining treatment decisions, and medical decisions right down to care homes.
“The Property and Financial Affairs LPA can be used before you’ve lost capacity. For example, during the first lockdown of the pandemic, we saw a huge spike in Property and Financial Affairs LPA’s from the elderly.
“They still had capacity but a lot of them were on the vulnerable list and at home and required assistance from others.”
Without an LPA you would have to apply to the Court of Protection for a Deputyship order. This can take a minimum of six months and can cost up to £2,000 per person.
Stuart explains the consequences of not having an LPA in place: “During this time, any joint bank accounts may be frozen, and the deputy would be under much closer scrutiny.
“The courts may ask them to submit more documentation – all at a time of great stress and uncertainty.”
Heritage Wills offers expertise and personalised service in crafting LPAs and wills with their award-winning consultants who are here to help you every step of the way.
Whether you require in-person consultations or prefer the convenience of online or phone contact, Heritage Wills ensures a seamless and stress-free process.
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Award-winning will writers, LPAs and Legacy planning
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