Why is it important to make a Will?

Writing a Will is essential in ensuring that your last wishes are carried out and those that you intended to inherit, do so. It is the last instruction that you will leave to your family, so it needs to be right. If you die without making a Will you could leave a huge burden of legal, financial and tax problems which could incur unnecessary costs and stress for your family. Without a valid Will your husband or wife may not actually inherit all your assets; you simply don’t have control. It is also extremely important if you have children under eighteen, that you choose who you want to be their legal guardian if anything happens to you. If you are a homeowner a Will also allows you to detail how you want to divide your estate, including any property, savings accounts, shares, or ISAs.

Did you know that your share of the family home and any assets within your Estate could pass to someone you have never met?

If you died without making a valid Will, the majority of your estate would pass onto your spouse / partner first. However, if they went on and they remarried after your death, leaving everything to their new spouse, your current loved ones could be left without their inheritance.

What happens if my beneficiaries become bankrupt or get divorced?

A Trust can enable the Trustees to withhold or postpone any payments to potential beneficiaries in circumstances where those payments could be swallowed up by divorce or bankruptcy proceedings. It may also be more beneficial to skip a generation to protect the assets. Whilst the funds are still sitting in a Trust, they are not capable of being considered for assessment by the Court or Trustee in Bankruptcy.

What is Probate and can I get help with it?

Probate is the legal term which involves getting permission for dealing with a deceased persons estate. You are responsible for ensuring that all accounts, debts, and possessions are dealt with are closed and the Will is correctly administered. It can be a long and complicated process and a huge burden for someone to deal with. Capital Life have in house Solicitors that specialise in Probate, why not give us a call today to see how we can help.

Can my friend act as an Executor and obtain a Grant of Probate?

Yes, however, the process can be quite daunting, time consuming and labour intensive, therefore you may wish to use the services of a professional probate practitioner. Capital Life’s legal team are experts in this area, allowing you to hand over the complex tasks and save time, giving the responsibility of the legal work to us.

What is a Grant of Probate, and how do I obtain one?

A Grant of Probate is a legal document giving the Executor (persons named to deal with the Estate of the deceased) the legal permissions to administer the Estate. Before you can apply for this document, you must estimate and report to HMRC the value of the estate, and you also need to determine whether there are any taxes to due to HMRC.

Can I administer the Estate myself?

Yes – It is possible to administer the estate yourself, once you have obtained a Grant of Probate. However there may be several reasons why you should use a professional such as Capital Life. You must ensure that all the correct procedures are followed, you must value the Estate, complete the correct HMRC forms and ensure that all taxes and debts are paid, and you are also responsible for any distributions made to beneficiaries of the Estate. It is not an easy job at all, and as such many people prefer to use a professional company to ensure everything is done correctly.

How long does Probate take?

Our Estates are getting more complicated, especially with the use of online savings accounts, shares and digital currency. The process can take a long time, even with just one bank account. Generally, it will take around five to nine months from when the person passes away, until all assets can be distributed to beneficiaries. Probate is a difficult path to navigate and to ensure everything is done correctly and nothing missed out. Employing a professional company to take care of probate means that you know it will be done correctly and takes the burden off your loved ones.

Do I need Life Insurance and what does it do?

A Life Insurance policy is designed to give you and your family a cash lump sum or a monthly Income should you become critically ill or sadly pass away unexpectedly. There are several types of polices available which include, replacing loss of income due to being off sick or being made redundant.

What is a Lasting Power of Attorney?

A Lasting Power of Attorney is a legal document that gives a nominated person (who you trust) the permission to make decisions for you, and act on your behalf. This is essential if you become physically or mentally unable or no longer wish to make your own decisions. There are two different types of Power of attorney, which are Property & Financial and Health & Welfare. It is important to discuss your personal situation with a professional, so that they can advise you on the type of Attorney you’ll need. It is good practice to put a Lasting Power of Attorney in place whilst you are of sound mind.

Does a lasting power of attorney continue after death?

No, a lasting power of attorney does not continue after death, they are only valid whilst you are alive. Once you die, the documents become invalid, and your attorney will no longer have the authority to make decisions on your behalf. Instead, this responsibility will fall to the Executors or Administrators of your estate.

How long does it take for my Lasting Power of Attorney to be registered?

The forms need to be sent to The Office of the Public Guardian for registration. The Lasting Power of Attorney is usually returned within 8 and 10 weeks. The forms must be correctly filled in, signed, and dated otherwise the forms will be sent back to you and you will be charged the full amount of registration fees. You will also have to submit them again and join the back of the queue. Capital Life have legal experts who are able to guide you through the process to ensure it is done correctly the first time, minimising the time and additional costs.

What happens if I don’t make a Will?

If you pass away without having made a Will, this means that you will die “Intestate”. This can cause several problems, and means that your property, savings, and other assets may not go where you would have wanted them to.

I wrote a Will 15 years ago… can’t I just use that?

You may have a Will in place which is still valid, but you should consider that times and circumstances change, and you should regularly review your Will.

I have been online, and I can do my own DIY Will, why should I pay a professional to do one for me?

You only have to miss filling in one thing to make your Will invalid. Amending these mistakes can be costly and complicated to rectify. When you do a DIY Will you may be saving money at the time, but it could cost significantly more in legal fees to put things right than if you had consulted a professional company, such as Capital Life, in the first place.

A Trust is a legal arrangement where you give cash, property, or investments to someone else, so they can look after them for the benefit of a third party, usually a child or vulnerable person. Trusts are generally set up to control who and when gets access or benefits from the assets held within them. When advised correctly Trusts can also be used for Inheritance Tax purposes.

What type of Trust do I need?

There are lots of different types of Trusts available whether it’s a Discretionary or an Asset Protection Trust. It’s important that you fully understand what type of Trust you require or want. Getting this wrong could be costly for you and your family. It’s also Important that you use a reputable company to do this for you. Here at Capital Life, we will help you to understand the reasons for needing a Trust and explain in simple terms the benefits of having a Trust put in place.

Why take out a Capital Life Funeral Plan?

There are many reasons for taking out a funeral plan, but the main ones are to ensure that your wishes are known and followed, your loved ones do not have to shoulder the burden of the costs of a funeral and with the costs of funerals on the rise year after year, taking out a pre-paid funeral plan, freezes the costs now, protecting your loved ones from escalating costs.

Frequently asked questions

Below you will find the answers to any questions you may have regarding our products and services. If you need more details on anything or want to talk to a friendly member of our team. Please contact us directly or call 0800 411 8683.

Inheritance

QWhy is it important to make a Will?
QI can write my own Will, so why should I pay for one?
QDid you know that your share of the family home and any assets within your Estate could pass to someone you have never met?
QWhat happens if my beneficiaries become bankrupt or get divorced?

Probate

QWhat is Probate and can I get help with it?
QCan my friend act as an Executor and obtain a Grant of Probate?
QWhat is a Grant of Probate, and how do I obtain one?
QCan I administer the Estate myself?
QHow long does Probate take?

Life Insurance

QDo I need Life Insurance and what does it do?

Lasting Powers of Attorney

QWhat is a Lasting Power of Attorney?
QWhat does a Lasting Power of Attorney cover?
QDoes a Lasting Power of Attorney continue after death?
QWhat are the two different types of Lasting power of attorneys?
QHow long does it take for my Lasting Power of Attorney to be registered?
QWhat happens if I lose mental capacity and there is no Lasting Power of Attorney in place?

Wills

QWhat happens if I don’t make a Will?
QWhat kind of things may happen if I die Intestate?
QI wrote a Will 15 years ago… can’t I just use that?
QWhen should I review my Will?
QI have been online, and I can do my own DIY Will, why should I pay a professional to do one for me?
QWhat is a Trust?
QWhat type of Trust do I need?
QWhen should I set up a Trust?
QBenefits of a Trust

Funeral Plans

QWhy take out a Capital Life Funeral Plan?
QWhat does a pre-paid Funeral plan include?
QDisbursements or funeral third party costs: What are they?
QCan anyone have a funeral plan?
QA loved one has just passed away. Can I take out a funeral plan to take care of the funeral arrangements?
QWhat happens if a relative has died abroad and they have a Capital Life funeral plan?
QDo you have to take a medical?
QCan I pay for extras to my plan later?
QCan I tailor make my funeral plan?
QWhat if I want to include money towards a celebration or Church service?
QIs burial more expensive than cremation?
QWhere does my money go? How do I know it is safe?
QDoes my family receive the money when I die?
QCan I choose my own Funeral Director?
QI’ve bought a funeral plan, what should my family do when I pass away?
QCan I cancel a prepaid funeral plan? Do I get a refund?
QWhat happens if I die before all my instalment payments have been made?
QHow do I pay for my funeral?
QHow Can Capital Life Help If You’ve Had a Bereavement?
QRepatriation and Funerals: what is involved?
QHow do I plan a funeral for a family member?
QHow do I set up a funeral payment plan?
QWhich is the best funeral plan for over 50’s?
QWhat does a Funeral Director do?
QWhat is the cheapest prepaid funeral plan that I can buy?
QWhat is a Will and why is it important to have one?
QWhich funeral plan is best for me?
QDo Capital Life have pay monthly funeral plans?
QDo Capital Life offer cremation plans?
QWhat happens when I have paid for my Funeral Plan?
QHow to Register a Death
QWhy take out a Capital Life Funeral Plan?
QWhat are the alternatives to a Funeral Plan?
QHow do our Funeral Plans compare?
QWhat is a Monthly Funeral Plan?

Any other questions?

Drop us a line and our friendly knowledgable advisors will do our best to answer your questions.

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Special Offers

Inheritance

QWhy is it important to make a Will?

QI can write my own Will, so why should I pay for one?

QDid you know that your share of the family home and any assets within your Estate could pass to someone you have never met?

QWhat happens if my beneficiaries become bankrupt or get divorced?

Probate

QWhat is Probate and can I get help with it?

QCan my friend act as an Executor and obtain a Grant of Probate?

QWhat is a Grant of Probate, and how do I obtain one?

QCan I administer the Estate myself?

QHow long does Probate take?

Life Insurance

QDo I need Life Insurance and what does it do?

Lasting Powers of Attorney

QWhat is a Lasting Power of Attorney?

QWhat does a Lasting Power of Attorney cover?

QDoes a Lasting Power of Attorney continue after death?

QWhat are the two different types of Lasting power of attorneys?

QHow long does it take for my Lasting Power of Attorney to be registered?

QWhat happens if I lose mental capacity and there is no Lasting Power of Attorney in place?

Wills

QWhat happens if I don’t make a Will?

QWhat kind of things may happen if I die Intestate?

QI wrote a Will 15 years ago… can’t I just use that?

QWhen should I review my Will?

QI have been online, and I can do my own DIY Will, why should I pay a professional to do one for me?

QWhat is a Trust?

QWhat type of Trust do I need?

QWhen should I set up a Trust?

QBenefits of a Trust

Funeral Plans

QWhy take out a Capital Life Funeral Plan?

QWhat does a pre-paid Funeral plan include?

QDisbursements or funeral third party costs: What are they?

QCan anyone have a funeral plan?

QA loved one has just passed away. Can I take out a funeral plan to take care of the funeral arrangements?

QWhat happens if a relative has died abroad and they have a Capital Life funeral plan?

QDo you have to take a medical?

QCan I pay for extras to my plan later?

QCan I tailor make my funeral plan?

QWhat if I want to include money towards a celebration or Church service?

QIs burial more expensive than cremation?

QWhere does my money go? How do I know it is safe?

QDoes my family receive the money when I die?

QCan I choose my own Funeral Director?

QI’ve bought a funeral plan, what should my family do when I pass away?

QCan I cancel a prepaid funeral plan? Do I get a refund?

QWhat happens if I die before all my instalment payments have been made?

QHow do I pay for my funeral?

QHow Can Capital Life Help If You’ve Had a Bereavement?

QRepatriation and Funerals: what is involved?

QHow do I plan a funeral for a family member?

QHow do I set up a funeral payment plan?

QWhich is the best funeral plan for over 50’s?

QWhat does a Funeral Director do?

QWhat is the cheapest prepaid funeral plan that I can buy?

QWhat is a Will and why is it important to have one?

QWhich funeral plan is best for me?

QDo Capital Life have pay monthly funeral plans?

QDo Capital Life offer cremation plans?

QWhat happens when I have paid for my Funeral Plan?

QHow to Register a Death

QWhy take out a Capital Life Funeral Plan?

QWhat are the alternatives to a Funeral Plan?

QHow do our Funeral Plans compare?

QWhat is a Monthly Funeral Plan?

Any other questions?

Send us a message