Day: July 3, 2020

Estate Planning Webinar: Industry Update and Case Study

Posted on by Jade Gani

Aston Bond Law are proud to partner with K C Wealth Management Senior Practice of St James’s Place Wealth Management to bring you a detailed examination of a case study that highlights the importance of timely Estate planning across both the legal and financial sectors.

Our Head of Private Client, Jade Gani, and Financial Planner at K C Wealth Management Senior Partner Practice of St. James’s Place Wealth Management, Karan Chandreja, have teamed up to provide an industry update and to demonstrate the power of appropriate referrals using a case study based on real life events. The webinar is suitable for professionals across the legal and finance sectors alike, as well as individuals who are (or should be) considering taking Estate planning steps. The Webinar will: identify the financial and legal landscape challenges we currently face; demonstrate what advisors should always keep in mind when taking new instructions; and highlight the most appropriate methods to signpost cross-sector referrals.

Webinar Details: 29 July 2020 at 11:30am via Zoom. Click here to book your place.

Webinar Agenda:-

  1. Introductions to K C Wealth Management & Aston Bond;
  2. Current Financial & Legal Landscape-Challenges Facing Families & Businesses;
  3. Key Estate planning considerations with particular reference to Wills;
  4. Holistic Financial Planning for Successful Retirement & Succession;
  5. Tax planning solutions;
  6. Questions and next steps.

Will writing involves the referral to a service that is separate and distinct to those offered by St. James’s Place. Wills are not regulated by the Financial Conduct Authority

If you would like to join the webinar please register your interest here:- Click here to register Details of how to join the webinar will be provided following registration.

Reduction in wages

Posted on by Ilinca Mardarescu

Employers are increasingly looking at ways of saving costs and there has been much in the media about companies requiring their staff to accept a reduction in pay.  But, is this lawful?  And what should you do as an employee if the question has been raised?

Your salary is a fundamental term of your employment contract so an employer cannot simply change that without your agreement.  However, there may be repercussions if you refuse to accept a change – such as redundancies.

When considering the issue of a reduction in wages both employers and employees should try to work together if possible.  Issues which need to be considered are:

  • Has a proper consultation taken place?
  • Is this happening company-wide?  If not, why not?
  • Can an end date be agreed so that the reduction only lasts for a certain period?
  • If a reduction in wages is required, will there also be a reduction in hours worked?  Or in respect of targets where appropriate?
  • Has everything been clearly recorded in writing?

It is also important not to fall foul of the current National Minimum Wage legislation.

Reduction in wages is often a very emotive subject for employees who rely on their wages to pay their bills.  It is therefore crucial it is handled correctly to avoid the employee making a claim of unfair/constructive dismissal or breach of contract.

For advice on this or other employment queries, please contact our Head of Employment, Ilinca Mardarescu

Documents to Find & People To Notify When Someone Dies

Posted on by Jade Gani

When someone passes away it can be extremely overwhelming to know where to start when dealing with their affairs. After registering the death, a good place to start is to locate any important documents and notifying various agencies. 

Documents to Find:

As difficult as it might be, in order to start dealing with your loved ones affairs, someone will need to go through their personal papers to ascertain what assets and liabilities they had. If you are not up to doing this yourself, you could ask a family member, friend or even a solicitor to do it for you. 

You should keep an eye out for details of any of the following:-

  • Banks & Building Societies
  • Premium Bonds
  • Investment Portfolios
  • Original Marriage Certificates
  • Passports & Driving Licenses
  • Stocks & Shares (Original Certificates)
  • PAYE or DWP information
  • Evidence of any Trusts
  • Original Wills & Codicils
  • Gifts made in the past 7 years
  • Car ownership documents
  • Credit cards & reward cards
  • Digital assets
  • Security box information
  • Utilities, bills & subscriptions
  • Mortgages & Loans
  • Pension & Life Policies
  • Lasting Power of Attorneys
  • Business assets & accounts
  • Foreign assets (and Will)

You (or your solicitor) will need this information in order to close down and drawn in any accounts in the Estate. If you are unsure whether an asset is still valid then you should contact the provider to find out. It is especially important to ascertain the date of death value of the Estate if you are required to obtain the Grant of Probate.

Notifying People:

When you register the death, it is advisable to use the “Tell Us Once Service” as this notifies all government agencies of the death. You should also send a copy of the Death Certificate to any assets and liabilities you identified when you went through their personal papers, so that they may freeze accounts.

If you were acting under a Power of Attorney for the Deceased, then this has now come to an end and you should notify the Office of the Public Guardian about the death. You can call them on 0300 456 0300 or email them at: customerservices@publicguardian.gov.uk or write to them: PO Box 16185, Birmingham, B2 2WH

During your search through their papers, you may have found evidence of the Deceased’s assets and liabilities. You should notify all these organisation. Do not worry if you did not find any evidence though, as there are companies online who can help search for assets for a small fee. 

You will also need to notify anyone who is entitled to a share in the Estate. If there is a Will, this will be anyone named a beneficiary. If there is no Will, then the Intestacy Rules will apply. You can find out who is entitled to the Estate of someone under the Intestacy Rules here:- https://www.gov.uk/inherits-someone-dies-without-will 

If you found a copy of a Will, but not the original, it is possible that the company that made the Will are storing the original. You should contact the company named on the Will to see if they are holding anything. If it is a firm of solicitors, they will not be able to confirm any information to anyone other than the Executors named in the Will. They will also want to see a copy of the Death Certificate too. If you do have to contact a solicitor, many offer a free initial advice consultation, which you might like to take advantage of.

If you have any questions or would like assistance with any of the above, then please do not hesitate to contact our dedicated Wills & Probate team on 01753 486777 or jgani@astonbond.co.uk