How to Choose Your Will Writer

 

pen being used to write a will

A will is one of the most important documents in your life; it holds the key to your assets when you pass away and allow your family to grieve without the worry of your assets. However, despite the fundamental importance of a will, as the provision of will writing is un-regulated, there are a number of un-qualified will writers providing incompetent advice.

However, following a few simply steps and precautions you can ensure that you receive proper legal advice in order that your family members will receive your assets in accordance with your intentions and be protected when you pass on.

Always Use a Regulated Firm

Using a will writer without a regulatory body means that at any point the firm may mistreat you and you may have no option but to accept it. By using a firm which is regulated by a national body you are protected on two levels. For example, firms which are regulated by the SRA are closely monitored on how they deal with wills. Furthermore, if a firm closes for a number of reasons the SRA will take over control of your will and ensure its safety for the future. However, you must remember that there is no current regulatory body monitoring just wills.

Ask for Qualifications

While will writing does not require any official qualification, it is still wise to request some details on experience etc. A solicitor who is experienced with both tax law, property law and probate law is a safe bet in most cases. You should also ensure that the will writer has experience with inheritance tax, and trusts. However, experience may not always assure a reliable will writer. This is why it is always good to ask family and friends for recommendations regarding will writers they have used and their experience with them.

Check you Have Protection if They Make a Mistake

Ensure that the will writer has professional indemnity insurance to cover any financial losses you or your loved ones may suffer in the event of negligence.

One final tip is a fairly obvious yet optional one. We would highly recommend using a solicitor. This is because solicitors must have professional indemnity insurance.

Check tax consequences of your will

Always consider and seek legal tax advice regarding tax consequences of terms of your will. Any inheritance planning should be considered well ahead in order to obtain relevant tax benefits.

Read the Final Will!

The final precaution is vital. Always read the will and check it for any mistakes or concerns before you sign. In any legal document your wishes are the most important aspect; especially in wills. Be sure that there are no mistakes which may affect you or family members later and if you believe there is a mistake then always bring it up before signing any documents.

If you follow the steps above then you should have a clean and fully legal will written up for you. However, if you have any further questions regarding will drafting then please contact our solicitors.

 Tulin Kiranoglu, Solicitor & Tax Advisor 

tkiranoglu@astonbond.co.uk


Aston Bond’s will writers in Slough can assist clients across England and Wales with wills and probate. For more information please call us on 01753 486 777 or emailing info@astonbond.co.uk. Alternatively, you can visit our offices at 135 High Street, Slough, Berkshire, SL1 1DN.

Leading UK Criminal Law Firm Enters Administration Because of Legal Aid Cuts

As the UK government prepares to shake up criminal legal aid further, more firms appear to be collapsing under the growing financial pressure. Yesterday, a leading criminal defence firm voluntarily applied for administration. Carney Solicitors, based in Stoke-on-Trent closed its offices earlier last week and announced yesterday that they would be voluntarily entering administration; after 15 years of acting as a leading criminal defence firm.

The firm went on to say that the primary cause behind this decision were the changes in legal aid. However, a spokesman for the Legal Aid Agency went on to say, “Our priority is to work with the firm to ensure its small number of client cases are passed onto one of the many local criminal legal aid solicitor firms.”

The recent closure of such a prominent firm highlights the pressure that legal aid cuts are putting on the legal industry. In an attempt to save money throughout the government and UK legal system extreme cuts have been made, however, many believe that the affect will be negative in the long term with many national firms facing closure as the sector dries up with fewer options for legal aid support.

If you would like to know how recent and future legal aid cuts affect you, the client, please read our dedicated blog post highlighting the upcoming legal aid strains.

Ashton Hudson, Online Marketing Executive

ahudson@astonbond.co.uk

Why Wales Doesn’t Want National Law Firms

England and Wales currently share the similar laws across borders; however, according to a new report many Welsh firms do not want national firms entering its legal sector. This comes after the government continues to push for English firms to expand into Cardiff.

Interviews carried out with Welsh firms found that many were not in any way excited by the possibility of further competition within the legal sector across Wales. As more strain is placed on smaller firms with government cut backs and legal aid cuts many now fear the potential of further competition from larger national firms.

However, the research found that many small firms were not concerned about growing competition within the sector entirely but instead the potential of national firms taking highly trained staff from their own and other smaller firms with the offer of better pay and more stable career opportunities; this in-part putting their own smaller firms at risk.
Although, the report also went on to highlight the need for Welsh firms to continue developing within the legal sector and also specialise in other forms of law in order to grow the legal sector; this in-part the reason that the Welsh government saw it as an essential economic move to welcome national firms into the Welsh legal sector.

While the legal sector is extremely competitive many believe that this competitive form of enterprise would in-fact increase both legal standards and Wales’s own economy with national firms offering more benefits to the country financially and also being able to employ a large number of residents. While smaller firms often offer less financial benefits to the government in the short and long term; the likelihood of national firms making their way into the Welsh legal sector is certainly increasing, however, not likely in the foreseeable future at this point in time.

Ashton Hudson, Online Marketing Executive
ahudson@astonbond.co.uk

An Introduction to the Help to Buy Property Scheme (Equity Loan)

During the 2013 Budget report George Osborne introduced a new initiative to assist first time buyers and current home owners with their next property purchase. The new “Help to Buy” scheme was launched in April 2013 and gives current home owners and first buyers an alternative route to purchasing their next or first property. While a conventional mortgage is required this new scheme will provide an equity loan of 20% providing you are able to provide a cash deposit of 5%; this scheme is in place for properties up to the value of £600,000. Within this in-depth look at the new scheme which has seen over 7,000 home owners and first time buyers take advantage of its generosity.

How it works?

The overall concept of the “Help to Buy” scheme is fairly simple. However, for a first time buyer it can be slightly daunting. When entering this “Help to Buy: Equity Loaning” scheme there are three financial elements; a cash deposit, equity loan and mortgage.

For example, if you were to purchase a house worth £200,000 under this scheme you would require a cash deposit of £10,000 (5%). Then the government would provide an equity loan of £40,000 (20%) providing you are able to provide a mortgage worth £150,000 (75%). The mortgage is a conventional one of that which would likely be from a bank of some form; the government have no connection with the mortgage if you enter this scheme.

After you have owned the home for a five year period equity loan fees will be charged per year.  In the first year you will have a fee of 1.75% of the initial loan value and for the continuing years the fee will increase matching the Retail Prices Index. These fees can be paid through monthly payments through your bank. No fees are charged for the payment process.

If you were to make payment in a large sum this is an option. The scheme offers you the ability to pay back lump sums of the equity loan of 10%, 20% or the full amount; this only applies if the initial loan is worth at least 10% of the property value.

Once the property is purchased by yourself it is in your name and it is possible for you to sell the property on; however, for you to sell the property on to another party the full equity loan must be paid. The loan can be paid back after the selling of the property; or at the end of the mortgage period.

The Benefits

According to the government this scheme has one aim; to make it easier for first time buyers and home owners stuck in their current living condition to be able to purchase a new house. And it does indeed do this. The scheme was launched in April and since then over 7,000 home owners and first time buyers have taken advantage of the scheme. The initial 20% loan offers great relief for many, and while you do have to pay it back it has less pressure than a full mortgage would. With this equity loan it is also thought to increase your chances of receiving a mortgage for the further 75% as banks will not only be providing less but also see that 25% has already been paid towards the house (including the 5% deposit).

The Disadvantages

As with all loans there is one huge disadvantage; it’s a loan.  The money always has to be paid back. While you will be clear of any fees for the first 5 years they will begin in time and it is always vital that any person taking advantage of this scheme has financial stability for the foreseeable future; or at least till the full loan would have been paid out.

The increase in fees per year may also put further strain on some individuals who have taken advantage of this scheme. However, if you are financially stable throughout the payment period then the scheme should continue to be friendly.

One other element of this scheme that is vital to understand is that the government has no part in the conventional mortgage taken out (75%) as this is an agreement between yourself and the bank or loaner.

Who is eligible?  

To be eligible for this scheme you must be a first time buyer or current home owner wishing to purchase a new home up to the value of £600,000. You must also be able to both pay an initial deposit for the property of 5% and also have a mortgage secured with 75% of the home’s value. However, in order to take advantage of the “Help to Buy” scheme you are not allowed to be purchasing the property with the intent to rent the property out at any point in the future.

How to enter the scheme?

In order to take advantage of this scheme you must contact a Help to Buy agent within your area; a list of which can be found on the Gov.uk website. At this point they will then provide further information about the scheme in your case and will also check your eligibility for this scheme. You should also note that this scheme is different in England and Scotland and different schemes are available within the How to Buy scheme.

Legal Aid Cuts: How It Affects You?

On the 1st of April 2013 the UK government put into place dramatic changes to the legal aid system in both England and Wales. The changes were initially met with protest and many of the UK’s biggest law firms also went against the new system and still continue to oppose the dramatic reform today. But just how do these changes affect you?

The changes, which came into action on April 1st, make dramatic changes to the overall UK legal system and which cases can be supported with legal aid (public funding). Cases such as divorce, child contact, welfare benefits, employment, clinical negligence and housing law are no longer supported by legal aid funding. All aiming to save £350 million a year in public spending.

This means that many individuals in England and Wales will no longer be supported in a legal process for any of the above cases; these changes were met with large scale disputes from both individuals and lawyers who claim it is further damaging the UK legal system.

As reported by the BBC, almost all family law advice has been removed from the legal aid scheme which puts further strain on family’s who are unable to fund legal proceedings.

If your legal proceedings began before the 1st April, however, you will continue to gain legal aid support. However, any new legal proceedings which take place after the 1st of April will no longer gain the governments support. Both child custody and family divorces will be affected by this reform.

However, the majority of solicitors are not concerned simply about the specific cases the legal aid scheme no longer supports but instead the self-representation which will dramatically increase in courts across England and Wales. Many solicitors claim this will cause a dramatic decrease in the speed of legal proceedings and have huge effects on the UK court systems.

Many other law firms have concerns over the lateness of legal support. The changes to the system now mean that some claimants may gain legal advice too late due to funding issues; which not only slows the overall legal proceedings but also puts themselves and their families at risk.

While the effects of this reform will become much more obvious in the future many consider this to be a low time for law in the UK.

Ashton Hudson, Online Marketing Executive

ahudson@astonbond.co.uk

CMCs Come Under Fire Again as MOJ Order them to Show They Comply with Law

Claims management companies are coming under fire yet again as The Claims Management Regulation Unit visits over 400 CMC’s across England and Wales to find that almost one-third may not be complying with the recent fee ban introduced back in April of this year.

Out of the 450+ that were visited by The Claims Management Regulation Unit almost one-third have been issued with notices to provide further details on how their business operates; some have also been served with enforcement notices regarding irregularities or breaches throughout their websites.

The recently introduced fee ban makes it illegal for any companies to operate with a referral fee within their CMC; this new law came into practice from the 1st April 2013. Many CMC’s and businesses within the sector were highly concerned about the pressure this would put on companies operating within this sector and the effect has now become obvious with the number of CMC’s registered to handle personal injury claims falling by over 700 between March of 2012 and June of 2013.

However, more CMC’s are continuing to be registered with the Law Society Gazette reporting of over 600 being authorised in 2012/13; showing an increase from 591 the prior year. Although an increase has been seen it is certain that the sector is seeing growing regulations and at the same time being placed under further financial pressure.

The full report, which was published today, can be read here.

Ashton Hudson, Online Marketing Executive

ahudson@astonbond.co.uk

Law Firm Mergers at an All Time High

A 60% increase in the number of UK law firms merging has been seen over the last four years; according to analysis released by accountancy firm Wilkins Kennedy. The findings revealed a huge increase in the number of UK based law firms who are merging with competitors to become partners within the legal sector. This comes as more financial strain is put on individual firms with the drop in legal aid support and further red-tape on no-win, no-fee claims.

Within the analysis it is reported that 234 mergers have taken place over the last year. With a 60% increase on the same number four years ago it is now clearer than ever before what effect the current economic climate is having on individual law firms around the UK.

But why are so many firms merging with competitors? While the law industry is both highly lucrative and stable many firms have seen a nose dive in the number of clients being offered legal aid by the government; this is causing many clients not to be able to financially follow through a case. By partnering with other firms alike it offer two distinct advantages; a combination of skills and client base and also the ability to develop upon each other’s operating methods.

One cause for such a boom in mergers is also down to the lending of banks, as noted in The Law Society Gazette, many banks are no longer willing to lend to firms with the recent news that 30 of the top 200 firms are facing financial difficulty across the UK.

However, this report is not to say the UK legal sector is suffering from severe difficulties staying afloat but is simply highlighting changes operations within the sector which is also expected to create over 600,000 new jobs over the next ten years.

Ashton Hudson, Online Marketing Executive

ahudson@astonbond.co.uk

Can The Royal Family Trademark the Royal Baby Name?

Here at Aston Bond Solicitors we handle trademark and copyright cases daily and come across a huge variety of different brand names and product names that people wish to trademark with the intent to protect their intellectual property. However, when it comes down to names it can be different case entirely. One example can be seen in Jay-Z and Beyoncé who trademarked the name of their child “Blue Ivy Carter” earlier this year.

But surely you cannot trademark a name? Well, in-fact you can. Before Jay-Z and Beyoncé applied for the trademark of “Blue Ivy Carter” other applications were made for the trademark of this name; however, all were refused. By the time Beyoncé and Jay-Z applied for trademark ownership, it was granted. However, this does not stop you from naming a child the same name; but does stop you from using such a name for your brand name and/or product name.

But is it likely that the next Royal Baby will also have a trademarked name? No, other than the royal family’s unlikelihood to want to trademark a name it would also be very unlikely to be accepted. With a name such as George or Elizabeth there are already multiple brand names using such generic names within their brand identity; making it unlikely for trademark ownership being handed over to the royals.

In the case of Jay-Z and Beyoncé the name “Blue Ivy Carter” is fairly unique and you can almost be certain that it will be a brand in some form in the years to come. But for now, the royal baby will remain un-trademarked.

Ashton Hudson, Online Marketing Executive

ahudson@astonbond.co.uk

UK Government Calls for Law Firms to Offer Non-Graduate Routes into Law

In a recent report by the  Department for Business, Innovation and Skills the government has called for law firms to offer further routes into law at a non-graduate level to further grow the UK legal sector which is currently worth over £150 billion (annual). Within this report the government, along with a number of private sector professionals have urged law firms to offer further opportunity’s for school-leavers within the legal and accounting sector with the aim to fill 600,000 new jobs within the next ten years.

While Aston Bond is an increasingly professional law firm we have also continued to innovate and to offer further innovation in our services. We have found our work experience and apprenticeship colleagues of huge value to our business and our clients and have taken on three in the past month. The report, published last week, highlights the need for further encouragement into the legal sector for the young with many fearing both the financial worries and time span of higher education with tuition costs rising.

With the PBS sector of businesses currently employing over four million individuals across the UK and this is set to rise by over half a million within the next ten years. The need for further encouragement is clear; however, with the sector becoming increasingly competitive many students are under increasing pressure.

The report, which sets these targets out,  then goes on to highlight that Weightmans LLP became the first law firm to offer the new undergraduate level Higher Apprenticeship within the legal sector; this  allows candidates to obtain paralegal qualifications while working full time at a law firm. The government are keen to push this form of education across the board and further grow the UK legal sector.

However, in order to gain the qualifications to enter the legal sector it can often take  24-30 months as part of an higher apprenticeship (non-graduate). However, this is both a more limited time and lower cost alternative to graduate education; it also allows a hands on approach to dealing with clients from the early stages of an individuals career.

Ashton Hudson, Online Marketing Executive 

ahudson@astonbond.co.uk

Downing Street Confirm Sir John Thomas as Next Lord Chief Justice

Today Downing Street has confirmed that Sir John Thomas will take the role as the next Lord Chief Justice with the departure of Lord Judge. The news highlights the defeat of Lady Justice Hallett and Lord Justice Leveson; the later of the two recently carried out the inquiry into press standards.

The 65 year old will be officially introduced to his role in late September. This comes after a report by The Law Society Gazette which  reported that the Judicial Appointment Commission have made the recommendation to the Justice Secretary, Chris Grayling, which would then lead to a recommendation to David Cameron.

Sir John Thomas has led many inquires in the past; the biggest of which being the inquiry into the Mirror Group Newspaper after the death of Robert Maxwell, after Maxwell’s death it was uncovered that many companies he had worked alongside or owned had huge financial discrepancies; the Mirror Group Newspaper was found to have severe misleading’s within its pension fund system in which Maxwell had “fraudulently misappropriated”.

Sir Thomas is also one of many founders of the European Law Institute; he also went on to become the president of the British Insurance Law Association and vice-president of ARIAS UK.

This September Sir John Thomas will succeed Lord Judge who has taken the position for over five years. A salary of £239,845 a year has been reported by the Guardian online.

Ashton Hudson, Online Marketing Exectuvie

ahudson@astonbond.co.uk