Do you have a will?

30 April 2020

Around three quarters of the adult population are believed not to have a will or Lasting Powers of Attorney (LPA) in place.

But, through our Member Services partner Thomson Financial Solutions (TFS) Ltd, Federation members can draw up a FREE ‘standard will’ and access a range of other essential services for affordable fixed fees.

“It’s never too early to make a will but it is often too late,” says Bob Thomson, managing director of TFS, which is based in Tamworth.

“You can put off making a will and this can, if you don’t get a will in place before you die, pose all sorts of problems for the people left behind. Not making a will could mean that some or all of your inheritance either goes to the wrong person or to the state.

“Making a will enables you to plan exactly what will happen to your property or estate when you die. This ensures that those you would like to benefit actually do so, in accordance with your wishes, and at the same time avoids any possible disputes between relatives. Most importantly, making a will gives you peace of mind.”

Without a will

Your spouse or civil partner will not automatically inherit all your estate
Common law partners may not receive anything
Minor children could be taken into care while guardians are appointed
There could be lengthy delays – and disputes - for your beneficiaries
You will not be able to leave something to friends, colleagues or charities, which fall outside of the Rules of Intestacy.

In addition to the free ‘standard will’ service, TFS also offers a 999 package. The package costs £999 plus Office of the Public Guardian (OPG) registration fees for the Lasting Power of Attorney, which are currently £41 or £82 depending on income.

The TFS 999 package includes:
Wills: a will ensures that your assets pass to exactly the people you want to benefit on your death. A well drafted will, drawn up by Society of Trust & Estate Practitioners (STEP) affiliated advisers, appoints guardians for children, gives financial certainty to dependants and nominates someone to carry out your wishes.

LPAs: you can nominate someone you trust to make decisions about your health and medical treatment on your behalf with an LPA which can come into effect if you lose the capacity to make decisions for yourself – through illness, age or an accident.

There are two types of LPA, one for decisions about your property and financial affairs and one for decisions about your health and welfare.
Without both LPAs in place, a loss of capacity on your part could put you and any dependants in a very difficult position, potentially unable to access money for essential day-to-day needs. To gain the authority to pay bills and make decisions in your best interests, an expensive court application would need to be made, which can be avoided with correctly drafted LPAs.

Bloodline planning: severing property tenancy, to tenants in common allows your individual assets to be distributed to your chosen beneficiaries at the time of death, ensuring assets pass to your bloodline in the future.

Asset protection: providing protection from home and assets being included in future care fee assessments with Property Protection Trusts in wills.

TESTIMONIALS
“More than happy with the service we received from TFS. Our Family Property Trust, Lasting Power of Attorneys and wills appear fine and suit our needs at this time. We’re also happy with the documents storage arrangements with TFS at this time.” John Tooms, former West Midlands Police Federation conduct lead.

“I started to use TFS through the Police Federation to make a new will after moving house. Bob (Thomson) was brilliant in communications and house visits where the final will was completed to a high standard.

Unfortunately, a few days after sorting my will, my father passed away and I asked Bob to sort probate for me as it was a very emotional time and I wanted Dad’s estate to be dealt with in a professional manner. Bob dealt with the process in a sensitive manner and sorted the paperwork and any issues that arose. I would recommend TFS 100 per cent and give them five starts for their professional customer service.” Federation member.

Find out more about TFS by visiting the company’s website, telephoning 01827 65107/818718 or 0770 750044, or by email wills@thomson-fs.co.uk.