For those of our clients who pay an annual servicing fee we would like to remind you of the benefits of your ongoing arrangement with us and at the same time encourage you to review your Wills & Estate Planning needs, this is so your Wills can continue to reflect your wishes and current legislation, especially on the subjects of Inheritance Tax and in these uncertain times.
We believe the service we provide as a firm should not end once your wills are signed & witnessed, in fact in our view it’s just the beginning. In a world where events & circumstances can and are rapidly changing, having a valid will and an up-to-date estate plan is crucial for your loved ones.
To reflect modern living and life’s social issues, your ongoing arrangement allows you to change, review and update your Will whenever you wish, with the knowledge that you do not pay out the original fees again*. We will also keep you up to date with any changes in legislation or law that could impact the legality of your Wills or how your estate is left and to whom, this maybe by way of one of our new quarterly newsletters.
For those clients who have lifetime trusts in place, we can liaise with your chosen tax advisers and provide all the information required for them to complete any required tax-returns. Where legally required we will also issue “Minutes”of trustee meetings held annually and advice on trust registration and if it is required under the new impending Anti Money Laundering Directive. (AMLD)
As clients you also have access to ongoing estate planning advice with no hourly or consultation fees charged, even if we are discussing another family member’s estate. Along with this there is also the option for free comprehensive financial reviews & cash flow planning advice from our partner firms regarding pensions, investments, retirement planning, accountancy, mortgages, equity release and insurance protection.
Another integral & key benefit to our ongoing service is what happens when a family member dies and the executors require guidance on the subject of probate or the administration of the estate. We provide three levels of service to help executors administer the estate, either on first or second death.
- Executor Support – Telephone/office-based support service to guide the executors through the procedure of probate, explaining what to do and where to go and what is involved to get a grant of probate and to administer the estate (Included within ongoing servicing fee);
- Probate Assist – This option provides legal assistance to the executors on the paperwork side depending on the tax returns required (NRB, IHT205 or IHT400) and whether there were any trusts in the deceased will or tax advice is required (There is a sliding scale price depending on what work is required, quote upon request);
- Full Estate Administration Service – This includes start to finish administration of the estate. (Fixed fee or percentage-based fees chargeable).
As part of our service to clients and their families, all Wills produced are automatically registered with the National Will Register for help with distant family searching for Wills in the circumstance’s executors are no longer around. There is also the reassurance that your annual fee is fixed and does not change from when you signed up.
Foresight securely holds all of our client’s original documents once completed, along with any other important documentation clients wish to store securely. We are launching our online portal this month which means you can view, download copies of all your documents whenever you wish, upload documents and information while also communicating to us securely. We will also provide physical copies if required or requested at no additional fee. As part of our service to you we also inform the executors of the Will, notifying them of where the documents are held and where to come should events happen. At this point, executors will also have access to ‘Executor support’ and advice on the administration of the estate to the beneficiaries.
With most of life’s uncertainties, we do not know when events will strike but we can continue to make it easier for the people you have appointed to deal with your wishes at what is normally a very difficult & emotional time. Your ongoing service arrangement keeps costs for the family to a minimum while ensuring your estate planning is always up to date and your wishes are adhered to. The importance of making sure the original Wills are available to the right people along with support and guidance is all part of your personal estate planning needs.
Please feel free to ask for a review of your Wills or visit our website for further details & explanations on our services we now provide to thousands of our clients.
*admin fee to update original Will is £25, admin fee to update Will with trusts £100.