Southport Office 01704 534034
Ainsdale Office 01704 574144
Churchtown Office 01704 211649
News
Trust Registration Service
The Government now requires trustees to register trusts using the Trust Registration Service. Most but not all trusts are covered by this requirement. The trustees can deal with the registration process personally online. If this proves to be difficult this firm can assist by dealing with the registration of the trust which would involve a charge of a minimum of £100.00 plus VAT. Further information can be provided on receipt of a request.
April 2023
We participated again in the Queenscourt Hospice free wills month which our branch offices at Ainsdale and Churchtown taking part. The Southport office did not separately support that month's free will scheme as support is given by the Southport office to Queenscourt Hospice on a year round basis.
National Free Wills Network
In 2022 we raised £1,490,171 of future income for the National Free Wills We continue to draw wills under the National Free Wills Network Scheme.
Lasting Powers of Attorney
Enduring powers of attorney were introduced in 1985 so that people could choose attorneys to deal with their property and financial affairs. The attorneys would continue to have that authority even if the donor of the power of attorney were to lose mental capacity in the future.
In 2007 the Government introduced a new type of power of attorney called a lasting power of attorney. There are several major differences between the old style enduring power of attorney and the newer style lasting powers of attorney.
Enduring powers of attorney completed prior to the autumn of 2007 remain valid and can be used when the donor of the power wishes his or her attorneys to provide assistance with financial and legal matters. In the event of mental incapacity the attorneys have a duty to register the enduring power of attorney with the Office of the Public Guardian. This is something that this firm can assist the attorneys to deal with.
All lasting powers of attorney created since the autumn of 2007 must be lasting powers of attorney of which there are two types. One is a property and financial affairs lasting power of attorney which replaces the enduring power of attorney.
The other is a health and welfare lasting power of attorney.
It is recommended that anyone in their mid-
Healthcare professionals may take into account the wishes of close family members if an individual loses mental capacity and is unable to make his or her healthcare decisions. Unfortunately, this has become less common place and more and more frequently the medical and healthcare professionals are unable or unwilling to take instructions from family members on healthcare matters and are insisting that a health and welfare lasting power of attorney must be in place.
The reassurance of knowing that you have selected the people that are closest to you that you love and trust to make all these important decisions cannot be overestimated.
Lasting powers of attorney must be registered with the Office of the Public Guardian before they can be used. The registration process takes approximately five months for the Office of the Public Guardian to complete so it is important that all lasting powers of attorney once created are registered at that time.
Inheritance Tax Changes
There has been significant change to inheritance tax liability for individuals who own, or have owned, their own residence which took effect from April 2017. In addition to an individual’s inheritance tax free allowance of £325,000 (known as their “nil rate band”) there is a new residence inheritance tax allowance which is an additional £175,000 to add to the personal inheritance tax allowance of £325,000.
The new allowance is known as the “residence nil rate band”.
The residence nil rate band is only available if certain conditions are met and gifts into certain types of trusts will not qualify for the new relief.
Sale of a residence and purchase of a less expensive residence (commonly known as downsizing) or sale of the residence to move into rental accommodation or residential care donot result in the residence nil rate band being lost.
People who own a property or have done so in the past may wish to review their wills although their wills may not necessarily need to be changed.
Queenscourt Hospice, Free Wills Month and National Free Wills
We have continued our involvement with Queenscourt Hospice having participated in the Queenscourt Hospice Will Month each year which raised funds once again for our local Hospice.
In March we participate in the Free Wills Month which has generated funds for some of the participating charities. Those funds were in the form of legacies for some of the charities in the wills that we prepared for the clients that took advantage of the scheme.
We still participate in the National Free Wills Network scheme which had in November 2019 a total of 136 charities in the Network. This scheme enables supporters of the participating charities to have wills prepared for them with no charge to the supporters. This firm receives a modest payment for our work from National Free Wills Network. Once again, the participating charities have income generated for them by legacies bequeathed to them in the wills of their supporters.
The scheme runs throughout the year and is not limited to one particular month in contrast to Free Wills Month, Queenscourt Hospice and other make a will months.
Southport and Ormskirk Law Society
Val Hulton became the first solicitor since 1975 to serve two consecutive terms as President of the Southport and Ormskirk Law Society following the resignation on health grounds of the President elected in February 2017.
Val is delighted to continue to support the Southport and Ormskirk Law Society following a long line of former Presidents from Cockshott Peck Lewis and its predecessors including Arnold Lewis, John Loy, Gerald Belshaw, Keith Watson, Geoffrey Hough, Geoff Cottrell, Alistair Ford and Wendy Tyson.
March 2024
We continued to participate in the Free Wills Month scheme which raises funds for the twelve participating charities. In 2022 across the country the scheme raised an estimated £12,187,078 in future legacy income for the sponsoring charities.
In 2023 Cockshott Peck Lewis raised £281,420 in future legacy income for the Free Wills Month Scheme.