Legacy Planning. Will Writing Guide. (England and Wales) Making your wishes known

Transcription

1 Legacy Planning Will Writing Guide (England and Wales) Making your wishes known

2 This guide explains: Why making a Will is so important and what happens if you don t have one The types of Will you can make and the differences between them - including why it might be appropriate to consider establishing a Will Trust The different parts to a Will and what they each mean How Inheritance Tax planning can help you reduce your estate s tax liability on your death The role of Executors and Estate and Trust Administration How our service works. Progress through the guide mirrors the progress through our Will Instruction Form. Our service is offered through our wholly owned subsidiary Skipton Trustees Limited (STL) who, as a Trust Corporation, work with other members of the Skipton Building Society Group for the specialist areas of: Legal document writing and storage services administered by Redstone Wills Limited Estate and Trust Administration Service administered by Pearson Jones Plc Financial Planning provided by Skipton Financial Services Limited (SFS). Why making a Will is important A Will is not simply about deciding who gets the family silver; a Will is about taking care of loved ones and making your wishes known. Many people die without making a Will, which can cause real problems for loved ones because the deceased s true wishes are never known. If you die without a Will, you are deemed to have died intestate and the law rather than you decides who inherits your estate. No special arrangements can be considered and important people in your life can be ignored. A Will is important if: 1. You are married or in a civil partnership Many married people believe that on their death, all their assets will automatically pass to their spouse or civil partner. However, when there is no Will and depending on the size of the estate (which includes the value of property), the survivor may only inherit personal items, the first 250,000 and half of what s left. The remainder is shared equally amongst the children. If there are no children, the spouse could receive personal items and the first 450,000, other surviving close relatives may benefit from the remainder (this applies in England, Wales and Northern Ireland; different provisions apply in Scotland). 2. You live with a partner Contrary to popular belief, an unmarried partner or noncivil partner has no automatic right of inheritance at all. A Will is the only way to make sure your partner is left what you want them to receive, such as if you hold a property jointly. 3. You have children For any children under 18, if you are not married or in a civil partnership and no other person surviving you has parental rights, then a Will allows you to say whom you wish to be the guardians of your children with no Will in place then the Courts must decide. 4. You are single With no Will in place and no children, your next of kin will inherit starting with your parents, then your siblings or their families. If you have children then they will inherit your estate and any other dependents may need to challenge the intestacy rules in Court, which may cost them a considerable amount of money in legal and other fees to obtain most of the possessions you want them to inherit. 5. Your Will needs updating If your circumstances have changed you may need to update your existing Will to reflect this. Marriage, divorce, or entering a civil partnership, are just examples of an event that may cause your Will to be nullified. There may be other events such as inheritance, entering a business partnership, buying property or dissolution of a civil partnership, which mean that you will want to change your Will. Even if there has been no apparent change in your circumstances we would recommend a review of your Will at least every five years in case of changes in tax rules or other legislation. 2

3 By having a Will, you can: Decide how much money is left to each of your family members and other loved ones Pass your estate to an unmarried partner Specify who will become the guardians of your children if necessary Choose who you want to be the executor of your Will Leave something to charity Give a memento, like a piece of jewellery, to a treasured friend. This chart explains the basic rules for what happens when someone dies without a Will in England & Wales (the rules for intestacy are different in Scotland). Do you really know what happens if you die without a Will? Your estate is shared equally between your children or grandchildren (if your children have already died). Your estate is shared equally between your parents. Your estate is shared equally between your brothers and sisters. If siblings have already died, then nephews and nieces take their place in the distribution. Your estate is shared equally between your grandparents. Your estate is shared equally between your aunts and uncles. If they have already died, cousins take their place in the distribution. Yes Yes Yes Yes Yes Are you married or in a civil partnership? No Do you have children? No Are your parents still alive? No Do you have any brothers, sisters, nephews or nieces living? No Are any of your grandparents still alive? No Do you have any aunts, uncles or cousins? No Crown takes all. Is your personal estate worth more than 250,000? Do you have children? Do you have any parents, brothers, sisters, nephews or nieces living? Your husband/wife civil partner inherits everything. Your husband/wife/ civil partner inherits everything. Your husband/wife/ civil partner inherits the first 250,000 plus personal chattels and a life interest (income only) in half of what s left. The remaining half is divided equally between the children when they reach 18 or if they marry before then. Children also inherit what s left of the estate when the surviving mother/ father dies. Your husband/wife/ civil partner inherits the first 450,000 plus personal chattels and half of what s left. The rest goes to your surviving parents, otherwise, to your brothers and sisters (if not alive then to nephews/nieces). Notes: 1. Members of younger generations are entitled to inherit their parent s share if the parent has already died. 2. This flow-chart applies only to people living in England or Wales at the time of death. It is intended as a brief guide, not a definitive summary of Intestacy law. For example, it does not cover half-blood relationships. It is based on our understanding of the law at February The term children includes illegitimate and adopted children but not step-children (unless legally adopted). 4. Personal chattels is defined by law and generally speaking means personal items such as cars, jewellery and other household goods. It does not include, for example, houses, land, bank accounts, investments and businesses. 5. Joint property generally passes to the surviving joint holder, independently of the intestacy rules, but this is not always the case. 6. If spouse/civil partner dies either before or within 28 days of you then your answer to the first question should be no. Yes Yes No No No Yes Yes 3

4 Details you need to consider 1. Choosing which type of Will you require There are a range of different Wills and other legal arrangements, from a Single Will for a person leaving their estate to their family, to more intricate Wills designed to protect assets or minimise tax liabilities we can discuss the right solution for you as part of our service. The following Wills can be arranged quickly and easily, with the minimum of fuss. Single Will Suitable for single people, or others who do not want a Mirror Will, this Will allows you to ensure that the right people receive the things you want to leave them. It has no Inheritance Tax benefits, unless you plan to leave your estate to charity. Appropriate for: Single people Divorced/separated Widowed Someone who has different wishes to their spouse/civil partner/partner. Mirror Will Ideal for married couples or registered civil partners who wish to leave all their assets to each other. The effect of the legislation is that it enables any unused Inheritance Tax Nil Rate Band available on the death of the first spouse or civil partner to be claimed by the survivor s executors on the second death, regardless of the date on which the first spouse or civil partner died. Appropriate for: Married couples/civil partners Co-habiting/non-cohabiting partners Appropriate where they would like more or less the same provisions in their Wills. Will Trusts In addition to performing the functions of a Will, a Will Trust allows you to appoint Trustees reliable people who can deal with the inheritance and make good use of it on the beneficiary s behalf. Trusts are used by people who have a particular interest in protecting their share of a property s, or asset s value for future generations. The benefit of this sort of Will is that it can help prevent the value of any equity in the property from being eroded, passing on as much inheritance as possible to any children/beneficiary. Unless you specify otherwise in your Will, the Executors are normally appointed as the Trustees of any Trust that needs creating. You should take care over your choice of Trustees. Always appoint those who are capable of the responsibility and commitment. It is wise to ask the person whom you would like to appoint whether they are willing to act in this role. 4 Setting up a Trust from a Will is relatively straightforward: With a suitable Will in place, the Executors deal with the estate in the normal way, selling assets, distributing gifts to beneficiaries. As Trusts are classed as beneficiaries the asset passes to the Trust in this way; Cash assets are set up in the name of the Trust, normally held in accounts or as investments with financial institutions; Financial institutions will ask for proof of trustees etc, such as asking to see a copy of the Will, ID of the trustees, copies of bank statements etc; If there is property in the Trust, the Land Registry should be notified by the Executors of the Will; the Land Registry then register the deceased proportion in the name of the Trustees; Trustees look after the property or other asset on behalf of the beneficiaries making suitable decisions as needed, if the asset has a lifetime interest then this is also taken into account; Life interest ceases on death and the Trustees will then pass the asset on to the beneficiaries under the terms of the Will. A Trust may also provide a layer of protection for your children following your death, ensuring that they benefit from your assets in the event of: The surviving spouse re-marrying or entering into a civil partnership Divorce Bankruptcy. For Trusts that are more complex, or to relieve individuals of the responsibility, it may be suitable to have professional Trustees. Charges will apply which will be agreed with the beneficiaries at the outset of the service. All Trustees are bound by a strict duty of care which includes to act fairly, comply with the terms of the Trust, pay taxes, manage the assets in a suitable way and provide information and accounts to the beneficiaries on request. Please refer to page 12 for further details on the role of trustees. Types of Trust Granting a life Interest - Property Trust Married couples and civil partners mainly use these, though anyone who owns property jointly with someone else could benefit from having one. Property Trusts, if they apply to a family home (or other property where someone is going to remain living in it) are set up in conjunction with arranging ownership of the property as Tenants in Common. This means the property belongs to the owners jointly but they each own a share of its value allowing them to decide who their share should go to. The benefit of this type of Trust is that it can protect the interests of future generations; passing on as much

5 inheritance as possible to the children/beneficiaries whilst supporting the surviving partner to remain in their home for their lifetime. The Lifetime Trust then allows the remaining partner (or another person living in the property) to have the benefit of the property until their death, at which point the Trust ceases and the property then becomes the ownership of the beneficiaries under the terms of the Will. A Deed of Severance of Joint Tenancy will be required if the property is currently owned as Beneficial Joint Tenants. Granting a Life Interest Flexible Interest Trust Similar to Property Trust, in that they are primarily for couples and that on first death, the deceased s share of assets such as savings or investments are passed into Trust rather than passing straight to the surviving partner. However, it allows the surviving partner (or other person) to benefit in their lifetime from any income generated whilst ensuring the capital is protected for the beneficiaries to inherit. You can simply arrange within your Will to grant a life interest to someone by making your wishes known within the Will Instruction Form. Whilst granting a life interest in property or other assets is a means of protecting for example your children s inheritance, you should ensure you are content that your surviving spouse is aware, so they can manage their finances in future. Discretionary Trust Making a Discretionary Trust within your Will can give you the peace of mind that comes with knowing that those loved ones who may need assistance with handling their inheritance will be provided for after your death and that the decisions for them will be in their best interests. Discretionary Trusts are so called because no beneficiary has a fixed entitlement. The trustees, who are usually (but not always) the same persons as the Executors, have discretion to decide how benefits should be given to each of the beneficiaries, or even to create new trusts for their benefit. You may give the Trustees power to nominate or to exclude beneficiaries and not all of the beneficiaries need to be in existence when the Will is made or when the Trust takes effect i.e. on the death of the person making the Will. A Discretionary Trust Will can be suitable for leaving inheritance to: Those who are not mentally or physically able to deal with their financial affairs Those who may have experienced financial trouble or debt. In short, a Discretionary Trust allows you to ensure that you can leave assets to those who may not be suited to receive it directly. Your Trustees will exercise decisions for the beneficiaries on when and how the trust is used. If you want to ensure that your beneficiaries cannot access these assets until a later age or they need help then a Discretionary Trust is a good way to provide that support and maintain control over the assets. Notes on Inheritance Tax Planning and transferrable Nil Rate Bands and Trusts. The Transferable Nil Rate Band is an Inheritance Tax (IHT) relief relief available on death of the second spouse or civil partner (i.e the widow or widower). This can have the benefit of reducing or eliminating IHT on second death, depending on the value of the estate. The use of Discretionary Trusts in Wills have therefore become less prevalent, but there are some circumstances where they may still be considered as part of your tax planning. For example if, as a married couple, both of you die and your children s estates are over the Nil Rate Band at the time, the existence of a Trust provides an opportunity to pass on the benefits to their children (i.e. your grandchildren). This reduces your children s Inheritance Tax liability on their estates and would be more difficult to do should your Wills not be prepared to include Trusts in the first instance. In addition, unmarried couples can transfer assets up to the value of the Nil Rate Band into Trust on first death, thereby reducing the IHT liability for the surviving party s estate. There are no guarantees that the IHT position will not change again. If you include Discretionary Trusts in your Will, upon your death the Trustees can decide whether it is beneficial to create the Trust or not. Should it not be included within your Will, it will be difficult for your beneficiaries to create a Trust at this stage, though a Will can be varied within two years after probate, subject to Court approval. If your estate is likely to exceed the IHT threshold then you should seek advice from one of our specialist advisers through SFS who will be able to help you. If you decide to create a Discretionary Trust arrangement within your Will the Additional Comments section should be used to note what arrangement you would like to make: who are the beneficiaries, who you would like to act as Trustees (if different from the Executor) and any wishes you would like to make known for the Trustees to consider. It is also wise to briefly note why you have selected Professional Trustees or Executors. Please refer to page 12 for further details on the role of Trustees. 2. Where do you reside? At Skipton, we write Wills under the laws of England & Wales and Scotland, we do not write Wills for the laws of Northern Ireland or anywhere else. Where you live has an impact on what laws need considering when drafting your Will. For example under Scottish law widowed spouses, civil partners, children and other descendants have legal rights - a fixed share of your moveable property (i.e. anything other than land) which they are entitled to claim; whatever the Will says. 5

6 3. Spouse/Partner details If you are having a Mirror Will, we can collect your spouse s or civil partner s details with yours, as this will save time later. 4. Your Estate Your estate simply means everything you own or have rights to and includes: Items that you own such as savings or investments in your sole name Items that you own jointly with someone else, such as a home or a business Items that you only own part of such as a racing syndicate. Collecting details of all of your assets is important as it helps us identify if special provisions need to be made. You need to consider the current value of your and if applicable, your spouse/civil partner s assets, such as: Property e.g. main place of residence and all other property or land Savings e.g. current bank account, Skipton savings, ISAs, shares, life insurance etc. Other assets e.g. jewellery, art or cars Death in Service benefit. Joint assets not with spouse or civil partner: You also need to consider the current value of your assets you might hold with someone else such as buy-to-let mortgages or shares in a business. This is because what happens to the person s property depends on how it was owned. If the asset, such as a house, is held under joint tenancy - the surviving owner inherits the whole property automatically. If it is as tenants in common then your portion can be distributed via your Will. How an asset is owned can be changed as part of writing your Will, though additional charges may apply. Changing ownership of property severance of tenancy If you own your property jointly, either as a married couple, partners or friends/business partners, you will have chosen one of two kinds of ownership, either beneficial joint tenants or tenants in common: Owning your property as beneficial joint tenants means the property belongs to you and the other owner or owners jointly. You must all act together as a single owner, for example on a remortgage or a sale. You do not own specific shares in the property and you cannot give away a share of the property in a Will. If you die, your interest in the property passes automatically to the other owner or owners. Owning property as tenants in common means the property belongs to you jointly but you also own a specific share of its value. You can give away, sell or mortgage your share. If you die, your share of the property passes to the beneficiary in your Will. This type of ownership is reflected by an entry on the register for the property known as a Form A restriction. A beneficial joint tenancy ends when either; the whole property is transferred to one owner the tenancy is converted into a tenancy in common, whether voluntarily or involuntarily, for example if one of the owners becomes bankrupt the property is sold to someone else, or one owner outlives all the others. A tenancy in common ends when either: you all sell the property (with all the shares) to someone else you all convert to a beneficial joint tenancy, or one owner acquires all the shares in the property. A tenancy in common does not automatically end when all the original owners have died but passes on through a Will or inheritance laws. The Land Registry allows you to change between the two kinds of ownership through an application to them, though fees apply for this service. Skipton s document writing service can arrange a severance of a beneficial joint tenancy if you wish. What is a life interest? A life interest is where a person is given an interest in a property and/or other assets for life or for a shorter period of time. When that interest ends the interest, reverts (passes) to other specified persons. Those other specified persons are said to have a reversionary interest in the property and/or other assets. Life interests are also known as interests in possession. The life interest granted may be a right to occupy a property or the right to receive income generated by a property and/or asset or may consist of both. Granting a life interest is a useful way of ensuring that someone is provided for during their life time and at the same time ensuring that when that person dies a settlor s property and/or other assets pass to those he or she would wish them to pass to. Life interests are commonly granted in the following situations: Where a person would like their surviving spouse to have the right to remain in the matrimonial home until they die but would ultimately like their children to inherit their estate. This guards against the possibility of the estate passing to a new spouse should the surviving spouse re-marry and then die before his or her new spouse. Where a person has children but cohabits or is married to someone other than the other parent of the children and would like their surviving spouse or cohabitee to have the right to remain in the home until they die but would ultimately like their children to inherit their estate. This guards against the possibility of the estate passing to the children of the surviving spouse and thus depriving the person s own children from inheriting their estate. As a person who is granted a life interest does not own the property and/or assets in which they have an interest such property and/or assets cannot be taken into account if that person s finances are assessed for the purpose of care home fees. Similarly, such property and/or assets cannot be taken in the event that the person who is granted the life interest becomes bankrupt. 6

7 Other matters to consider when granting a life interest Before granting a life interest in a property to someone you should consider whether that person can afford the upkeep of the house. You can set aside money for the upkeep of the house in your Will or make provision for the upkeep to be paid from income producing assets. If that person has sufficient income of their own then the upkeep of the property may be less of an issue. When granting a life interest you should also consider granting your Trustees the power to sell the property and giving your surviving spouse or partner a life interest in a property purchased from the proceeds of sale. It may be that your surviving spouse or partner will want to move into a smaller property or move closer to their children if you die. Alternatively your surviving partner or spouse may have strong views about leaving their home. There may be tax implications as a result of granting a life interest to a spouse or civil partner and appropriate advice should be taken. Normally a life interest comes to an end when the person who has been granted the life interest dies. However, provision can be made in a Will for it to come to an end at an earlier point, for example, if the person re-marries. Foreign assets for you and/or your spouse/civil partners You need to consider the current value of any foreign assets you might hold either on your own or with someone else, such as a holiday home or shares in a business. If you own overseas assets, you should take legal advice in the country where the asset is situated. It is important to ensure that who ever prepares your Wills for you knows that you have made more than one Will so as to ensure that all Wills can be taken in to account and remain valid in their jurisdiction. Existing Trusts for you and/or your spouse/civil partner s that you are a beneficiary of, may count towards your assets, depending on the type of Trust. Talk to your loved ones about your funeral wishes. If you are not inclined to write down your final wishes or document them, then instead, consider talking to your loved ones about your final wishes. It could be as simple as saying that you would not want to be buried, or you would not want to be cremated. This will go a long way to ease stress and anxiety during a difficult time and give your loves ones a general idea about what you would want and not want. The Skipton Funeral Plan Not only does the Skipton Funeral Plan, provided by our trusted partner Dignity, allow you to make your wishes known but it also offers your family financial protection and expert support at a difficult time. It s a simple way to pre-pay for funeral costs so, when the time comes, your family won t be left wondering what type of service you wanted. If you are 50 or over you ll be accepted, no questions asked. It s all very simple. There s no upper age limit, no health restrictions and no medical questions to answer and it s not an insurance policy. So you can apply with confidence, because the answer will be yes. Visit your local branch to find out more. 6. Details of children, stepchildren, grandchildren and any other people who depend on you/your spouse/civil partner financially If applicable, this is an important part of the information we need to collect as knowing if you have any children, grandchildren, or dependants helps us determine if any one has been excluded from your Will. If this is the case then we need to record the reasons why, so that if the Will is contested later, the Courts can take your intentions into account. Existing Trusts for you and/or your spouse/civil partner Existing Trusts that you are a beneficiary of, may count towards your assets, depending on the type of Trust. 5. Funeral instructions We all want to do our best by our loved ones, which is why funeral planning is every bit as important as making a Will. The best way to let your loved ones know about your funeral wishes is to write down a list of specific instructions in a document that is separate from your Will or Trust. This separate document should include whether; you want a funeral or memorial service and where; whether you want a gathering of friends and family and where; whether you want to be cremated and, if so, where you would like your ashes to be stored or disposed of; and if you want to be buried and where. It is also important to let your loved ones know that you have created this separate document and where it is being stored so that they can access it at the appropriate time. 7

8 7. Who ll be your Executor? Executors are the people you choose to carry out your wishes after you die. It is important you choose people you can trust who are able to deal with the responsibilities of administering an estate. Executor duties should not be taken lightly, as the individual proving the Will has personal liability for how the estate is administered. This includes the completion of the application for the grant of probate and providing all details to HM Revenue and Customs regarding the deceased s tax position. Executorship is for life. They can never retire, even after the estate has been administered. If further assets come to light after the administration has, in principle, been completed, it is their responsibility to deal with them in the appropriate manner. An Executor may be personally liable if they distribute the estate to beneficiaries without settling all the deceased s debt and liabilities first. What might an Executor need to do? Register the death Ensure that the death certificate has been obtained and official copies are available Check the Will for funeral instructions Gather records of all assets and liabilities Deal with any tax issues of the deceased s, either rebates or payments e.g. Inheritance Tax, Capital Gains Tax or Income Tax Arrange house valuation, sale and disposal of contents Apply for grant of probate (for an estate over 5,000) Pay any remaining bills and taxes due Distribute the estate according to your wishes. Dealing with someone s affairs when they die can be a very confusing and distressing time. There are procedures that need to be followed in order for an Estate to be administered and wound up. An Executor is the person (or persons) named in a Will to carry out the wishes of a deceased person. While this sounds fairly straightforward, it can be extremely challenging, stressful and time consuming. For many people, a close friend or relative is their natural choice as the Executor of their Will, but they will often overlook some key considerations. Good decisions made by Executors can reflect financially, for example on the amount of tax paid on the estate. They can affect less easily measurable benefits, like the speed with which the estate is dealt with and the stress generated or harmony promoted in what is invariably a difficult time. Most people making a Will say that they want to leave everything simple and clear and that they do not want their family falling out after their death. If you add anything controversial in to your Will then having independent Executors is often an advantage. You can nominate STL to be, either one of your Executors, or your sole Executor. Not only do they have the technical knowledge and a professional unbiased approach, but they will also be able to relieve those you love of this great responsibility. By choosing STL as an Executor, your beneficiaries will have the reassurance that there are no hidden charges. Please see the Tariff of Charges for our current fees. You should take into account the size and complexity of the estate before appointing your Executor. For example, if your estate is small or straightforward, it would probably be appropriate to ask friends or family to administer your estate. However, if your estate is less straightforward or your Will distributes your assets not as people would expect, then appointing professional services should be considered. Please refer to page 11 for more details of the role of an Executor. 8. Guardians If applicable, this is an important part if you have children or you are responsible for the care of someone. A guardian is a person who has legal responsibility for a child in lieu of the parents or others with parental responsibility. Guardians are appointed for children when the parents are deceased or if they abandon children or are unable to care for them. Although you don t need to make a Will to appoint any guardian(s), you should think about doing so, so that your wishes about who will look after the children can be followed and so that you can provide for the guardians and your children financially. You need to think about who you think would be the best person or people to look after your child if you were to die when he or she was still under 18. There are many things to consider when picking a guardian. This is the person who will be parenting your children. So, a guardian will make decisions about your children s health, schooling and moral training. Some things to consider when selecting a guardian include: Does this person love my children? Is this person responsible and up to the challenge of raising my children? Is the person a legal adult? A minor cannot be a legal guardian for another minor. Where does this person live? Would my children be uprooted and moved away from their friends and family members if they went to live with this guardian? What is the person s home situation? For example, does he or she have a house or a studio apartment? Is the potential guardian in a stable relationship? What are the person s religious and moral beliefs? Does the person have any medical conditions that would preclude being an effective guardian? If you cannot leave enough financial assets for your children s care, can the potential guardian afford to care for your child? Once you have made your choice, do discuss it with the people whom you have chosen and find out whether they feel that they could take on this responsibility. It would also be sensible to tell other family members, so that you avoid any sort of quarrel after your death. 9. Gifts When making a Will you can leave individual items to certain people by naming them in your Will. Often people who are making a Will have items of value (financial or sentimental) that they would like to leave as a gift for a specific person: in the legal jargon associated with Will writing these are called specific gifts. 8

9 If you are going to make a substantial gift, make sure there is evidence of your intention. If there is the potential for an undue influence allegation, make sure there is some evidence to address it, such as documented independent legal advice. Any unevenness in the distribution of any gifts should be noted in your instruction form, though this does not need to go into your Will, unless you want it to. This is to take steps to minimise the prospect of your nearest and dearest, who are beneficiaries of the gift, contesting the Will and to try to ensure your wishes are followed. If you are planning to leave someone out of your Will that would expect to benefit, you should include the reasons for doing this in your Will or in a separate letter. If someone who might have expected to receive an inheritance but did not under the terms of your Will decides to make a claim the courts will not necessarily have to act on your decision, but they must consider your reasons. Perhaps try to discourage it, if appropriate, by leaving a small something which the potential claimant will receive only if they do not claim more. If you leave a gift to your spouse, your civil partner, a qualifying charity, some national institutions such as museums or universities or a qualifying political party in your Will, its value will be deducted from your estate (your money, possessions and property) before Inheritance Tax is worked out. Some gifts made before your death may also qualify for exemption. You can either leave a fixed sum (known as a Pecuniary Legacy ) or part or all of your estate once other gifts have been distributed (known as a Residuary Legacy ). Any part of your estate that you don t give as a specific gift and which is not used to pay debts, legacies, tax or the expenses of administering your estate is known as the residue of your estate. When making a Will you should consider any specific gifts carefully. Are there family heirlooms that would have a special meaning to someone? Do you want to leave a particular item in your Will to a nephew, for example? If you are a mother, do you want to leave your jewellery to your daughter? A specific gift in your Will may not necessarily have monetary importance, but it may have personal significance. In the case of specific gifts, like an antique, a piece of furniture, a house, some land, a car or some jewellery; always indicate in your Will clearly who is to receive each item of property. Give their names in full and identify each item of property clearly. Specific gift: this is a gift of a thing. Here are some examples: I give my silver collection to my son, James Paul Smith; or I give my Cartier watch to my daughter, Elizabeth Jane Smith. Try to avoid making gifts in your Will, which may be sold or have changed form before your death. Particular difficulties can arise with, for example, gifts of shares or bank accounts. Sometimes a particular item of your estate that you wish to leave in your Will may still be associated with the payment of a debt or other liability. For example, a house may still be subject to a mortgage or a car with a hire purchase agreement. The widest term for these debts is encumbrances. When you are making your Will, you should clearly indicate whether the person who receives the property takes it subject to the encumbrance, or free from the encumbrance, in which case the encumbrance is paid out of the residue of the estate. It s also possible to make a gift of money in a Will. This is usually called a legacy. Again, you should clearly indicate in your Will the amount you wish to give and the person who is to receive it. Here are some examples: I give to my son John Smith the sum of 100 I give the sum of 100 to each of my grandchildren who shall be living as at the date of my death I give the sum of 1,000 to be divided equally between all my grandchildren who are living at the date of my death I give the sum of 1,000 to Charity Name. It s worth remembering though that monetary gifts will lose value over time due to inflation, one reason to update your Will from time to time. There is space on the Will Instruction Form to specify at what age you would like your children to receive payments from residue. If you choose 18 years and you are the parent or step-parent of the child in question there should be no problem. If on the other hand you choose an age greater than 18 or you are not the parent or step-parent of the child in question there may be IHT implications of the gift if your estate exceeds the IHT Nil Rate Band, this is because they are considered to be what are called contingent gifts. If any of these circumstances apply to you, SFS can advise you about the implications. 10. The Residue Your Executor must distribute the estate s residue, or the leftover assets, after you have paid all debts, administration expenses and gifts. Any unevenness in the distribution of the residue of your estate will be noted in your instruction form, though this does not need to go into your Will, unless you want it to. This is to take steps to minimise the prospect of your nearest and dearest contesting the Will and to try to ensure your wishes are followed. 9

10 Here are two main ways to distribute the rest of the residue: a. Dividing up the residue by percentage or fractional share. If the residue is to go to more than one person or entity, the Will can provide that it be divided by percentage or fractional share of the total assets. Each will have the same effect. Each person gets an amount set by you in the Will. For example I give 60% of the residue of my estate to my daughter and 20% to each of my two sons. Percentage of fractional share A 60% 20% 20% B C D b. Dividing by per capita or per stirpes If the residue is to be divided per capita, each person gets an equal share, no matter what the relationship to the decedent, everyone gets the same amount. If the residue is to be divided per stirpes or by right of representation, you divide it equally at each generational level, with any relative of a deceased person to take his or her share. Per stirpes B A 1/3 1/3 1/3 C D 30% 30% 20% B B 1 2 D 1 Living Deceased In this example it would be appropriate to explain the reason in the instruction form for this uneven split ie I have divided the residue of my estate 60% to my daughter and 20% to each of my two sons as my sons are independently wealthy owning their own businesses, I feel my daughter has the greater need financially. 1/6 1/6 B B 1 2 Per capita A 1/2 1/4 1/4 B C D Living Deceased 1/4 1/4 B B Living 1 2 Deceased Although you can make partial distributions of residuary, such partial distribution is by no means required. However, in order to completely close the estate, you should make final distributions of residuary shares when you ve settled all the affairs of the estate, including receiving the estate and inheritance tax closing letters and prepared the final account. 11. Additional information Use this section to add in any additional details if you run out of space. Alternatively, it may be that you need to make a note of the reasons for why you have made some of your decisions. For example, if you are planning to leave someone out of your Will who would expect to benefit, you should include the reasons for doing this in here or in a separate letter. See section 9 above on Gifts for further details. If you decide to create a Discretionary Trust arrangement within your Will this section should be used to note what arrangements you would like to make. Who are the beneficiaries, who you would like to act as Trustees (if different from the Executor) and any wishes you would like to make known for the Trustees to consider. It is also wise to briefly note why you have selected Professional Trustees or Executors. 10

11 12. Storing your Will If anything happens to your Will, or if your Executor(s) doesn t know where to find it, you might as well not have written one. You need to decide how to look after your Will, then let your Executor(s) know where it is. Never keep your Will in a safety deposit box. When someone dies, the deposit box cannot be opened until the Executor(s) gets probate (permission from the court to administer your affairs) and probate cannot be granted without the Will. Always make sure that your Will can be accessed without probate. The Skipton Legal Document Care Package At Skipton, we understand the importance of writing a Will to ensure your wishes are carried out as you want them to be. We also know the importance of storing your Will in a safe, secure accessible place. That s why we have teamed up with Redstone to develop our Legal Document Care Package which allows your Will to be released either to you on request or your Executor(s). Our storage service is available to anyone who has written a Will or other legal document such as a Lasting Power of Attorney (LPA) through Skipton Will Writing service. It offers you a wide range of benefits, not only peace of mind that your important documents are in a safe place and easy to locate, but also access to helplines, an annual update service and additional storage of up to three other legal documents, all included within the price. How long will it take? We have developed an efficient and streamlined Will Writing Service, most Wills or other Legal Documents can be prepared within two weeks though if your Will is more complex you should expect it to take more time. We will only send your instructions to be written up once we are satisfied that we have all the information we need. This diagram shows the customer journey for a Will. Other legal documents such as Lasting Power of Attorney and Severance of Joint Tenancy can take longer as we are reliant on Government agencies to assist us with their creation. Initial review Fill in Instruction Form at home You can, if you wish, complete the form with the help of our branch representatives Complete Instruction Form in the branch Usually a week or two after your first appointment Queries answered Redstone draft the Document Normally takes 10 working days to draft the Will unless more information is needed Document is sent to the branch for checking, witnessing and signing Normally you will be invited into branch the day after your Will has arrived Document is stored You should always inform your family and/ or executors of where your Will is stored 11

12 Details of what a Trustee should do Trustees are legal owners of any assets held in a Trust in their name. Their role is to: deal with Trust assets in line with the Trust Deed/Will manage the Trust as needed on a day-to-day basis such as pay out funds or pay any tax due decide how to invest the Trust s assets and/or how the assets in the Trust are to be used - although this must always be in line with the trust deed/will. The extent of a Trustee s responsibilities depends on the type of trust it is. For example, a Discretionary Trust Trustee is responsible for deciding when to make payments to beneficiaries. Trustees are also responsible for declaring and accounting for tax on investments. In a Bare Trust, the Trustee may have few duties to perform. Providing they are old enough, the beneficiaries decide how to use Trust capital and income and are responsible for declaring and paying any tax due. For Property Trust, the Trustees may need to agree with any lifetime tenants on who would be expected to pay for the upkeep and general maintenance of the property. When the lifetime interest ends then the Trustees will need to pass the asset on to the beneficiaries under the terms of the Will. The Trust can continue even though the Trustees might change. However, there must be at least one Trustee. Often there will be a minimum of two Trustees. One Trustee may be a professional familiar with Trusts - a professional Trust firm, for example - while the other may be a family member or relative. If there are any fees involved then the Trustees should agree these at the outset with the beneficiaries, professional Trustees have stricter rules for fees and charges, though these may well be higher than a family friend might charge. All Trustees have a legal duty to pay taxes and manage the asset in a suitable way. The person who set up the Trust - the settlor - may have given instructions that Trustees carry out various functions. These may be contained within the Trust Deed, which outlines the terms of the Trust. Trustees are legally bound to act on these instructions. It s the Trustees responsibility to provide the beneficiaries of discretionary payments with a statement when asked, showing how much income they received, any payments out, the tax paid etc. in a year. For Trusts that are set up via a Will it is normal to use the Executors of the Will as the Trustees unless the Will specifies otherwise. Additional information on appointing an Executor Why appoint Skipton Trustees Limited as your Executor? Does your chosen Executor have the necessary skills to undertake the role of Executor? Is your chosen Executor the same age as you? Will they be able to act upon your death? Are they certain to be living in the same country as you when you die? Do they have a busy and time-consuming job? Do they have (or are they planning) a family which may limit their time available? Are they in good health? These are important concerns with potentially serious consequences and can be avoided by appointing a professional Executor yet people still choose private individuals. Not surprisingly, many of them struggle with the demands of the role. If you would like to appoint STL as your Executor to ease the burden on family members then please indicate this on your Will Instruction Form. You can appoint STL as your Executor to act alone, jointly with a family member or as a reserve Executor to act in the event that your chosen Executor cannot act. 12 How can we help you? Acting as an Executor The tasks involved for an Executor can be quite complicated and onerous and many people prefer to have a professional body act as their Executor to assist in the timely processing of the estate. STL are able to act as a sole Executor, jointly with others or as a reserve. In order for us to act as your Executor, you would need to appoint us in your Will, using our Will Instruction Form. Acting as a professional advisor to the Executor If you choose to appoint family members or friends to act as your Executors, they will still have the option of instructing STL to carry out the Probate on their behalf. We can take responsibility for administering and distributing your estate with full and ongoing agreement with your Executor(s). We can also help you administer the estate of a friend or family member who dies intestate. Make sure you don t leave yourself in the situation of not having a Will, if someone dies intestate it means that they have not made a Will indicating who is to receive their estate. Letters of administration still need to be obtained and the estate administered in accordance with Intestancy Law.

13 Details of what an Executor should do Registering the death The first task, unless this is carried out by family, will probably be to register the death and obtain a Death Certificate. This should be done at the nearest Registrar of Births, Deaths and Marriages. It is a good idea to get four or five extra copies of the Death Certificate, as these will be useful during the administration of the estate. Funeral The deceased may have left instructions for organ donation and funeral wishes either in their Will or in a separate guidance note to their Executor. Funerals can be expensive so you should check that there are sufficient funds available for the cost to be met from the estate. The deceased s bank and building society accounts will be frozen at death but they will usually pay out small sums to meet the funeral costs on production of a Death Certificate and the original funeral account. If a Solicitor is dealing with the administration of the estate the funeral account should be passed to them for payment from the estate. The deceased may have already paid for his funeral under a pre-paid funeral plan. It should always be checked to see if there is evidence of such a plan amongst the deceased s papers. The Will Enquiries should be made of the deceased s family and their Solicitor to ensure that the Will is in fact the last Will made (together with any codicils). It is a good idea to take a few copies of the Will. It is very important to make sure that nothing is attached to the original Will, even a paperclip, as this may create difficulties later on. A decision will now have to be made as to whether or not it is desirable to obtain a Grant of Probate of the Will. This is the official proof that the Executor has authority to deal with the estate. A legal advisor will advise you about this. Assets and liabilities You will need to ascertain the total value of the deceased s estate as at the date of death taking into account any liabilities. The valuation must accurately reflect the value of the assets on the open market at the date of death and must also include the value of any lifetime gifts given away up to seven years prior to the death. The assets may include, for example: all property including antiques, jewellery and works of art bank, building society and savings accounts/certificates stocks and shares insurance policies. It may be necessary to obtain professional valuations, for example, of the deceased s house and contents. All relevant authorities should be notified as soon as possible of the deceased s death including the DSS, their Tax Office, bank, building society, former employer if they received an occupational pension, National Savings if they held Premium Bonds or other savings and Company Registrar if they held shares. It is advisable to advertise for creditors of the estate by placing Statutory Advertisements in both the London Gazette and a local newspaper. Inheritance Tax Depending on the size of the estate the Executor may need to complete forms for HMRC for Inheritance Tax (IHT) purposes and perhaps pay Inheritance Tax. In some cases the forms need to be completed even where there is no Inheritance Tax to pay. The current Inheritance Tax threshold is 325,000. If IHT is payable, this must be done before a Grant of Probate can be issued. This will often mean that it is necessary to arrange to borrow funds until they can be released from the estate. A good starting point is to contact the deceased s bank about a loan, if necessary. It is then the Executor s responsibility to raise sufficient funds to pay the IHT due within six months from the date of death. It may be possible to reduce or even eliminate IHT on an existing Will through a Deed of Variation, which would not restrict access to the money. One of our professional advisors could arrange this for you, providing the Deed of Variation was completed within two years of the date of death. Income and Capital Gains Tax The deceased s own Tax Office should be contacted to arrange for a Tax Return from the last 6 April to the date of death to be completed so that any outstanding tax can be paid or a refund claimed. The Executor may also be required to complete Income Tax Returns for the estate during the administration period. Accounts The Executor will need to keep a full record of all dealings with the deceased s finances during the administration of the estate. A separate log should be kept of the Probate value (value at death) of all assets and liabilities together with all income received during the administration period. Applying for a Grant of Probate The Executor needs to apply for a Grant of Probate, which is the legal document which gives the Executor the authority to deal with the deceased person s estate. A Grant of Probate is almost always needed when the person who dies leaves one or more of the following: an estate worth more than 5,000 stocks or shares certain insurance policies property or land held in their own name or as tenants in common. 13

14 The Grant of Probate is used to show organisations that the Executor has the legal right to access funds, sell or transfer assets and discharge debts. Once the Grant of Probate has been obtained, the estate can be organised and distributed. It is therefore important to manage the beneficiaries expectations in terms of the amount they are due to receive and when they will receive it. Paying Legacies and Transferring Assets The Will may provide for certain personal items to go to specific persons. These should be transferred to them and receipts obtained. Legacies should be paid over and receipts obtained. Final Stages Having obtained a certificate from the Capital Taxes Office (a department of HMRC) that all IHT has been paid and also receiving clearance from the deceased s own Inspector of Taxes that no further Income or Capital Gains Tax is due, the final estate accounts may be prepared and approved by the Executor. The residue of the estate may then be distributed in accordance with the terms of the Will and receipts obtained from beneficiaries. It is common practice for payments on account of the residue to be made to beneficiaries where the estate administration period is likely to be some months. The beneficiaries should then be provided with certificates stating how much Income Tax has been deducted from their share for use in connection with their own Income Tax affairs. Some other points Can an Executor be a beneficiary of my Will? Yes. But if they are a beneficiary they must not witness your Will or they may lose their right to the gift. When does my Will become legal? We will send you the final version for signature. The Will must be signed, dated and witnessed correctly to be legally valid. We will provide you with Will signing instructions to ensure it is signed and completed correctly. Who can be my witnesses? Anyone over the age of 18 who is not mentioned in the Will or related by blood or marriage to anyone named in the Will as a beneficiary. Can I cancel my Will? A Will is cancelled or revoked by any of the following: If it is deliberately destroyed by you A subsequent Will is prepared If there has been a divorce decree absolute/civil partnership dissolution, the law treats a former spouse/ civil partner as having died before you and any gifts in the Will to the former spouse will fail. It is advisable to review your Will every few years to check it is still up to date and in accordance with your wishes. How can I amend my Will? You can change your Will at any time, provided you have sufficient capacity to do so. Instead of rewriting your Will, small amendments can be made to the Will drafted by STL to ensure your Will reflects your current wishes. A fee may be payable for this service. 14

15 Other Legal Documents & Services The following arrangements are also available through our legal document writing service, however because they are more complex, you may also need to to visit your local branch and book an appointment with a Skipton Financial Services (SFS) adviser. Reducing Inheritance Tax As well as drawing up the right type of Will for you, our Will Writing Service can also help with Inheritance Tax Planning. Not everyone pays inheritance tax (IHT). It is only due on your estate that is valued over the current IHT threshold of 325,000 for a single person and 650,000 for married couples and civil partnerships. The tax is payable at 40% on the amount over this threshold. If this is the case for yourself then our wholly owned subsidiary SFS can help. SFS offer financial advice on a range of financial products across the market place. Their advisers are on hand in every Skipton branch to advise on Inheritance Tax and find the best solutions to suit your individual needs. They can work alongside STL as your Will is being progressed. SFS offers Restricted advice. Any investments recommended as part of the Inheritance Tax Planning solution may put your original capital at risk and the returns and the level of income taken from them is not guaranteed and can fall as well as rise. The tax treatment of investments depends on your individual circumstances and may be subject to change in the future. Spousal Bypass Trust If you are working, your company pension scheme may have valuable lump sum death benefits. If you die now, these will probably be paid to your spouse/civil partner increasing the eventual Inheritance Tax liability on their death. A Spousal Bypass Trust means your benefits are paid into a trust, allowing your spouse/civil partner full access but not increasing the value of his/her estate from an Inheritance Tax perspective. Severance of Joint Tenancy Depending upon the value of your property it may be possible to use it as a means of Trust planning. This may require a change in the joint ownership of your property, so you and your partner no longer own your whole property together, but own one half each. Your home will no longer automatically pass to the other spouse on death. This is particularly important if you are using Discretionary Trust Wills for non-tax related benefits e.g. protection from future costs/protecting your assets for your children if your spouse remarries. Powers of Attorney (only applicable in England and Wales) Many people worry about how their financial affairs can be managed should they leave the country on an extended holiday, are housebound, become ill or mentally incapable. If you believe one of these circumstances may affect you, you should consider arranging a Power of Attorney. Three types of Power of Attorney are available through our service. 1. Lasting Power of Attorney for Property and Financial Affairs enables you to appoint someone to deal with your financial affairs and property and this continues in the event that you lose the mental capacity to do so. 2. Lasting Power of Attorney for Health and Welfare a Health and Welfare Lasting Power of Attorney allows you to plan ahead by choosing one or more people to make decisions on your behalf regarding your personal healthcare and welfare if you become too ill or mentally incapable to make medical decisions. 3. General or Ordinary Power of Attorney enables you to appoint someone to deal with your property and affairs whilst you are still capable. This is the perfect solution if you were on holiday, ill or were housebound. It does not continue in the event of mental incapacity. Deed of Variation Deeds of Variation can be used to vary the terms of an existing Will. For example, if you feel a family member has been missed out or a Trust should have been created to protect a valuable asset. Also for some estates it may be possible to save Inheritance Tax or care home fees. There is a limit of two years from the date of death to take advantage of this arrangement. What to do next If you have a Will Writing Instruction Form please use this guide to fill in your wishes. Alternatively you can visit your local Skipton branch and request an Instruction Form(s). If you have any queries regarding the Skipton document writing service please call *. Once we have received your completed instructions, Redstone Wills Limited will call you to obtain any additional information that will help them gain a better understanding of your circumstances. We can help you update an existing Will if your circumstances have changed. Just visit your local Skipton branch or call *. THIS DOCUMENT IS AVAILABLE IN BRAILLE OR LARGE PRINT IF NEEDED 15

16 Terms and Conditions of the Skipton Building Society s Legal Documents Writing Service 1. Governing Law These Standard Terms and Conditions for legal documents writing service are governed by and will be construed in accordance with English law. 2. The Service a. Skipton Building Society s Legal Document Writing Service is provided by Skipton Trustees Limited, whose address is: Skipton Trustees Limited The Bailey Skipton North Yorkshire BD23 1DN and is administered by Redstone Wills Ltd., whose address is: Redstone Wills Limited Windmill Road St Leonards-on-Sea East Sussex TN38 9BY Skipton Trustees Limited is incorporated as a Trust Corporation b. Redstone Wills are responsible for the preparation of your Legal Document c. Redstone Wills are members of The Society of Will Writers and Estate Planning Practitioners and abides by the Society s Code of Practice, copies of which can be found on the Society of Will Writers website or by writing to them at: The Society of Will Writers Chancery House Whisby Way Lincoln LN6 3LQ. 3. Your Wishes You are free to leave your estate to anyone you choose, but please bear in mind that the law does confer rights on people who are wholly or partly maintained by you at the time of your death under the Inheritance Provision for Family and Dependants act 1975, as described below: a. If you do not provide for your spouse, civil partner, former spouse (who has not re-married) or former civil partner (who has not subsequently registered a new Civil Partnership) in your Will, he/she may be able to make a claim against your estate. b. The same applies for children, whether they are yours or those of your spouse or civil partner whom you have treated as your own. c. Anyone else financially dependent upon you may also be able to make a claim. It will be up to the Courts to decide the validity of such claims. d. If you intend not to provide for any of the above people, or if you want to leave money to a child or person who is mentally handicapped, it is recommended that you seek advice and Redstone Wills Ltd can advise you in this regard if required Use of your information a. The information requested in the Instruction Forms for this Service is required for the purpose of preparing your Legal Document and to ensure that the legal document reflects your wishes. b. You should ensure that the information given by you in the Instruction Form(s) for this Service is true, complete and correctly represents your wishes. c. Redstone Wills Ltd is using the information you provide in the Instruction Form(s) for this Service to administer the Service and to prepare your legal documents. d. You agree to any information currently held by Skipton Building Society being provided to Skipton Trustees Limited and Redstone Wills Limited for the purpose of writing your new legal document or amending your existing legal document and administrating the service. 5. Contact You may be contacted by Redstone Wills to confirm your instructions. 6. Place of permanent residence If you are not currently living in England or Wales or Scotland or you intend to live permanently abroad, please do not complete our Instruction Form. You are advised to seek legal advice on the preparation of your Will and any Will prepared for you is based on the assumption that you are domiciled in England and Wales or Scotland. 7. Timescales for providing your Will For a standard Will, we would expect the following timescales to apply: a. Draft Will to be supplied within 10 working days b. Final Will within 10 working days of agreed drafts c. Dispatch final Will if we do not hear from you within 14 working days d. For other legal documents, the timing will vary depending on their complexity and Skipton Building Society and Redstone will advise you of the expected timescales at that time. 8. Additional Charges a. Please read the Legal Documents Tariff of Charges for details of our fees. Additional charges may apply for some elements of our Legal Documents Writing Service; you will be advised of the estimated additional charge before any work is undertaken. b. An additional charge may also arise if after your Legal Document has been prepared, you alter your wishes and this necessitates re-drafting your Legal Document. Therefore, please check carefully that your instructions do reflect your wishes and that nothing is left out. c. Skipton Trustees Limited will charge for its services for acting as Executor in accordance with its scale of fee applicable at that time, if this service has been requested.

17 9. Payments Redstone Wills Limited administers the payment for the Service on behalf of Skipton Trustees Limited. Any concerns with payments should be addressed to Redstone in the first instance. 10. Cancellations & Refunds You can cancel your instructions for a Legal Document at any time but a charge may apply for work already undertaken. This will be kept to a minimum wherever possible. 11. Rights of Redress a. The Financial Ombudsman Service does not cover all aspects of the Skipton Legal Documents Writing Service. However, Redstone Wills Limited are members of The Society of Will Writers and Estate Practioners (TSoWW). They are an independent body representing the interests of professional Will Writers and consumers. b. Redstone Wills Limited is committed to providing the highest level of service to customers and is therefore committed to abiding by the TSoWW Code of Practice, copies of which are available from Redstone on request or by writing to the address above. The Code of Practice is available in Braille, Audio or large print for your copy please contact the Society of Will Writers on Skipton Building Society is not a member of the TSoWW but is committed to upholding the spirit of its obligations. 12. How to Complain a. We aim to provide you with the highest standards of service. However, there may be occasions when our service falls short of your expectations. b. If your complaint relates to the sales service or the taking of your instructions, you have received from Skipton Building Society, your concerns should be addressed to: Customer Relations Team Skipton Building Society The Bailey Skipton North Yorkshire BD23 1DN c. If your complaint relates to the service for the preparation of your Legal Document, you have received from Redstone, your concerns should be addressed to: The Manager Redstone Wills Limited Windmill Road St Leonards-on-Sea East Sussex TN38 9BY Redstone Wills must advise Skipton Building Society of all complaints made directly to them relating to the Service. If you prefer you may telephone our Customer Service team on * or visit your local branch. Alternatively, you may forward details of your complaint via our form on the Society s website at skipton.co.uk: d. Whomever you write to, a written acknowledgement will be issued promptly and in any event not later than seven working days of receiving your complaint. e. Your concerns will be fully investigated and a detailed response issued. We aim to ensure a detailed response is issued within four weeks. However, if it takes longer we will let you know. In any event, a final response will be issued within eight weeks of the initial receipt of your complaint. f. Skipton Building Society is committed to ensuring that all complaints are fully and fairly addressed. However, following the completion of a review into your complaint by Skipton and Redstone should you remain dissatisfied, then: You can inform Redstone and/or Skipton; and Redstone shall advise TSoWW of the complaint; and Redstone shall provide you with details of TSoWW complaint handling procedure; and if you ask TSoWW to review your complaint, it must be made in writing to: The Society of Will Writers Chancery House Whisby Way Lincoln LN6 3LQ TSoWW will then review your complaint and decide what action should be taken. Details of either parties full complaints process is available on request. 17

18 Principal Office, The Bailey, Skipton, North Yorkshire BD23 1DN. Skipton Will Writing Service is provided by Skipton Trustees Limited. Principal Office: The Bailey, Skipton, North Yorkshire BD23 1DN. Telephone *. Registered in England no Skipton Will Writing Service is administered by Redstone Wills Limited, Windmill Road, St Leonards-on-Sea, East Sussex TN38 9BY. Company no Skipton Financial Services Limited offers Restricted advice authorised and regulated by the Financial Conduct Authority under register number Skipton Financial Services Limited is a wholly owned subsidiary of Skipton Building Society. Skipton Estate and Trust Administration Service is administered by Pearson Jones plc of Clayton Wood Close, West Park Ring Road, Leeds LS16 6QE. Redstone Wills are members of The Society Of Will Writers And Estate Planning Practitioners and abides by their code of practice, copies can be found on the Society Of Will Writers website or by writing to them at Chancery House, Whisby Way, Lincoln LN6 3LQ. Skipton Building Society is a member of the Building Societies Association. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority under registration number for accepting deposits, advising on and arranging mortgages and insurance. *To help maintain service and quality, some telephone calls may be recorded and monitored. Stock Code: NB_27/11/13