Everest Estate Planning combines professionalism and approachability to guide you through the intricacies of proper family, financial and asset protective solutions.
Explore our Frequently Asked Questions for insights, ensuring you make informed decisions for a secure and tailored legacy in accordance with UK practices.
All FAQs are below. Choose your subject to be taken to the Questions.
Questions About Initial Consultation
How are consultations conducted?
You can sign up for your FREE initial consultation via the following link …
You can assume that the meeting will be conducted via Zoom Video Chat and will last for a maximum of 30 minutes.
As part of the sign up process you will be asked where you are and also for a telephone number.
You will also choose a date and time for the meeting that suits you. Mark’s availability will be shown on the calendar. If you have questions before the meeting, contact information along with the Zoom meeting link will be sent to you.
If you are local to Mark, he may suggest an in person meeting which you may prefer.
In the meeting, you will be given the floor to explain your concerns and personal situation. Mark will then make some suggestions for solutions to your estate planning or wealth management concerns.
What you do with that information is up to you. You can choose to go forward with Mark and he can discuss next steps. You can decide to take some time to think or get another opinion.
These discovery meetings are offered without obligation and are completely FREE.
Information shared in the consultation can be considered as confidential and will not be shared with third parties, unless you give permission to do so.
Is it REALLY free?
Yes!
The initial consultation doesn’t come with a catch. There is no “gotcha” moment.
It’s a free chat to talk over your situation and to see if Everest Estate Planning can help you.
Solutions will be suggested and it is completely up to you as to if you decide to move forward with us or not.
No fee will be collected upfront. You will only be asked to pay once you have seen your documents and you are happy with them.
If you are happy, click below.
How long is the initial consultation?
The initial consultation will last for 30 minutes at a maximum.
I don't have Zoom, what can I do?
You do not need a Zoom Video Chat account in order to join a Zoom meeting.
When you receive your invitation, you can join without creating or signing in to an account.
I don't want to have a video chat, what other options are there?
Mark uses Zoom Video Chat as it became the “norm” for people to communicate during lockdown. It seemed to make sense to fall back on this so that people weren’t inconvenienced by a visitor and also so he could offer his services to people from further away while still keeping his costs low.
If video chat doesn’t work for you, as part of the sign up process we collect your phone number too. This is usually as a back up in case there are any problems but can be the way that the consultation is conducted if you would rather.
Lastly, if you within 30 minutes of the Maidstone (Kent, UK) area, a personal visit is possible. Mark prefers communicating face to face this but it doesn’t suit everyone.
General Questions
No fees upfront? Why? How?
With the introduction of the internet, consumers have found that services are either a subscription or must be paid for, in full, upfront.
This is not how Mark Everest operates.
People are more savvy than ever and gaining someone’s trust is harder to achieve. As such, fees will be discussed and agreed before work commences BUT will not be due until you have the documents in your hands or when they are ready to be posted. The latter would be appropriate for certain trusts or Lasting Power of Attorney, for example.
After document creation how do we arrange signing?
Following and filling out paperwork can be a confusing and labour intensive task. This is why you may turn to a service like ours to help you navigate the process.
The documents will need your input and signature when they are ready to be used or sent to the relevant places.
Our documents are prepared to make this process as easy as possible, we are regularly receiving comments on how smooth the process is.
Depending on your location the documents may be posted to you, with clear directions on where to sign and what areas may need your attention.
If you are close by, an attestation meeting can be organised. In which case, Mark will be there in person to take you through the parts of the documents you need to be aware of and where you need to sign and/or print your name.
What kind of aftercare is there?
Once a client, always a client.
Everest Estate Planning strives to perform work that builds a relationship that lasts.
You may come to us for Wills and Lasting Powers Of Attorney and then come back again. Maybe life has gone well and a Family Trust or Wealth Management is needed.
We hope to be with you for the long haul to offer support, advice and services should you need them.
Last Will and Testament Questions
What is a Last Will and Testament?
A Last Will and Testament, or simply a “Will,” is a legal document outlining what you would like to happen after you die. You would appoint someone to carry out your wishes and address key considerations like asset distribution, who looks after any young children and funeral preferences.
Is having a Will necessary?
Likely the most important document you will ever have drafted. At a time of mourning, it assures your family aren’t burdened or arguing. Treasured belongings will go to your chosen loved ones as you wish. It shields your family from potential conflicts, offering a heartfelt assurance that your legacy will be followed seamlessly.
In the absence of a Will in England or Wales, the legal system determines the distribution of your assets. In the event of no living family members, all your possessions and property are allocated to the Crown.
Who are the Executors of a Will?
What if I have Young Children?
When drafting your Will, prioritizing the guardianship of your children is crucial. If you currently hold Parental Responsibility for children under 18, your Will can designate a Guardian to care for them in the event there is no one else with parental responsibility upon your passing. This decision is vital and underscores why parents ensure the presence of a valid Will. Additionally, you can name your children as beneficiaries in your Will, specifying the age at which they can access their inheritance—commonly set at 18, 21, or 25. During their minority, Trustees, individuals appointed in your Will, manage the inheritance on their behalf.
Where is the best place to store my Will documents?
You may decide to keep this in a storage facility you already pay for or somewhere safe on your property.
We can also arrange storage for all of your important documents.
Is it possible for an Executor of a Will to also be a beneficiary?
Absolutely. There is no restriction on a family member, friend, or any beneficiary being named as an Executor, provided they are over 18 years old. The key consideration is whether they are willing and able to fulfill the responsibilities of being an Executor.
Can any of my beneficiaries serve as a witness when I am making my Will?
No, it is not advisable. Beneficiaries or their spouses/civil partners should not act as witnesses during the signing of the Will to avoid the risk of potential disinheritance.
What happens with my Will when I die?
It is advisable to inform your Executor about the location of your Will and provide them with a copy while you are able.
Upon your death, your Executor will need to locate the original Will. If Will Storage has been arranged through Everest Estate Planning, your Executor should contact us to notify us of your passing.
We will retrieve the original Will from our secure storage facility, confirm the Executor’s identity, and provide guidance to ensure they understand their responsibilities, offering professional assistance if required.
Can my Will be challenged?
Yes, all Wills can be challenged, although the likelihood of success depends on various factors. If your Will includes your immediate family members like your spouse or children, there is generally less reason for challenge.
However, excluding someone who might anticipate benefiting or any suggestion of lacking mental capacity can increase the risk. To prevent disharmony, it’s advisable to discuss your Will with family, especially if you plan to exclude them. Alternatively, writing a letter to your Executors explaining exclusions and storing it with your Will can provide clarity on your intentions.
I am concerned about Care Home Fees. Can a Will protect against them?
Yes, it is possible. For couples, taking advantage of a Trust in your Will may offer a means to protect some or all of your Estate from care fees. However, this is a specialized area, and seeking professional Will Writing advice is crucial to ensure its suitability for your specific circumstances.
In Will Trust Questions
What Is A Will Trust?
A Will Trust is an arrangement that takes effect upon your death, granting named trustees control over assets on behalf of beneficiaries. Guidelines for distribution may be specified, or trustees may have discretion, guided by a letter of wishes.
Do I need an In Will Trust?
Establishing a will trust is a wise move for effective estate planning. It ensures a structured and tax-efficient distribution of assets, providing flexibility in specifying beneficiaries and protecting assets from creditors.
Who Can Be The Beneficiary Of A Will Trust?
Anyone can be a beneficiary, including named individuals, classes of people, charities, or other organisations. Future beneficiaries, like unborn grandchildren, can also be included.
Can A Trustee Be A Beneficiary Too?
Yes, but it’s generally recommended to have at least one non-beneficiary trustee, especially when significant discretions are given.
What Can A Will Trust Be Used For?
Will Trusts can be tailored to various needs, such as providing for a second spouse, funding education, or supporting vulnerable loved ones. The setup can be advised based on specific requirements.
How Can A Will Trust Be Beneficial In Estate Planning?
Will Trusts play a crucial role in estate planning by minimizing inheritance tax, ensuring beneficiaries’ access to benefits, protecting assets from creditors, and taking advantage of tax relief.
Are There Different Types Of Will Trusts?
Various trust types suit different situations, depending on beneficiaries, desired specifications, goals, and the complexity of the estate. Tailored advice is provided to meet individual needs.
How Are Will Trusts Taxed?
Will Trusts involve complexities in capital gains tax and income tax. Trustees are taxed at a higher rate, and beneficiaries pay income tax on trust income. Expert guidance ensures tax efficiency.
When Can A Will Trust Be Set Up?
A Will Trust is written into your will, taking effect after your death. The ‘period of administration’ follows, usually a matter of months, during which the trust starts up.
Lasting Power Of Attorney Questions
What are Lasting Powers Of Attorney?
An LPA is a legal document that lets you appoint people to make decisions on your behalf, decisions you would have made if you had been able. Making an LPA can be quite time consuming and has to be done correctly, as if done incorrectly the LPA cannot be used, and you might not discover this until it is too late to rectify any mistakes.
Do I need Lasting Powers Of Attorney?
Do my Attorneys need to be at the signing meeting?
No, the LPAS need to be signed in a specific order:
1st the Donor – Section 5 (LPA HW ONLY) section 9 and any continuation pages.
2nd the Certificate Provider – this will be the Attestation Officer (or whoever is going to the signing meeting) They can get a Doctor to sign as Certificate Provider this is Section 10.
3rd the Attorneys- They need to sign after the Donor and the Certificate Provider – if the Attorneys can’t make the signing meeting (to me it’s better) as it will be signed on a different day and with a different witness – We can send the attorney pages to the attorneys if they’d prefer – this is Section 11.
4th Registration – Section 15 needs to be signed and dated after the Attorneys.
Can I sign now? – before the meeting
Try your best to discourage this – as it will likely be signed incorrectly.
We suggest that you wait for the attestation officer to go through the document page by page with you and make sure you are happy to sign.
What if my children live abroad?
There are few ways to deal with this …
* Send via email the LPA after the signing meeting and tell them to send back Section 11 via mail- make sure that they know what the address is to send back to the office.
* If they don’t have email, send via post and send a stamped address envelope in the post with them so they know where to send it back to.
* If their children are visiting – get them to sign and witness.
* If they going to visit them soon – take the certain paperwork with them and return.
Who can witness the signatures for the LPAS?
If you are having a signing meeting – the attestation officer will witness the signatures.
If the Attorneys aren’t present it is important someone over the AGE of 18 and no relation to the Donor.
How long does the Registration take?
Usually the Registration at the Office of the Public Guardian can take on average 8-10 weeks. Depending on how busy they are.
* By law the Office of the Public Guardian need to give 4 weeks once they have received the documentation to notify the Attorneys that they are registering the LPA.
* If there are any mistakes on the LPAs, they can take further to register and may even pay again.
How much is the registration of the LPAs?
If you have any income over 12K a year you will need to pay £82 per LPA that needs to be registered.
HOWEVER, if you have an annual income of below 12K or have certain disabilities (check the LPA120A form) they can apply for a remission.
The remission means you get 50% off per LPA – meaning you pay £41 per document.
What happens after they are registered?
If we act as correspondence – the document will come back to Everest Estate Planning after registration where we can keep copies for our records. If you would like for us to look after document storage we will arrange this. Alternatively, if you would like to keep your documents in a safe place, we can arrange for them to be forwarded to you.
If you are are unsure as to the registration process we are happy to act as correspondence with the OPG this way.
If you are marked as the correspondent, the documents will come directly to you.
When should I make an LPA?
It is advisable to make an LPA as soon as possible. The future is uncertain, and having your wishes clearly outlined sooner rather than later ensures that your affairs are promptly addressed if and when necessary.
When can my LPA be used?
The financial LPA can be used once registered with the Office of the Public Guardian. The Health & Welfare LPA can only be used when registered and if you are unable to make decisions due to a loss of mental capacity.
Who are the Office of the Public Guardian (OPG)?
The OPG is the government body established to protect individuals lacking mental capacity. They maintain registers of EPAs and LPAs.
Do I lose control of my money when I sign an LPA for Property and Financial Affairs?
No, you retain complete control over your finances while having the flexibility for assistance when needed.
I have more questions!
Please organise a FREE Consultation and Mark Everest would be happy to assist you in making a decision about Lasting Powers Of Attorney.
If you would like to read more, the following posts will offer you more information …
The Essentials of Lasting Powers of Attorney
The LPA Process: From Creation to Registration
Ensuring Compliance in Your LPA
Making Informed Decisions and Managing Your LPA
Case Study for Lasting Powers of Attorney
The Role of the Office of the Public Guardian
Family Trust Questions
What are Family Trusts?
Family Trusts are a legal arrangement where assets are transferred to a trust for the benefit of family members, as specified by the settlor. The trust is managed by trustees.
Do I need a Family Trust?
Considering a Family Trust is wise if you aim to protect assets from future creditors, ensure specific provisions for family members, or mitigate inheritance tax. It offers a structured way to manage and distribute your wealth according to precise wishes, making it suitable for those with clear estate planning objectives.
Why set up a Family Trust?
Setting up a Family Trust can help protect assets, control how your wealth is passed on to future generations, potentially mitigate inheritance tax, and provide for family members who may not be able to manage their own finances.
How does a Family Trust work?
Assets such as property, investments, or cash are transferred into the trust. Trustees are appointed to manage these assets on behalf of the beneficiaries, according to the terms set out by the settlor in the trust deed.
Who can be a trustee?
Anyone aged 18 or over can be a trustee, including family members, friends, or professionals such as solicitors or accountants. It’s common to appoint more than one trustee to ensure a balanced approach to trust management.
What are the benefits of a Family Trust?
Benefits include asset protection from creditors, provision for family members with specific needs, potential inheritance tax benefits, and control over the distribution of assets to beneficiaries.
Can a Family Trust reduce inheritance tax?
While a Family Trust can be used to mitigate inheritance tax liabilities, the rules are complex and depend on the type of trust, when it was set up, and the assets involved. Professional advice is recommended.
How are Family Trusts taxed?
Family Trusts are subject to several taxes, including Income Tax, Capital Gains Tax, and potentially Inheritance Tax. The tax treatment depends on the type of trust and how it is set up.
What are the different types of Family Trusts?
Common types include Discretionary Trusts, where trustees decide how to use the income and capital; Interest in Possession Trusts, where beneficiaries have a right to trust income; and Accumulation Trusts, where income can be accumulated and added to the capital.
How long can a Family Trust last?
Under UK law, most trusts can last up to 125 years, but the specific duration can vary based on the trust’s purpose and the terms set by the settlor.
Can I change the terms of a Family Trust?
Once established, a Family Trust’s terms are generally fixed. However, under certain circumstances, trustees may have powers to make adjustments, especially if all beneficiaries agree and it’s allowed within the trust’s terms.
How do I set up a Family Trust?
Setting up a Family Trust involves drafting a trust deed, appointing trustees, and transferring assets into the trust. It’s crucial to seek legal advice to ensure the trust is set up correctly and meets your objectives.
Can a Family Trust own property?
Yes, a Family Trust can own property, including real estate, as part of its assets. This can be an effective way to manage and protect family wealth.
Can I set up a family trust on my own?
For specific advice and guidance tailored to your personal circumstances, consulting with a professional experienced in UK estate planning is strongly recommended.
Discretionary Trust Questions
What are Discretionary Trusts?
Discretionary Trusts grant trustees the authority to decide on the distribution of a trust’s income and capital to beneficiaries, offering unmatched flexibility in asset management. This adaptability is ideal for estate planning, addressing the changing needs of beneficiaries over time.
Why do I need a Discretionary Trust?
It would enable you to retain control over your assets’ distribution, adapting to your beneficiaries’ changing needs without presetting amounts. It’s invaluable for asset protection, supporting vulnerable beneficiaries, and tax planning, ensuring your wealth is managed and shared according to changing circumstances.
What is the main advantage of a Discretionary Trust?
The primary advantage is its flexibility; trustees can adapt the distribution of assets as beneficiaries’ needs change, providing tailored support.
Who should consider setting up a Discretionary Trust?
Individuals looking to protect assets for future generations, provide for beneficiaries with varying needs, or mitigate potential inheritance tax should consider a Discretionary Trust.
Can I specify how the trustees should distribute assets?
While you can provide guidance through a Letter of Wishes, the ultimate decision rests with the trustees, allowing them to respond to beneficiaries’ needs over time.
Are Discretionary Trusts subject to taxation?
Yes, they are subject to Income Tax, Capital Gains Tax, and Inheritance Tax in certain circumstances. The tax treatment depends on how the trust is set up and managed.
Can beneficiaries of a Discretionary Trust be changed?
The settlor can specify a wide range of potential beneficiaries, and trustees have the discretion to make distributions accordingly. However, changing the named beneficiaries typically requires the creation of a new trust.
How does a Discretionary Trust protect assets?
Assets within the trust are protected from creditors, divorce settlements, and other claims, ensuring they remain within the family or chosen beneficiaries.
Document Storage Questions
What types of documents should I store in a professional document storage facility?
It’s advisable to store any legal documents that require secure preservation and might be needed quickly in unforeseen circumstances. These include wills, trusts, deeds, contracts, and any other sensitive personal or business-related documents.
How do I access my stored documents if I need them?
At Everest Estate Planning, you can access your stored documents by contacting us directly. We ensure that your documents are retrievable promptly upon request by authorised individuals.
Is there a limit to the number of documents I can store?
No, there is no limit to the number of documents you can store with us. Our facility is equipped to handle large volumes of documents, offering the same high level of security and accessibility for each client.
That said, you may find that the charges associated with your documents storage may change depending on how many you wish to store. This can be discussed before or after your documents have been created.
How are my documents protected from fire or water damage?
The facilities we use are equipped with advanced fireproofing and climate control systems designed to protect against environmental damages like fire and water. These measures ensure that your documents remain safe under all conditions.
Can I store documents that were not drafted by Everest Estate Planning?
Yes, you are welcome to store any important documents with us, regardless of whether they were drafted by Everest Estate Planning or another entity. Our goal is to provide a secure, accessible storage solution for all your important documents.
Equity Release Questions
What is Equity Release?
Releasing equity enables homeowners over 55 to unlock their property’s value without selling, offering either a lump sum or regular income. It’s ideal for boosting retirement income, funding improvements, or helping family, all while staying in your home.
How can Equity Release be helpful to you?
It could provide the extra financial support needed in retirement, offering flexibility for expenses, home projects, or family assistance. It’s crucial, though, to weigh its effects on estate value and inheritance.
How can Equity Release be helpful to you?
Typically, homeowners over the age of 55 with a property in the UK are eligible. The property’s value and your age are key factors in determining how much you can release.
Who is eligible for Equity Release?
Typically, homeowners over the age of 55 with a property in the UK are eligible. The property’s value and your age are key factors in determining how much you can release.
How does Equity Release affect inheritance?
Equity Release reduces the value of your estate, potentially lowering the inheritance you leave to your beneficiaries. It’s crucial to discuss this with your family and consider their views.
Can I move house if I've taken out Equity Release?
Yes, most plans are transferable to a new property, subject to the new property meeting the lender’s criteria.
Are there any repayments with Equity Release?
With a lifetime mortgage, the most common type of Equity Release, there are typically no monthly repayments. The loan, plus interest, is repaid when you die or move into long-term care.
Is Equity Release safe?
Equity Release products from providers who are members of the Equity Release Council come with several protections, including the right to remain in your home for life and a ‘no negative equity’ guarantee.
Wealth Management Questions
What is Wealth Management?
Wealth Management is a comprehensive financial service that combines financial planning, investment management, and other financial services to optimise your wealth’s growth, management, and preservation. It’s tailored for individuals looking to maximise their financial potential across all aspects of their finances.
Do you need Wealth Management?
Wealth Management could be crucial if you’re seeking to enhance your financial health, achieve specific life goals, or ensure your wealth’s longevity. It offers personalised strategies to grow, manage, and protect your assets, considering your unique financial situation and future aspirations.
What services are included with Wealth Management?
Wealth Management encompasses investment advice, retirement planning, tax planning, estate planning, and risk management, among other financial services.
Who can benefit from such services?
Individuals with diverse assets or significant wealth, those nearing retirement, or anyone with complex financial situations can benefit from Wealth Management.
How does it differ from financial planning?
While financial planning focuses on specific financial goals and needs, Wealth Management offers a more holistic approach, addressing a wider range of financial aspects and long-term wealth optimisation.
Is Wealth Management expensive?
Costs vary depending on the scope of services and assets under management. Many find the value received from personalised advice and potential growth exceeds the expense.
Can Wealth Management reduce my tax liabilities?
Yes, one of the key benefits is efficient tax planning to minimise liabilities and maximise after-tax returns on investments.
Articles & Advice
Estate Planning Interview – Made In Kent Radio
Mark Everest of Everest Estate Planning joined Eleanor Scannell on
The Role of the Office of the Public Guardian
The Role of the Office of the Public Guardian (OPG)
Case Study for Wills & Trusts #3
This case study for Wills & Trusts is the story
