LCS East Devon

LCS East Devon Friendly and affordable LCS East Devon specialise in:

✅Will Writing
✅Lasting Powers of Attorney
✅Probate
✅Trusts
✅Estate Planning services

*** Important Update About the Government's New: ****** 'Trust Registration Service' ...
17/07/2022

*** Important Update About the Government's New: ***
*** 'Trust Registration Service' ***

This information sheet has been prepared to provide you with the necessary information regarding The Trust Registration Service (TRS) which goes live on 1st September 2022 and explains what it means to you.

The new rules to register Trusts were introduced in October 2020 by the Money Laundering, Terrorist Financing and Transfer of Funds Regulations, as a means of trying to stop the illegal transfer of funds and to improve the transparency about the ownership of assets held in Trust.

It has always been the case that certain Trusts set up during someone’s lifetime had to be registered, now it is becoming Law for other types of Trusts to be registered as well. Most Trusts that LCS write are written into a Will and, as such will come into being upon the death of the Testator (person whose Will it is). This is because the Trust is created from the Will upon death, until then it is just ‘written’ but is not in existence.

Some Trusts should be registered as soon as they are set up like our Asset Protection Trust / Lifetime Settlement Trust. Others like our Property Trusts have a period of two years from the date of the first death in which to register.

It is your Trustees responsibility to register a Trust, this is something that LCS is not permitted to do for you, but we can advise you on how to do this. Before registering, go to
Register a Trust as a Trustee – Gov.UK. A Government Gateway user ID and password will be needed when registering a Trust and the above site will tell you how to obtain this.
- If you have an Asset Protection Trust / Lifetime Settlement Trust, it must be registered now.
- A Discretionary Trust written into a Will should be registered upon the death of the Testator (the death of the person whose Will it is)
- If you have a Lifetime Interest Property Trust and your partner or spouse has already passed away, the Trust must be registered now. However, you do not need to register if you are both still alive.

LCS are here to help and guide you if you are uncertain about whether your Trust should be registered call us on 0345 017 8250

Top 10 common mistakes when making a willThis is a complex subject, so we’ve compiled a list of the top 10 mistakes in w...
03/07/2022

Top 10 common mistakes when making a will

This is a complex subject, so we’ve compiled a list of the top 10 mistakes in will and estate planning.

1. Making a will without the help of a professional

It's easy to get a will wrong and some 16,000 are rejected every year! Best to work with an experienced company like LCS to ensure that your estate plan is executed the way you want it to be.

2. Failing to account for all of your assets

You may have a will, but if you haven’t listed all of your assets in your will, your beneficiaries won’t receive them. To avoid this problem, work with your will provider to make sure that your will lists all of your assets, including investment property, other investments, life insurance policies, and personal property.

3. Failing to update your will

If you don’t update your will after a major life event, such as a marriage, divorce, or the birth of a child, your estate may not be distributed the way you want it to be. To avoid this problem, review your will periodically and update it as needed - we recommend every 2 years.

4. Failing to name a guardian for your minor children

If you have minor children, it’s important to name a guardian in your will. If you don’t, the court will decide who will raise your children if you die.

5. Failing to name an executor for your estate

An executor is the person who is responsible for carrying out your wishes after you die. If you don’t name an executor in your will, the courts will appoint someone to do it.

6. Making your will too complicated

If your will is too complicated, it may be difficult for your executor to carry out your wishes. To avoid this problem, keep your will simple and clear.

7. Failing to sign your will

If you don’t sign your will, it won’t be valid. Make sure you sign your will in front of two witnesses who are not beneficiaries of your will.

8. Failing to have your will witnessed

It needs to be signed and witnessed by two witnesses to be legal. They must both be present when you sign it.

9. Failing to store your will in a safe place

If you don’t store your will in a safe place, it may be lost or destroyed. Make sure you store your will in a safe place, such as a fireproof safe.

10. Failing to review your estate plan periodically

Your estate plan should be reviewed periodically to ensure that it still meets your needs. Make sure you review your estate plan at least every five years.

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Exeter

Opening Hours

Monday 10am - 8pm
Tuesday 10am - 8pm
Wednesday 10am - 8pm
Thursday 10am - 8pm
Friday 10am - 8pm
Saturday 10am - 6pm

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