Creating Trusts (Restricted)

The Common Misconception About Wills and Probate

Most people think that having a will means you will avoid the costly, lengthy process of probate. This is not so, having a will simply means you are not intestate and that you have written out which of your assets and money goes to who.

A judge is still required to watch over this process of gathering your assets, valuing and basically distributing them to your heirs, which will be very costly, as this usually takes a minimum of 18 months and a requires a lawyer or solicitor, so you can imagine the vast expense the heirs of your estate (whatever you leave behind) will have to pay, when you consider that it takes between 50 - 80 hours for probate, or longer if there sre complications, and that solicitors usually charge between £100 - £250 per hour here in the UK.
If you already have a will, i am willing to bet that the solicitor or lawyer you paid to draft up your will neglected to tell you that part, why? Because since you already paid them to draft up your will, they will ususlly be the one who is called in to court to handle your probate, so they are probably looking forward to this big pay off from your small investment you already paid them.

This is one reason why you'll want a trust in place instead of a will. Not only that, but anything that goes through probate is public, because it is handled in a public court, so it goes onto the public record, meaning anyone can look it up online and see who got what from your will.

As for, the cost of probate, take a look at some figures here:

https://helpandadvice.co.uk/cost-of-probate-fees/

Who Has To Pay for Probate?

The cost of probate is paid from the deceased's estate, so will not cost the executor/administrator, but obviously it will effect the inheritance of the beneficiaries.

It is even possible to do probate yourself, and if dealing with a small, simple estate, this can save thousands of pounds, assuming you have the minimum time we mentioned of 50 - 80 spare hours, and that complications and inexperience don't add to these hours, either route, all those hours don't sound stressful at best, and in fact a friend of mine was severely affected by prolonged probate proceedings and that along with the long hours he was doing at work ultimately and sadly led to his death.

If you decide to do probate yourself and the deceased person's estate is worth over £5000 after you have paid for their funeral costs and settled their debts, there is a fixed fee of £215 to apply for probate to HM Courts and Tribunals Service. If the deceased's estate is worth less than £5000, the application is free.

Legal Aid and Probate

The government and Legal Aid Agency don't pay the cost of wills, probate, power of attorney, nor trusts.

If you use a probate specialist, the cost of their work depends on the solicitors or specialists you choose. A specialist or solicitor will generally charge around 2 - 5% of the value of the estate. Others will charge an hourly rate or a fixed fee, which is usually based on a questionnaire about the details of your situation before you're given a quote and includes the cost of the probate specialist or solicitor procuring a grant of probate. This means you'll have a better idea about the probate costs.

Public Probate verses Private Trusts

Another reason for a trust instead of a will relates to the last point i made; probate is public, wheras a properly set up trust is private, so no one gets to see what's in it, except who is meant to see it, that means if you have debts, no nosy creditors get to even know existence of, let alone receive, a penny from your trust. Which brings me to this article from the Daily Mail, i've summarised the main points of it for you, but have a read of it for the full article, bearing in mind as you do, that a properly set up trust will also protect your bank accounts:

"Taxman's plan for covert raids on family bank accounts is branded 'illegal, extremely worrying and excessive"

https://www.dailymail.co.uk/news/article-2600257/Taxmans-plan-covert-raids-family-bank-accounts-branded-illegal.html?ito=native_share_article-masthead

How HMRC can take your cash

"Plans could result in money being taken from innocent families say experts.

Power to raid individuals' bank accounts without their permission, outlined as part of measures to clamp down on tax avoidance, would allow HM Revenue & Customs to seize unlimited amounts of money directly from the bank accounts of anyone they believe owes more than £1,000 in tax

The 'unprecedented' access - revealed in the Budget statement - could result in money being taken from innocent families, MPs were told.

HMRC claims the new rules would be used to target ruthless tax dodgers.

Frank Haskew, head of the tax faculty at the Institute of Chartered Accountants in England and Wales, told MPs it is 'a fundamental tenet of our English law and our democratic society' that money 'cannot be grabbed from somebody's account without a judge agreeing to the move'.

He said the change 'would be unprecedented in the UK, we can't have HMRC as judge and jury on this.' he added 'the tax authority has a long track record of making mistakes and harassing innocent taxpayers - and that it could end up targeting the wrong people.' And 'the new law could trigger 'perverse effects', such as people keeping their money in cash, rather than in a bank account, so HMRC cannot get its hands on the money.'

Patrick Stevens, tax policy director at the Chartered Institute of Taxation, said he feared vulnerable people could be wrongly charged.

He told MPs: 'The concern that we certainly have is that however many safeguards there are on the ability to simply take money from somebody's bank account, it does rely on the authority having worked out how much money should correctly be taken from it in the first place.

'It may mean over a period of time particularly more vulnerable people - people who are not wealthy, high earners - may become subject to this.'

The experts' comments have added to a growing chorus of concern over the controversial move.

HMRC will be able to take all the money that a person owes in tax out of their bank account, subject to two key rules.

It cannot take the full amount unless the person would have at least £5,000 left across all bank accounts after the tax debt has been paid and the money can only be taken if HMRC has contacted the person at least three times about the unpaid tax bill.

HMRC estimates around 17,000 people a year will be hit by the new rules and each of them will typically owe around £5,800.

Liberal Democrat MP John Thurso, has said: 'The victims will be people with just enough money to go after but not enough to hire lawyers to fend it off.'

The Treasury insists HMRC's new debt collection powers 'bring the UK in line with many other tax authorities which already have the power to recover debts directly from an individual's account, such as France and America'.

An HMRC spokesman said: 'Most people pay their taxes on time, but a minority do not, and some refuse to engage with us at all.

'It is wrong that this should hand an advantage to those who simply dodge their obligations and is unfair on the vast majority who pay their taxes in full and on time."

[Tony Blair strangely comes to mind and i can't seem to figure out why, oh yes, he's one of those major tax dodgers obviously being referred to.]

"Overall, HMRC estimates around half of the people who it will be targeting have more than £20,000 in their bank accounts, but are still refusing to pay their tax bill."

To continue reading, and to learn how to set up a trust to protect your bank accounts and any other assets from tax thieves, sorry i mean from HMRC and any creditors, click below to donate the required fee:

Banks Withholding Our Money

Here is another article about when a bank wouldn't let a customer withdraw his cash when he wanted to. They told him he has to answer questions about how he's spending it before they can give him his own money and basically delayed paying it to him:

https://www.birminghammail.co.uk/whats-on/shopping/hsbc-bank-customer-refused-withdrawal-6594828

So What Does This Have To Do With Trusts?

Well the reason I shared the previous information about wills and HMRC is because a trust will stop any inheretance it pertains to being number 1, taxed, number 2, passing through probate, number 3, it will stop being open to HMRC or any other creditor/entity being able to steal money from it or whatever they want to call it. It will therefore cut out any probate or inheritance tax fees and keep it safe.
I haven't added the option of building trusts for other people yet, but am working on that page next, so if you want to be notified when it is ready I will be posting a link in my Telegram group, so join using the link below, or send me an email so that i can notify you when it is ready.
Also have a look at my 'Income Tax' page for my experience in dealing with income tax:
https://law-5.webnode.com/income-tax

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Creating Trusts (Restricted)

The Common Misconception About Wills and Probate

Most people think that having a will means you will avoid the costly, lengthy process of probate. This is not so, having a will simply means you are not intestate and that you have written out which of your assets and money goes to who.

This is one reason why you'll want a trust in place instead of a will. Not only that, but anything that goes through probate is public, because it is handled in a public court, so it goes onto the public record, meaning anyone can look it up online and see who got what from your will.

As for, the cost of probate, take a look at some figures here:

https://helpandadvice.co.uk/cost-of-probate-fees/

Who Has To Pay for Probate?

The cost of probate is paid from the deceased's estate, so will not cost the executor/administrator, but obviously it will effect the inheritance of the beneficiaries.

Legal Aid and Probate

The government and Legal Aid Agency don't pay the cost of wills, probate, power of attorney, nor trusts.

Public Probate verses Private Trusts

"Taxman's plan for covert raids on family bank accounts is branded 'illegal, extremely worrying and excessive"

https://www.dailymail.co.uk/news/article-2600257/Taxmans-plan-covert-raids-family-bank-accounts-branded-illegal.html?ito=native_share_article-masthead

How HMRC can take your cash

"Plans could result in money being taken from innocent families say experts.

Power to raid individuals' bank accounts without their permission, outlined as part of measures to clamp down on tax avoidance, would allow HM Revenue & Customs to seize unlimited amounts of money directly from the bank accounts of anyone they believe owes more than £1,000 in tax

The 'unprecedented' access - revealed in the Budget statement - could result in money being taken from innocent families, MPs were told.

HMRC claims the new rules would be used to target ruthless tax dodgers.

Frank Haskew, head of the tax faculty at the Institute of Chartered Accountants in England and Wales, told MPs it is 'a fundamental tenet of our English law and our democratic society' that money 'cannot be grabbed from somebody's account without a judge agreeing to the move'.

Patrick Stevens, tax policy director at the Chartered Institute of Taxation, said he feared vulnerable people could be wrongly charged.

He told MPs: 'The concern that we certainly have is that however many safeguards there are on the ability to simply take money from somebody's bank account, it does rely on the authority having worked out how much money should correctly be taken from it in the first place.

'It may mean over a period of time particularly more vulnerable people - people who are not wealthy, high earners - may become subject to this.'

The experts' comments have added to a growing chorus of concern over the controversial move.

HMRC will be able to take all the money that a person owes in tax out of their bank account, subject to two key rules.

It cannot take the full amount unless the person would have at least £5,000 left across all bank accounts after the tax debt has been paid and the money can only be taken if HMRC has contacted the person at least three times about the unpaid tax bill.

HMRC estimates around 17,000 people a year will be hit by the new rules and each of them will typically owe around £5,800.

Liberal Democrat MP John Thurso, has said: 'The victims will be people with just enough money to go after but not enough to hire lawyers to fend it off.'

The Treasury insists HMRC's new debt collection powers 'bring the UK in line with many other tax authorities which already have the power to recover debts directly from an individual's account, such as France and America'.

An HMRC spokesman said: 'Most people pay their taxes on time, but a minority do not, and some refuse to engage with us at all.

'It is wrong that this should hand an advantage to those who simply dodge their obligations and is unfair on the vast majority who pay their taxes in full and on time."

[Tony Blair strangely comes to mind and i can't seem to figure out why, oh yes, he's one of those major tax dodgers obviously being referred to.]

"Overall, HMRC estimates around half of the people who it will be targeting have more than £20,000 in their bank accounts, but are still refusing to pay their tax bill."

To continue reading, and to learn how to set up a trust to protect your bank accounts and any other assets from tax thieves, sorry i mean from HMRC and any creditors, click below to donate the required fee:

Banks Withholding Our Money

Here is another article about when a bank wouldn't let a customer withdraw his cash when he wanted to. They told him he has to answer questions about how he's spending it before they can give him his own money and basically delayed paying it to him:

https://www.birminghammail.co.uk/whats-on/shopping/hsbc-bank-customer-refused-withdrawal-6594828

So What Does This Have To Do With Trusts?

_________________________If you found this website helpful, please consider making a donation at PayPal with the following email address:

Nathanshowreel@gmail.com

Donations in Bitcoin are also accepted here:

https://lntxbot.bigsun.xyz/@MartialLaw

And at the following QR code:

Odysee is a decentralised channel to upload videos or store content and is the online/no app version of LBRY, where you can earn free cryptocurrency for adding content and completing tasks. Earn your first reward with my referall link, here:

https://odysee.com/$/invite/@MartialLaw:b

Join my Telegram group:

https://t.me/joinchat/IErPVpspQL9NFLxg

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