Call Us Today 01509 674444
Frequently Asked Questions
Welcome to our FAQ page!
Find answers to the most common questions about our services and offerings. If you can't find what you're looking for, feel free to reach out to us for further assistance.
We're here to help!
About Trafalgar Estate Planning
Q: What makes Trafalgar Estate Planning different from a traditional financial advisor or high-street solicitor?
A: Most financial advisors focus solely on financial planning and investment strategies, while traditional estate planners look strictly at legal documents. Dealing with them separately can often lead to conflicting advice. At Trafalgar, we have qualifications and deep experience in both Financial Services and Estate Planning. This combined expertise allows us to create a seamless, holistic strategy where your financial goals and asset protection plans work in perfect harmony.
Q: How much do your services cost? Will I face hidden charges?
A: We believe in absolute transparency. All of our fees are completely fixed and agreed upon upfront before any work begins. You will never have to worry about unexpected hourly rates or escalating costs, regardless of how straightforward or complex your situation is.
Wills & Lasting Power of Attorney (LPA)
Q: My estate is very straightforward. Why can’t I just use a cheap DIY kit or a "free" Will from a charity?
A: As the saying goes, nothing in life is truly free. Charities often heavily encourage donations that can end up costing more than a professional service. Furthermore, a poorly drafted or "simple" Will often fails to properly control your assets after you pass, creating immense stress, legal jargon confusion, and potential family disputes. A professional Will ensures your lifetime’s wealth goes exactly where you intend it to, without the loopholes.
Q: I already made a Will a few years ago. Why would I need to update it?
A: Life changes quickly. Major milestones—such as marriage, separation, divorce, the birth of children or grandchildren, or changes in your financial situation—can completely revoke or complicate an old Will. Even if your relationships haven't changed, tax laws and asset protection rules do. We recommend a regular refresh to ensure your Will still protects your loved ones effectively.
Q: What is a Lasting Power of Attorney (LPA) and do I need one if I already have a Will?
A: Yes, absolutely. A Will only takes effect after you pass away. A Lasting Power of Attorney (LPA) protects you while you are still alive. It is a legal document that appoints trusted individuals to make decisions about your finances, property, and healthcare if you ever become mentally or physically incapable of doing so yourself due to illness, age, or an accident.
Asset Protection & Trusts
Q: What is a Property Protection Trust (PPT) and how does it protect my family home?
A: A Property Protection Trust is an enhanced Will structure created when a property is jointly owned. On the first partner’s death, their share of the property is placed into a trust rather than passing directly to the surviving partner. This crucially protects that share from being taken to pay for future care home fees, or from being lost to third-party interference if the surviving partner later remarries or faces financial difficulties.
Q: If I set up a Property Protection Trust, can my surviving partner still live in or sell our house?
A: Yes. The surviving partner retains the legal right to live in the property for the rest of their life and cannot be evicted by the trustees. If they choose to downsize or move, the property can be sold; the surviving partner keeps their half of the proceeds, and the trust’s share can be rolled over into the new property to maintain its protection.
Probate & Estate Administration
Q: What is Probate, and is it required for every estate?
A: A Grant of Probate is the legal document that gives an Executor the authority to handle the deceased person's assets, debts, and property. Probate isn't always required—for example, if an estate is low in value or if assets were held jointly and automatically pass to the surviving owner. However, if the deceased owned property or financial accounts solely in their name, Probate is almost always necessary to release those funds.
Q: I’ve been named an Executor in a Will. What are my responsibilities?
A: Being an Executor is a significant legal and financial responsibility. You are personally and legally liable for any errors made during the administration process, even if they are completely innocent mistakes. Your duties include locating all hidden or online assets, completing complex inheritance tax forms accurately, interpreting legal jargon in the Will, insuring solely owned properties, and ensuring tax is paid within six months to avoid interest penalties.
Q: Can Trafalgar help me navigate the Probate process without massive solicitor fees?
A: Yes. Many solicitors charge a percentage of the entire estate (typically 1% to 5% plus VAT), which can result in thousands of pounds out of your family's pockets. Others charge unpredictable hourly rates. Trafalgar partners with leading specialists, including Kings Court Trust, to take the burden of the entire probate process off your shoulders at a much more reasonable, transparent cost.