The Institute of Professional Willwriters (IPW)

The Institute of Professional Willwriters (IPW) is a professional body, established in1991, consisting of and representing the Willwriting profession.

The role of the Institute has been to:

• To set and maintain high professional standards for the Willwriting profession.

• To increase public awareness of the skill and integrity of its members.

• To promote the concept of Willwriting both to the general public and to corporate bodies.

• To ensure that the public is protected from unqualified and unregulated practitioners.

Membership of the Institute is open only to those professional Willwriters who pass the IPW Entrance Examination and agree to be bound by the IPW code of standards and conduct.

Members are regulated to ensure that they keep abreast of changing legislation and case law reports relevant to the profession of Wills and Estate Planning and as such must complete a regulated amount of time each year on Continuing Personal Development (CPD).

IPW members must hold Professional Indemnity Insurance cover to the value of £2 million for any one claim through the Institutes own, or another approved insurer.

IPW members are subject to strict rules governing standards and conduct. Any member in contravention of these rules can be subject to a disciplinary hearing and, if found guilty, can be expelled from the membership of the Institute.

Being a client of an IPW member ensures that you will receive a comprehensive, professional service of the highest standard. You will also have the peace of mind of knowing that your consultant’s ability and conduct are regulated by the IPW.

How do I protect my property and assets to ensure wherever possible my estate passes to the intended beneficiaries or gives them specific rights?

Protecting your property against future care fees

If your intention is to safeguard as much of the value of your property as you can against the potential of future possible residential care fees, the best safeguard is to let Ensured Wills sever the joint ownership and convert your method of ownership to an equitable “Tenants In Common”, thereafter, we will create a property protection trust in your Will offering a life interest in the property to the surviving spouse.

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Protecting your childrens' inheritence if your spouse remarries after you die

If your spouse remarries after your death it is possible that their new spouse may inherit on their death and your children could get nothing! This is known as “Sideways disinheritance”. Contact Ensured Wills to protect your property and assets against sideways disinheritance.

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Protecting beneficiaries who are disabled or vulnerable

At the time of your death, if any of your intended beneficiaries receives local authority care benefits, is going through a divorce or bankruptcy or has an addictive dependency any benefit due to them can be protected rather than potentially lost.

Trustees of a discretionary trust have the ability to use the capital and income from the trust on a discretionary basis. The beneficiaries of the trust are decided by you but the distribution of the fund is left to the Trustees. Discretionary Trusts are particularly useful when leaving funds to vulnerable or disabled beneficiaries.

If you have children under 18 then any provision that you make for them will be placed in a Child Trust, which will be used to provide them with financial support. The Trustees manage the fund on behalf of your children and decide how the funds are used.

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Giving your loved ones right of occupation

Rights of Occupation allow you to ensure that loved ones are able to remain in your property after your death, even though they may not be the ultimate beneficiary. This is useful in the instance of a remarriage, where you leave your property to your children but wish for your new spouse to be able to remain living in it, or to protect a child who is still living at home.

Rights of Occupation can be put in place for whatever duration you choose – whether it be a set amount of time, indefinitely, or under certain conditions such as until remarriage or cohabitation.

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Trusts to be left at the discretion of your executors/trustees

Most people don’t choose when they are going to die which means most beneficiaries can’t choose when they receive their inheritance. When the time comes it may not be the best time. For instance they may being going through a divorce or a bankruptcy and the inheritance may be lost during this process.

In addition, leaving an inheritance directly to a loved one may cause or worsen an inheritance tax situation and when they die be taxed at 40%.

By leaving an inheritance to beneficiaries in a Discretionary Will Trust (created on death), instead of leaving it to them directly, the money does not form part of their estate and is therefore protected against threats such as divorce or bankruptcy and does not form part of their estate for IHT purposes. They still have access to the money.

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Important information about your LPAs

An LPA can be used with your permission as soon as it has been registered with the courts. (The Office of the Public Guardian – OPG).

An LPA is a bit like an insurance policy – hopefully you will never need it, but if unforeseen circumstances arise and you cannot manage your own affairs, you have peace of mind knowing that your affairs will be taken care of by someone you have chosen, and someone you can trust.

Furthermore, it is much cheaper to take out an LPA now as a safeguard, than to wait until the need arises and have to apply through the courts.

Without an LPA anyone can apply to the courts to take over your financial affairs and it would be up to the courts to decide. This may result in the appointment of a person or persons that you would not have chosen yourself.

It is imperative that you take out an LPA as soon as possible because if you have an accident or illness that affects your mental capacity – it will be too late!