• March 28, 2024
 Legal Corner – The SWW

Legal Corner – The SWW

The SWW provide free and unlimited technical advice to all full members*. This means that a member can email our technical email address as many times as they like with technical questions or for case clarification. We are insured for the advice that we give and provide a full written response to the member within 48 working hours (often sooner). Members are required to provide full and clear questions.

Here are a couple of short and less complicated examples from this week:

Q: What happens to a gift where it is left to a child on them attaining the age of 18 and before then it is held in trust for them and that beneficiary dies at the age of 17. Does the gift revert to the testator’s estate or is it part of the beneficiary’s estate?

A: This depends on whether the gift was vested or contingent. If the gift is vested, e.g. ‘to my son NAME on attaining the age of 18’ then it will form part of the beneficiary’s estate on death and will pass to their beneficiaries under the rules of intestacy as they won’t have a Will.

If the gift is contingent, e.g. ‘to my son NAME if he attains the age of 18’ then it will fail and will pass to the substitute beneficiaries, if any, or revert to the testator’s estate and pass to the residuary beneficiaries.

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Q: As a Will Writer can I certify a copy of an LPA for my client?

A: Unfortunately not. Under s3 of the Powers of Attorney Act 1971 a power of attorney can only be certified by the donor themselves while they retain capacity, a solicitor, a licensed notary public or a stockbroker.

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Q:  My client has been advised to add a special authority statement in his LPA to ensure that the management of his discretionary investments can continue.

Please could you advise on a suitable clause or statement to include?

A: “My attorneys may transfer my investments into discretionary management scheme. Or, if I already had investments in a discretionary management scheme before I lost capacity to make financial decisions, I want the scheme to continue. I understand in both cases that managers of the scheme will make investment decisions and my investments will be held in their names or the names of their nominees.”

The OPG suggest that this wording should be checked with the donor’s bank before the LPA is registered to confirm that they will accept it.

 

*Subject to terms and conditions  – available on request/provided to members in the SWW newsletter.

Where a technical or multiple technical questions indicate a gap in knowledge or if the SWW deems training as necessary for protection of the client, then this will be suggested.

Whilst these questions have come from SWW members, all reference to personally identifiable information has been removed and fictional names or details may have been used.

 

This article was submitted to be published by The Society of Will Writers as part of their advertising agreement with Today’s Wills & Probate. The views expressed in this article are those of the submitter and not those of Today’s Wills & Probate.

The Society of Will Writers

https://www.willwriters.com/

The Society of Will Writers (SWW) is a non-profit making self-regulatory organisation that seeks to protect the public and serve the interests of those who are active professionals in the Will Writing and Estate Planning field, as well as the upkeep of advancement, education, and ethical standards within the profession. Founded in 1994, the SWW has grown to a membership of over 1700 estate planning professionals across the UK, Europe and further afield in places such as Asia and Africa, each championing our standards and enabling the public access to high-quality Will Writing and Estate Planning services.

The main goals of the SWW are:

  • To promote to the public at large the real need and sense in having a valid will.
  • To act as a self-regulatory body by vetting practitioners through stringent membership requirements, proficiency standards and ongoing training.
The SWW is proud to be one of the frontrunning organisations where steering the profession is concerned, regularly meeting with other regulators and industry stakeholders to ensure that our members voices are heard, and needs are matched. Being a member of the SWW also grants access to exclusive benefits such as unlimited technical support when you’re in need of help, bespoke PII cover available only to SWW members, a web listing through the Find a Member section on our website, and discounts on both our and selected partner’s products and services. SWW Members also have access to regional groups, ongoing training, and an annual conference, all designed to enhance their knowledge and create excellent networking opportunities.

The designatory letters of the SWW’s membership grades:

  • SWW (Affiliate)
  • MSWW (Full)
  • ASWW (Associate)
  • FSWW (Fellow)
  • SWW (Companion)
  • SWW (Honorary)
Each membership grade denotes its holders experience and is an assurance to the public that the Will Writer or Estate Planner that they are engaging with is trained, insured and SWW code compliant. We always encourage members of the public to ask their Will Writer if they are a Member of the SWW, and any Member would be happy to present their membership ID card as proof. The public can also rely on checking any Member’s credentials by contacting SWW head office.

Meet Sam Smith – Head of Membership

Sam manages the membership team here at the SWW. He is responsible largely for Member recruitment and handling enquiries from Members. As well as liaising with Society partners and third parties, he also looks after our 20 regional chairs. Sam is always on hand at SWW events to meet and greet. In Sam’s downtime, he enjoys going to the gym, restoring his camper van, and playing golf. Sam is the point of contact between the SWW and Todays Wills & Probate. If you have any enquiries, you can contact Sam by emailing him at sam.s@willwriters.com or calling the office on 01522 687 888 and he would be more than happy to assist.