by Saqib Khan | Jul 11, 2024 | People, Powers of Attorney, Wills
In the journey of life, planning for the future is not just prudent; it’s a responsibility. As we accumulate assets, build businesses, and raise families, ensuring that our hard-earned wealth is protected and distributed according to our wishes becomes paramount. At KhanMather, we understand the importance of safeguarding your legacy, which is why we advocate for the strategic use of wills with trusts attached.
Understanding the Basics: Wills and Trusts
Before delving into the intricacies of setting up a will with a trust attached, let’s first clarify what each document entails:
Wills:
A will is a legal document that outlines your wishes regarding the distribution of your assets and the care of any dependents after your passing. It appoints an executor to carry out these instructions and ensures that your estate goes through the probate process.
Trusts:
A trust, on the other hand, is a legal arrangement that allows a trustee to hold assets on behalf of beneficiaries. Trusts offer several benefits, including avoiding probate, providing privacy, and allowing for greater control over how assets are distributed.
The Power of Combining a Will with a Trust
While both wills and trusts serve essential functions in estate planning, combining the two can offer comprehensive protection and flexibility. Here’s how setting up a will with a trust attached can benefit you and your loved ones:
- Avoiding Probate:
Probate can be a time-consuming and costly process that exposes your estate to public scrutiny. By placing assets in a trust, you can bypass probate altogether, ensuring a smoother transition of wealth to your beneficiaries.
- Protecting Vulnerable Beneficiaries:
If you have beneficiaries who are minors, have disabilities, or lack financial acumen, a trust can provide ongoing management of assets on their behalf. This protects their inheritance from mismanagement or exploitation.
- Preserving Privacy:
Unlike wills, which become public record during probate, trusts offer privacy by keeping asset distribution out of the public eye. This confidentiality can be particularly beneficial for individuals who prefer to keep their financial affairs private.
- Mitigating Estate Taxes:
Depending on the size of your estate, proper trust planning can help minimize estate taxes, allowing you to pass on more of your wealth to your chosen beneficiaries.
- Ensuring Flexibility:
A will with a trust attached allows for flexibility in adapting to changing circumstances. Trust provisions can be tailored to accommodate future events such as marriage, divorce, or the birth of additional children.
Setting Up Your Will with a Trust: The KhanMather Approach
At KhanMather, we recognize that every individual and family has unique needs and goals. Our experienced team of legal professionals works closely with clients to develop personalized estate plans that reflect their wishes and protect their legacies.
When setting up a will with a trust attached, our process typically involves:
- Initial Consultation: We begin by discussing your estate planning objectives, family dynamics, and financial situation during an initial consultation.
- Customized Planning: Based on your preferences and circumstances, we develop a customized estate plan that may include a will, various types of trusts, and additional legal instruments as needed.
- Documentation and Execution: Our team prepares the necessary legal documents, ensuring that your wishes are clearly articulated and legally binding. We guide you through the execution process to ensure that your estate plan is properly implemented.
- Ongoing Review and Updates: Estate planning is not a one-time event; it requires periodic review and updates to account for changes in laws, personal circumstances, and financial goals. We provide ongoing support to ensure that your estate plan remains relevant and effective over time.
Secure Your Legacy with KhanMather
Planning for the future is an essential aspect of responsible stewardship. By setting up a will with a trust attached, you can protect your assets, provide for your loved ones, and leave a lasting legacy that reflects your values and priorities.
At KhanMather, we are committed to guiding you through the estate planning process with compassion, expertise, and attention to detail. Contact us today to schedule a consultation and take the first step toward securing your legacy for generations to come.
by Saqib Khan | Jul 9, 2024 | Litigation, People
Introduction: In the digital age, online shopping has become an integral part of our lives, offering convenience and accessibility like never before. However, despite the ease of making purchases online, returning items can sometimes lead to complications. One common issue that arises is when a retailer claims they didn’t receive a returned item, leaving consumers wondering about their legal rights in such a situation. At KhanMather, we understand the complexities of consumer law and are here to guide you through your rights in this scenario.
Understanding Your Rights: When you purchase an item online, you enter into a contract with the retailer, which includes the right to return goods under certain circumstances. The Consumer Rights Act 2015 provides consumers with statutory rights when it comes to returning faulty or unwanted items. Under this legislation, you have the right to return an item within 14 days of receiving it for a full refund, regardless of the reason, under the Consumer Contracts Regulations.
However, when it comes to the issue of the retailer claiming they didn’t receive the returned item, things can become more complicated. In such cases, it’s crucial to understand your rights and the steps you can take to resolve the matter.
Proving Return: The burden of proof lies with the consumer to demonstrate that they have returned the item to the retailer. Therefore, it’s essential to keep records of the return, including any tracking information or proof of postage provided by the courier service used. This documentation can serve as evidence in the event of a dispute with the retailer.
Communication: If the retailer claims they didn’t receive the returned item, the first step is to communicate with them to resolve the issue amicably. Provide them with any relevant tracking information or proof of postage and politely request that they investigate the matter further.
Escalation: If communication with the retailer proves unsuccessful, you may need to escalate the issue by seeking legal advice or contacting relevant consumer protection agencies. Organizations such as the Citizens Advice Bureau or Trading Standards can provide guidance on your rights and help you navigate the dispute resolution process.
Chargeback: In cases where you paid for the item using a credit or debit card, you may be able to initiate a chargeback through your card issuer. A chargeback allows you to dispute a transaction and request a refund directly from your card provider if the goods were not received as promised.
Legal Action: As a last resort, you may consider taking legal action against the retailer if they continue to refuse to acknowledge the return or provide a refund. In such instances, seeking advice from a solicitor specializing in consumer law can help you understand your options and determine the best course of action.
Conclusion: Returning an item bought online should be a straightforward process, but complications can arise when the retailer claims they didn’t receive the returned item. However, by understanding your rights under consumer law and taking proactive steps to resolve the issue, you can protect yourself and ensure a fair outcome. At KhanMather, we’re here to support you every step of the way and provide expert legal advice tailored to your specific situation.
by Saqib Khan | May 21, 2024 | People, Powers of Attorney, Wills
As a trusted law firm dedicated to serving our clients’ legal needs, we understand the importance of staying informed about regulatory changes that may impact our clients’ lives. One recent development that warrants attention is the significant updates made by His Majesty’s Revenue and Customs (HMRC) to the probate application process in the UK. These changes have implications for individuals navigating the complexities of estate administration and probate. In this blog post, we aim to provide clarity on the recent amendments and offer guidance on how to navigate them effectively.
Understanding the HMRC Updates: The HMRC has recently implemented changes to the probate application process, primarily concerning the submission of inheritance tax forms. Historically, individuals applying for probate were required to complete and submit both the probate application forms and the relevant inheritance tax forms simultaneously. However, the updated procedure now requires applicants to submit the inheritance tax forms separately to HMRC before applying for probate.
Implications for Probate Applicants: These changes introduce a shift in the probate application timeline and procedural requirements. Probate applicants must now ensure that they initiate the inheritance tax assessment process with HMRC before proceeding with their probate application. Failure to adhere to this new protocol may result in delays and complications in the probate process, potentially affecting the timely distribution of assets to beneficiaries.
Navigating the New Process: For individuals navigating the probate application process, it is essential to familiarize themselves with the revised requirements set forth by HMRC. Here are some key steps to navigate the new process effectively:
- Early Engagement with HMRC: Initiate communication with HMRC at the earliest opportunity to begin the inheritance tax assessment process. This proactive approach will help streamline the overall probate application timeline.
- Obtain Professional Guidance: Given the intricacies of estate administration and tax matters, seeking guidance from one of our legal professionals experienced in probate matters is highly advisable. A knowledgeable solicitor can provide invaluable assistance in navigating the HMRC updates and ensuring compliance with all regulatory requirements.
- Organize Documentation: Compile all relevant financial documentation and information pertaining to the deceased’s estate to facilitate the inheritance tax assessment process. Thorough documentation will expedite the submission process and minimize delays.
- Timely Submission: Adhere to HMRC’s deadlines for submitting inheritance tax forms to avoid any potential penalties or complications. Prompt submission will contribute to a smoother probate application process.
- Stay Informed: Stay abreast of any further updates or revisions to the probate application process issued by HMRC or other regulatory bodies. Remaining informed ensures that you are well-equipped to navigate any changes effectively.
Conclusion: The recent changes implemented by HMRC to the probate application process underscore the importance of staying informed and proactive in estate administration matters. By understanding the revised requirements and following the recommended steps outlined in this post, individuals can navigate the probate process with confidence and efficiency. At Khan Mather, we are committed to supporting our clients through every stage of the probate journey, providing expert guidance and personalized assistance to achieve optimal outcomes. If you require assistance with probate or estate administration matters, please do not hesitate to contact us for comprehensive legal support.
by Saqib Khan | May 7, 2024 | Conveyancing, General, Landlord and Tenant Law, People
Introduction
Buying a home is a significant milestone in one’s life, but it often comes with a hefty price tag. Many aspiring homeowners find it challenging to accumulate a substantial deposit for their dream home. This is where 100% mortgages come into play, offering an alternative path to homeownership. In this blog, we’ll explore the concept of 100% mortgages, how they work, their advantages, disadvantages, and whether they are a viable option for prospective homebuyers.
What Are 100% Mortgages?
A 100% mortgage, as the name suggests, allows you to borrow the entire purchase price of your home without the need to provide a deposit. Traditionally, lenders require borrowers to contribute a deposit, typically ranging from 5% to 20% of the property’s value, to secure a mortgage. However, with a 100% mortgage, you can buy a home with no deposit, which may seem like an attractive proposition, especially for first-time buyers.
How Do 100% Mortgages Work?
- Guarantor Mortgages: One common form of 100% mortgage in the UK is the guarantor mortgage. In this arrangement, a family member, usually a parent, acts as a guarantor for the loan. They offer their property or savings as collateral, ensuring the lender has a safety net in case the borrower defaults on payments.
- Joint Borrower Sole Proprietor Mortgages: Another option is the joint borrower sole proprietor mortgage. In this scenario, a family member joins the mortgage application with the borrower, typically to increase the borrower’s income and improve their affordability. However, the co-borrower does not have any ownership rights to the property.
- Specialist Lenders: Some specialist lenders offer 100% mortgages, but they often come with higher interest rates and stricter terms compared to traditional mortgages. These lenders may also require additional collateral or charge higher fees.
Advantages of 100% Mortgages
- No Deposit Required: The most significant advantage of a 100% mortgage is that it allows buyers to enter the property market without having to save for a deposit, which can take years.
- Access to the Property Market: It provides an opportunity for first-time buyers and those with limited savings to get on the property ladder sooner rather than later.
- Family Assistance: It enables families to support their children or relatives in purchasing their first home by acting as guarantors or co-borrowers.
Disadvantages of 100% Mortgages
- Higher Interest Rates: 100% mortgages often come with higher interest rates compared to traditional mortgages, which can lead to higher overall costs over the life of the loan.
- Limited Lender Options: Not all lenders offer 100% mortgages, and those that do may have stricter eligibility criteria.
- Risk to Guarantors: In guarantor mortgages, the guarantor’s property or savings are at risk if the borrower defaults, potentially putting their financial stability in jeopardy.
- Less Competitive Terms: Borrowers with a larger deposit typically receive better interest rates and more favourable mortgage terms.
Are 100% Mortgages a Viable Option?
While 100% mortgages can be a lifeline for some aspiring homeowners, they are not without risks and limitations. It’s crucial to carefully consider your financial situation and long-term goals before opting for a 100% mortgage. Here are some key factors to consider:
- Affordability: Can you comfortably make the mortgage payments, including interest, insurance, and property taxes, without straining your finances?
- Future Financial Stability: Assess your job security and future income prospects. A sudden change in circumstances could make it challenging to meet mortgage obligations.
- Alternatives: Explore other homeownership schemes and government-backed initiatives like Help to Buy, Shared Ownership, or the First Homes scheme, which might offer more favorable terms.
- Seek Professional Advice: Consult with a mortgage advisor or financial expert to assess your suitability for a 100% mortgage and explore all available options.
Conclusion
100% mortgages can be a valuable tool for prospective homebuyers who lack the funds for a traditional deposit. However, they come with their own set of challenges and risks. It’s essential to thoroughly research and consider your financial situation, long-term goals, and available alternatives before committing to a 100% mortgage. Make informed decisions to ensure that home ownership is a rewarding and sustainable journey for you and your family.
Whilst we cannot offer mortgage advice, please call our property department with any other concerns you may have on 0161 850 9911.
by Saqib Khan | Apr 30, 2024 | General, People
Introduction
The legal profession has long been revered for its tradition, expertise, and commitment to justice. In the United Kingdom, solicitors play a crucial role in providing legal services, assisting clients, and upholding the rule of law. However, the pathway to becoming a solicitor has undergone a significant transformation with the introduction of Solicitors Qualifying Exams (SQE). This change, which came into effect in September 2021, has sparked conversations and debates within the legal community. In this blog, we will explore the SQE, its purpose, structure, and the implications it holds for aspiring solicitors and the legal profession as a whole.
The Need for Change
For many years, the traditional route to becoming a solicitor in England and Wales involved completing a law degree, followed by the Legal Practice Course (LPC), and then a period of training known as a Training Contract. While this system produced competent solicitors, it was often criticized for its high cost and lack of standardized assessment.
The Solicitors Regulation Authority (SRA) recognized the need for a more flexible, accessible, and consistent assessment process for aspiring solicitors. The SQE was conceived to address these issues, aiming to create a fairer, more inclusive system that would uphold the profession’s high standards.
The Structure of the SQE
The Solicitors Qualifying Exam consists of two stages: SQE1 and SQE2.
- SQE1: Assessment of Functioning Legal Knowledge
SQE1 is a computer-based assessment that tests candidates on their knowledge of the core legal principles and how they are applied in practice. It comprises two parts:
- Functioning Legal Knowledge (FLK): This part assesses candidates on legal subjects such as contract law, tort law, property law, criminal law, and more. It aims to ensure that candidates have a strong foundation in key areas of law.
- Practical Legal Skills (PLS): PLS evaluates candidates’ skills in areas like legal research, legal writing, and drafting legal documents.
- SQE2: Assessment of Practical Legal Skills
SQE2 is a series of practical assessments designed to test candidates’ ability to apply legal knowledge to real-life scenarios. It includes tasks like client interviewing, advocacy, legal research, and drafting. SQE2 aims to evaluate candidates’ practical skills, ensuring they are ready to practice law effectively.
Implications and Benefits
The introduction of the SQE has several implications for aspiring solicitors and the legal profession:
- Standardization: The SQE creates a standardized assessment process, ensuring that all solicitors meet the same minimum standards of knowledge and competence.
- Accessibility: The SQE’s modular structure allows candidates to choose when and how they prepare for the exams, making it more accessible to a diverse range of individuals.
- Cost-Efficiency: The SQE may reduce the overall cost of qualification, as candidates can choose from a variety of preparation providers and materials.
- Flexibility: The SQE provides flexibility in the way candidates prepare for the exams, allowing them to study part-time or while working in legal roles.
- Practical Skills Focus: With a stronger emphasis on practical skills, the SQE ensures that solicitors are better prepared for the challenges of legal practice.
Challenges and Concerns
While the SQE offers numerous benefits, it is not without its challenges and concerns. Some critics worry that it may put too much emphasis on exam performance and neglect the development of soft skills essential for legal practice, such as client communication and teamwork. Additionally, there are concerns about the potential for inequality, as some candidates may struggle with the cost of exam fees and preparation materials.
Conclusion
The introduction of the Solicitors Qualifying Exams represents a significant shift in the path to becoming a solicitor in England and Wales. By focusing on standardized assessments and practical skills, the SQE aims to create a more accessible and inclusive route to the legal profession. While it is not without its challenges, it is a step towards a more equitable and efficient system that aligns with the evolving needs of the legal profession in the 21st century. As the legal community continues to adapt to these changes, the impact of the SQE on the future of solicitors will undoubtedly be a topic of ongoing discussion and analysis.
by Saqib Khan | Feb 13, 2024 | Business, General, Litigation, People
Introduction
In the dynamic landscape of business energy contracts, companies often find themselves grappling with unforeseen challenges, one of which is the presence of hidden commissions. These covert charges, lurking beneath the surface of seemingly transparent agreements, have become a significant concern for businesses seeking fair and cost-effective energy solutions. In this blog post, we shed light on the issue of hidden commission claims in business energy contracts within the UK, exploring the potential avenues for redress and the legal concepts of dilution and rescission.
Understanding Hidden Commissions
Hidden commissions are concealed charges that energy brokers or suppliers may include in business energy contracts, often without the knowledge or consent of the client. These undisclosed fees can significantly inflate the overall cost of energy services, impacting a company’s bottom line. Unscrupulous practices related to hidden commissions have prompted increased scrutiny, leading to a growing number of businesses exploring their options for reclaiming overpaid amounts.
Hidden Commission Claims
Businesses that suspect they may have fallen victim to hidden commissions have the right to pursue a claim against their energy supplier or broker. The first step in this process is often conducting a thorough review of the energy contracts in question. We can assist in identifying any hidden commissions and assessing their impact on the client’s financial obligations.
Dilution and Rescission:
Two legal concepts that may come into play when addressing hidden commission claims are dilution and rescission.
- Dilution: Dilution occurs when hidden commissions dilute the benefits intended for the client in the energy contract. In such cases, the client may not fully realize the expected cost savings or favourable terms initially negotiated. Legal remedies for dilution may involve seeking compensation for the diminished value of the contract or negotiating revised terms to restore the intended benefits.
- Rescission: Rescission is a more drastic measure, involving the cancellation of the contract altogether. If hidden commissions substantially impact the fairness and validity of the agreement, a business may pursue rescission to void the contract and seek restitution for any payments made. Rescission aims to place the parties in the position they would have been in had the contract never existed.
Conclusion
Businesses in the UK navigating the complex terrain of energy contracts must be vigilant against the presence of hidden commissions. Pursuing claims for redress, whether through dilution or rescission, is a legal avenue available to those seeking to rectify the financial harm caused by undisclosed charges. Consulting with one of our legal professionals specializing in energy law is crucial to understanding the intricacies of hidden commission claims and exploring the most effective paths to resolution. By unveiling the veil on hidden commissions, businesses can protect their interests and foster a fair and transparent energy marketplace.
