Wills & Probate

We appreciate that it is difficult for most people to come to terms with making a Will because it is associated with what happens when someone dies. However it should be viewed as an important task to keep tidy your administrative and financial affairs. Unless you make a Will, what happens to your estate may not be certain. Making a Will can give you peace of mind as you will know exactly how your money, property and possessions will be dealt with after your death. It is an important document just as the your title Deeds to your property and any birth certificate documents change of name deeds passports etc

If you pass away having left no Will (which is known as having died 'intestate'), it can be complicated working out who gets what and the outcome may not reflect your wishes.

Executors/Administrators - Their Role and their importance. You need to appoint Executors to your Will. Administrators will be appointed if you do not have a Will. These are people who will carry out your wishes and administer your estate in accordance with the terms of your will if you have one and if you have no Will in accordance with the Laws of Intestacy.

Executors can be family members (including beneficiaries), friends, or solicitors. It is important to appoint someone who is able to deal with the administration process which almost always involves inheritance tax calculations and an application to the court for a Grant of Probate.

A Reminder of the Requirements to Making A Valid Will . You must be mentally capable (which is known as having sound mind, a legal requirement)! . You must be at least 18 years old (although if you are younger and on active service you can make a Will) . You must not be forced or pressurised to making your Will . It must be in writing and signed by you and dated . It must be witnessed by at least 2 witnesses who cannot be beneficiaries or spouses of beneficiaries. The witnesses must sign in the presence of each other and in your presence. It also not ideal for an executor to be a witness.

Considerations- things to think about . What happens if your beneficiaries die before you? Their share can be divided between the surviving beneficiaries or redirected to someone else for example their spouse or children . What happens if you marry or divorce after making a will? . What do you leave your beneficiaries? A particular item, a set sum or a percentage of your estate . Are sums of money to increase with inflation? . Do you wish to appoint Guardians for any children who are under the age of 18? . The terms of any trusts you may need or want to set up

Beware if you die without a Will? . If you have no living next of kin, the Crown receives all . Partners/unmarried couples, step-children, nieces and nephews, are not included . Potential tax consequences can arise which could have been avoided. . People you do not wish to benefit may inherit and your administrators may be people you do not want to have control over your estate . Children inherit at 18 unless you specify a different age in your Will . Any specific requests relating to burial or cremation may not be known

Updating Your Will Circumstances change. Assets may be bought or sold and their values may change. You may find that you are now caught in the inheritance tax bracket and need some tax advice. Your beneficiaries details may change or you may decide to change who gets what under your Will. We can prepare a Codicil (for simple changes to an existing Will) or sometimes a new Will is better to keep all your wishes in one document..