Wills & Probate
Making a Will
Why should you make a Will?
If you die without making a Will, i.e. "intestate", your estate
will be divided strictly in accordance with rules laid down by Act of
Parliament. This can lead to enormous unfairness and heart ache. It is
important to remember that a husband or wife is not automatically entitled to
receive the whole of his or her spouse’s estate. If the deceased has surviving
children the spouse will only receive a proportion of the deceased’s estate
which could cause serious financial problems and disputes within the family.
Matters are even more complicated where husband, wife or both have children by
previous relationships. Also remember that couples living together who are not
married have only limited rights of inheritance in respect of their partner’s
estate.
Leaving aside who gets what under the intestacy rules, dying without making
a Will or taking a Solicitor’s advice about minimising or avoiding Inheritance
Tax can prove very costly for your family or other beneficiaries. You may think
you are not wealthy enough to pay Inheritance Tax. However, when you start to
think and add up the value of your home, car, shares, life policies and other
investments the total is probably more than you realise. There are a number of
exemptions and reliefs available for gifts made during your lifetime and on
death in favour of a spouse. Even fairly basic tax planning advice can
drastically reduce the amount of tax payable and in some cases remove the tax
liability altogether. It is for this reason that Inheritance Tax is often
called a "voluntary tax" i.e. only payable by those who were foolish
enough not to take advice.
Do
I need a Solicitor to make my Will?
No, you can make your own Will or have a non-qualified person make
it for you. You should however be aware of the potential pitfalls.
A large percentage of non-professionally drafted Wills are either
invalid or partially defective. It is unlikely that anyone other
than a fully qualified solicitor will have sufficient training and
experience not only to draw the Will up properly but, more importantly,
advise on matters relating to inheritance law, taxation, property
matters, likelihood or otherwise that the Will may be challenged
by other claimants or, other family problems. Also, many words and
terms have specific meanings in law which are different from their
every day use. Home made and non-professionally prepared Wills do
not always mean what the writers think they do. Lastly, it is important
to ensure that the Will is correctly witnessed.
Always remember that a qualified solicitor is required
by law to put the interest of his or her client first, has spent
years studying all aspects of law which may affect your Will and
carries a very high level of professional indemnity insurance cover.
What do Executors Do?
You can chose to have between one and four executors. It is their
responsibility to ensure that the terms of your Will are carried
out, that your estate is correctly administered and that any trusts
created by your Will are managed effectively. An executor may be
anyone of sound mind over the age of 18. It is sensible to ask people
beforehand if they would be prepared to act as your executors.
Do I need to appoint Guardians
for my children?
If you and your spouse/partner die whilst your children
are under the age of 18, they will not only be too young to inherit
your estate but will need to be cared for on a day to day basis.
In those circumstances you will naturally want your children to
be brought up and looked after by people you have chosen and who
are trustworthy and will love and care for them. This can only be
guaranteed by inserting the names of the Guardians in your Will.
You can also make provision for the income from your estate, and
if necessary parts of the capital, to be made available for the
children's maintenance and education until they are old enough
to look after themselves and inherit your estate. You might also
for example wish to defer the sale of your home to allow the children
to be brought up in a familiar environment whilst your Guardians
care for them there.
How much does a will Cost?
Surprisingly little. The vast majority of Wills are straight forward
and cost no more than £95 plus VAT. If you and your spouse/partner
make mutual Wills at the same time the cost per Will will be even
less. Even if a complicated Will costs you more money it is a good
investment which will give you and your family peace of mind.
What do I do now?
To make a Will (or change an out of date one) you should in the first
instance contact Belinda Norcliffe at Norcliffe & Co or e-mail belinda@norcliffe-law.co.uk. She
will arrange either for you to come in and see her to discuss your wishes or,
will arrange to visit you at home if you are elderly, disabled or otherwise
housebound. After an initial meeting and discussion we will send you a draft
Will for you to look at. Once you have agreed the draft we will prepare your
Will in a final form for signature by you and, once it is signed keep the
original Will for you in safe fireproof storage free of charge.
Points to note
There are some circumstances which will automatically change your
Will. Marriage will automatically cancel any Will you have made.
Divorce makes gifts to your former spouse and his or her appointment
as your executor invalid. In such circumstances we would strongly
advise you to make a new Will. If nevertheless you simply wish to
make a small addition, alteration of deletion to your Will you can
add what is called a "Codicil". It is important that you review
your Will on a regular basis - say every 5 years - as personal circumstances
change. You should also consider making a 'living Will'
i.e. an Enduring Power of Attorney. This will allow your Attorney
to look after your affairs, financial or otherwise, should you become
mentally incapacitated.
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