Wills and Probate

Wills and probate are essential as it is estimated that about 70% of us dies without having made a will. Making a Will is something we all know we should do but continually put off, not least because it is recognising our own mortality.

Without adequate preparation and tax planning you may find that your assets do not pass as you intended on death and/or that the tax man takes an unnecessary share. With a Will you keep the power to distribute what is yours. You can provide for your family and loved ones, ensuring they have adequate security on your death.

Preparing a Will requires good technical knowledge.  Statute implies various terms into Wills.  Ambiguous terminology or a lack of understanding of implied terms can cause more problems than if there was no Will at all.

So what are the consequences of dying without a will (known as dying intestate)?  Well the law and the tax man decide what happens to your assets.

• Where you are married or in a civil partnership then assets are automatically inherited by your spouse/civil partner in accordance with the intestacy rules, although other relatives are also entitled to a share.  If you do not plan this properly they are also likely to receive a large bill from the taxman.
• If you are not married or in a civil partnership your estate is dealt with under the intestacy rules. The rules set out the order in which your relatives inherit your estate, starting with your children and working out from there.
• If you have no qualifying relatives the Crown gets it all.
• If you are cohabiting your partner will get nothing.  If they are joint owners and tenants of your home it will pass to them along with a tax bill.

A Will can protect a surviving spouse or civil partner from long-term care fees, provide tax planning opportunities on your death and can also protect your assets from the financial vulnerability of beneficiaries (eg if your children are facing divorce). It also allows you to choose people you trust to deal with the estate, rather than having relatives coming round and things "disappearing" out of your home.  At a time when the Law Society is reporting that unregulated will writers are providing unenforceable wills to members of the public while charging them for the privilege it is important that you have your Will drafted by someone who is experienced in the field and qualified.  Do not be fooled by anyone described as a "qualified paralegal" or "qualified Will-writer" without further information because there is no such thing.

Once you have made a will you need to review this at least annually to make sure it still accords with your wishes and makes best use of tax reliefs.  Where your circumstances have changed, such as splitting up with your spouse or partner, you may otherwise find that they still benefit should you die.

Our specialist team can provide you with tax planning advice and guide you through the process of making a Will, making it a relatively pain free experience and one which could save a lot of heartache in the future. We will provide you with a Will tailored to your individual needs so you can be confident your estate will pass in accordance with your wishes and in the most tax efficient manner.

Where a death has occurred we can assist you with obtaining a Grant of Probate to deal with the estate, calling in the assets, identifying all beneficiaries and distributing the estate properly.  We can also advise on any steps which can be taken to reduce any tax liability to the estate, even after the death has occurred.

Plan to die with dignity...

We are here to help 24 hours a day 365 days a year.  Either e-mail us anytime, call (01296) 662770 (Nick) or (01525) 373322 (Richard) during the normal working day or (07973) 424178 in an emergency.