Why do I need a Will?
By making a Will you are stating legally where you want your possessions to go after you die. More importantly, you decide who will look after your minor children if they become orphaned by your death.
What happens if I don’t have a Will?
If you don’t have a Will, The Rules of Intestacy will apply. These are pre-determined rules that the government has set which will dictate to your family how your estate will be divided. You will have no say! Your children could become wards of the state with the local authority deciding who will have them.
What is an Executor and what do they do?
An Executor is the person who will look after the administration of your estate when you pass. They are responsible for ensuring that all of your assets ore accounted for, all of your debts and taxes are paid; ensuring that whatever is left, is transferred to the rightful beneficiaries.
What is a Grant of Probate?
Although you have named an Executor in your Will; this person has to go through a process to obtain the legal right to carry out your wishes. An application is made to The Probate Registry for a Grant of Representation which is more commonly known as a Grant of Probate. This is the document that allows your executor to perform their duties.
What about Inheritance Tax?
Rules concerning taxation change frequently. It is vital to take the correct advice in order to maximise your Estate to your chosen beneficiaries. You receive a personal allowance for this tax in the same way that you do for Income Tax. This allowance is called the Nil Rate band. It is currently set at £325,000.00 and any amounts in your estate above this would be subjected to Inheritance tax at a rate of 40%. There are some exemptions to this rule. Your Personal Estate Planner can assist you with this.
Once I’ve made a Will, should I review it occasionally?
Yes, we suggest that your Will is reviewed regularly. How often this happens depends on you as an individual. As you move through our life our circumstances change and it is vitally important that your Will matches your circumstances. It could be the birth of a child, getting married or a change in your financial circumstances. Whatever the change, you should consult your Personal Estate Planner to ensure that your Will is fit for purpose and accurately reflects your wishes.
Can I make changes to my Will?
Yes, however it is important to note that we don’t recommend manual changes as these can often bring the validity of the Will into question when the Will is presented for Probate. Contact us to effect any changes and subject to the extent of the alteration this is often free of charge.
How much does a Will cost?
Every client has different requirements and priorities. There is no ‘one size fits all’ approach as we are all different in what we want to happen when we die. The cost of a Will can vary according to the content. A straightforward Will costs as little as £125.00 plus VAT.