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Probate & Wills |
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| Click on the team page to find our who our Probate & Wills specialists are |
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| Q. |
Why do I need a will? |
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| A. |
- Contrary to popular belief a surviving spouse does not automatically inherit the entire Estate of their deceased spouse.
- Partners, however long they have cohabited receive nothing automatically when one of the partners passes away. If you make a Will you may specify who receives what.
- You can, in your Will appoint the people you would like to look after your minor children.
- You can appoint the people (Executors) who will arrange your funeral look after and administer your Estate.
- You can decide at what age your children may inherit your money, otherwise it is determined by law.
- Give your Executors powers to administer your Estate in the most tax efficient and practical manner.
- If you do not make these decisions yourself, the Law will decide for you.
- If you make a Will, you may be able to save Inheritance Tax or arrange your affairs so that you can pass your house or part of your house to your children rather than leaving it to be available to fund care fees.
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| Q. |
How do I make a Will? |
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| A. |
We recommend that you see a solicitor specialising in Will writing to make your Will. It usually takes two appointments, at the first we ask for details of your family situation, detail of your assets and also what you wish to achieve. We will then discuss the options available to you. We then send you a draft Will for you and to look at home. At a second appointment we will explain any aspect of the Will you may not fully understand. If you are happy with the Will you can then sign it in accordance with the necessary requirements to make it valid.
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| Q. |
Where should I keep my Will? |
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| A. |
We are happy to store your original Will. If we also prepare your Will, we will let you have a copy of the original document.
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ADMINISTERING AN ESTATE |
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| Q. |
How long does it take to administer an Estate? |
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This depends on the type and extent of the Estate. A straightforward estate, which is exempt from Inheritance tax assessment, will usually take between three and six months to conclude. However, if the deceased has left a large number of assets or liabilities, if there are difficulties in tracing or disputes between beneficiaries or if there are complex tax issues to resolve, then it may take many months to administer.
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| Q. |
How is an estate administered? |
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| A. |
If the deceased made a Will then personal representatives, (such as family, friends or solicitors) will have been appointed as the Executors of the Will.
Unless the Estate is small the Executors will have to apply for a Grant of Probate from the Probate Registry. This proves their authority to deal with the Estate of the deceased. The Executors should realise the assets finalise any liabilities and then distribute the estate in the way set out by the law and Will.
If the deceased did not make a Will, the personal representatives are entitled under the "Intestacy Laws" to apply for a Grant of Letters of Administration. The Personal Representatives should realise and manage the assets in accordance with the statutory provisions.
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| Q. |
How much does it cost to administer an Estate? |
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| A. |
It is, at the outset very difficult to estimate how much it will cost to administer an estate. Each estate is different presenting different aspects and possibly problems which are not apparent at the outset. We now offer to undertake the administration at a fixed percentage of the estate so that you can be clear what our costs will be, we do however have to make this subject to a minimum of �500.00 plus VAT. In addition to our costs there will also be disbursements including Court fees and commissioners fees. We will always discuss our charging rate with you.
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GLOSSARY |
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Spouse - Your husband or wife. |
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Cohabiting - You are living with a long-term partner but are not married. |
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Executors - The person or persons you have allowed to administer your will. |
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Estate - All your assets including jointly owned property. |
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Indestate - When you die and you have not made a will resulting in the law deciding who is entitled to your Estate. |
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Enduring Power of Attorney - Someone who has authority to deal with your financial and legal affairs on your behalf should become incapacitated. |
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If you have any further questions please call us on 0115 878 9000
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