Why Do You Need a Will?
A Will is a set of clear and
concise instructions left to your executors to distribute your belongings and property in accordance with your wishes. If
you do not make a Will, the state directs who inherits your assets, so some of your relatives or friends may receive nothing.
There are many aspects to consider when putting a Will together. We are happy discuss the process of writing
a Will from start to finish with you, whilst explaining the various legal terms along the way. If you have trouble
with mobility, we can make arrangements to visit you in your home at a small extra cost
Inheritance Tax Efficient Wills
With ever increasing property rates, especially
within the South East, Inheritance Tax Efficient Wills are becoming an increasingly important consideration which residents
of Hampshire should be aware of. Many people now have assets that are above the Inheritance Tax threshold. If you are a married
couple or civil partners, we can provide detailed advice and prepare a Will for you that will minimise the amount of Inheritance
Tax your family will have to pay. Our understanding of the law and financial implications could help you save thousands
of pounds in inheritance tax on transfer of your assets.
Since the Chancellors
announcement on 9 October 2007, the old usual schemes for estates up to £640,000 between spouses or civil
partnerships are no longer required. As this is retrospective it may as well to review your wills if you already have
schemes, to see if they may be simplified.
Our Fees
Our Fees for Preparing your Will:
- To draw up a single basic Will
costs £85.00 plus VAT
- To draw up two basic Wills for a couple costs £160
plus VAT
Reviewing and Changing your Existing Will You should make a
point of reviewing your Will every five years or so. You may have additional children or grandchildren you want to add to
your Will. You may wish to change your Executors. You personal wealth may have increased significantly and you now wish to
draw up a Will that will save Inheritance Tax.
Simple Will Changes - Codicils
Simple changes to a Will can be effected by drawing up a Codicil. This is a short document that is
placed with your existing Will that sets out the update you wish to make to your Will. Codicils are suitable for changes you
wish to make to your executors or extra gifts of money or belongings that you wish to set out. However, if there are a number
of changes you wish to make, it is often simpler to make a brand new Will.
If you are unsure
whether you need to amend your Will, please contact me
Our fees for preparing a single Codicil
start at £60.00 plus VAT and for two Codicils for a couple, £95.00 plus VAT.
Living Wills
A Living Will is a legal document that specifies what types
of medical treatment you wish to refuse should you become incapacitated. A Living Will can be general or very specific,
we recommend that you discuss the contents of your Living Will with your Doctor.
I can advise you
on the contents of a Living Will, prepare a draft for your approval and arrange for the Living Will to be executed correctly.
Probate - the Administration of Estates
The
term probate refers to the process of administering a deceased persons estate. When a person dies, a personal representative
(usually the executor named in the Will) has to deal with the estate (the money, property and possessions left
by the deceased) by collecting in all the money, paying any debts and distributing the estate to those entitled to it. The
personal representative dealing with the estate will often have been appointed by the deceased as an executor in the
Will. However if the deceased has not made a Will or failed to appoint an executor in their Will, then the Court will
appoint an administrator to act as the personal representative.
If the estate is small or most
of the assets are held jointly with the surviving spouse then a personal representative could administer the estate without
using the help of a solicitor.
If it appears that the personal representative will be able to
deal with everything satisfactorily then we will be happy to give some initial advice at no cost and then take no further
part in the administration.
However, If the deceased's estate is large or complicated, then it
is advisable to use a solicitor who can administer the estate on your behalf.
It may be
possible to reduce or eliminate Inheritance Tax liability incurred by the family by varying the deceased's Will.
