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. I am 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, I
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 usual schemes for estates up to £600,000 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 £125 plus VAT.
- Two wills incorporating Inheritance Tax savings for a married couple or civil partners will cost
£800.00 plus VAT for the pair.
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.
