WILLS & PROBATE

We have an experienced probate team headed by Richard McConnell and will be pleased to advise you in connection with the making or drawing of a will, dealing with probate or letters of administration and also drawing living wills and enduring powers of attorney. For an in depth and in part scenario based overview, please refer to our Wills & Probate FAQ section.

MAKING A WILL

There are many reasons why people may be reluctant to make a will. Even thinking about making a will can seem depressing. You may think you are too young to worry about it or that you do not have the time or that it is just too expensive. Such inactivity can frequently exacerbate the effects of the bereavement. However, in most cases the process does not take too long when properly thought out and is often far less expensive than you may think.

It is important to ensure that your family and friends will inherit your assets in accordance with your wishes. If you do not leave a will, your hard-earned money may be divided according to intestacy rules which could result in loss to the people you really want to inherit your estate; even worse, if a will is badly structured or is ambiguous, it could ‘fail’, in which case the ‘intestacy rules’ take effect as if there had been no will at all.

Whilst it is possible to draw up your own will, it is best to have this done by a solicitor. By doing this, you and your next of kin will have better protection. Even if you do have a will in place, the position should be reviewed in relation to personal circumstances. It should also noted that  tax legislation frequently changes and this can effect previously drafted wills. You should consider rewriting your will in the following circumstances:

1. If you get married
2. Have children
3. Separate
4. Get divorced
5. Wish to appoint testamentary guardians for your minor children
6. Have children reaching majority age
7. Wish to change your executors
8. Wish to review your tax position generally

In order to ensure that your inheritance tax liabilities are mitigated as far as possible and to understand what alternatives might be available, you may wish to visit an accountant before drawing your will. After that, we will be able to assist you to ensure that your wishes are properly incorporated into your will.

Appointment of Executors

An executor is a representative who is required to act with good faith to administer and distribute your estate diligently and correctly. The duties of an executor are twofold:

1. First to collect the seized assets and then account to the Inland Revenue for the appropriate amount of inheritance tax
2. To distribute the deceased’s assets in accordance with the will