Wills & Probate
WILLS SOLICITORS READING & PROBATE LAWYERS READING
What is required for a legally valid will ?
It has to be made in writing, signed and dated by two witnesses and the will creator. The witnesses must have sufficient mental capacity to understand what they are doing (as does the will creator) and must not be a beneficiary under the will (see below). In addition, the will creator must create the will under his own free will, that is without pressure from others.
Do I need a will ?
Irrespective of your age and state of health, it is a good idea for every adult to have a will so your assets go to the people of your choosing and in order to avoid dying intestate where government rules determine how your assets will be divided. Wills also allow you to create tax efficient trust mechanisms, which can also be used to make charitable donations and allow children under 18 to benefit.
Who will be responsible for carrying out the wishes in my will ?
You need to appoint an executor, who will be responsible for carrying out your wishes. You can do this by including the name of the person in your will. An executor can be a trusted friend, family member or even a solicitor or accountant. If the estate is large and complicated, it may be best to appoint an expert. It can be a fairly burdensome role, so you should double-check with the person before appointing them.
What do executors do ?
Aside of generally carrying out your wishes, executors are responsible for applying for grants of probate, which are documents required by banks and other financial institutions before funds are released; calculating the tax liabilities of the estate; making sure income tax and funeral expenses are paid; making sure appropriate property is valued.
What is a grant of probate ?
A grant of probate is a document an executor applies for from the probate registry in order to get access to the deceased’s funds. If the sum total of assets is less than £5,000 after debts and funeral expenses have been paid, the grant will be free. If the amount is more than £5,000, then the fee is £90.
What are beneficiaries ?
Beneficiaries are persons who are entitled to inherit under the deceased’s will irrespective of the amount. The term also applies to persons who receive the benefit of the deceased’s assets through a trust managed by persons known as trustees.
Can I revoke my will ?
Yes it is possible, In order to do so, you can write a new will, which will cancel out any pre-existing wills, so long as the new will is legally valid.
Wills are automatically cancelled if you get married unless the will states otherwise.
How much do wills cost ?
It depends on the size and complexity of the estate. The larger and more complex it is, the higher the cost. Simple wills are usually charged for on an affordable fixed rate basis.