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WILLS & PROBATE ... The Importance of Making a Will
It is very important that you make a will
if: Please note this is not a comprehensive list. |
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Mitigating Inheritance Tax
Inheritance Tax can considerably affect the amount of your estate that
your beneficiaries (most importantly, your children) receive. With simple
planning we can help you draft a will that can substantially reduce your
liability to Inheritance Tax and protect your loved ones. This is an important
aspect of making a will and the benefits should not be overlooked.
Our wills and probate department are experts in this field.
Variation of the Will of Deceased Person
In certain circumstances, it is possible to vary the will of a spouse
or family member who has died.
Such a variation can be employed for many reasons, most usefully to reduce and, in some cases, avoid the incidence of Inheritance Tax, not only on the deceased’s estate, but also when the surviving spouse dies. This can be of particular importance to children who might otherwise find their prospective benefits from their parents' estates substantially reduced by Inheritance Tax.
Please note that such a variation must be effective no later than two years after the death of the person whose will is to be altered. If you wish to challenge a will you need to act as soon as possible.
Probate and Administration of Estates
When someone dies a Grant of Representation must be obtained before their
estate can be administered. We can help you do this and advise you on
the next steps.
We can act on your behalf on the administration of the estate, whether you are an Executor appointed by the will or a member of the deceased family where no will exists.
We know that dealing with bereavement is emotionally difficult. You can be sure of our sympathy and understanding throughout.
Enduring Power of Attorney
If for any reason you should lose your mental capacity, you may not be
able to look after your legal affairs yourself.
Should you suffer this misfortune, your personal matters will be looked after by the Court of Protection in London, unless you have made an Enduring Power of Attorney.
By drawing up this simple, short document, you can appoint a person or persons (very often a spouse, children, family members or close friends) to act on your behalf should the need ever arise.
An Enduring Power of Attorney (which hopefully will never be required) must be prepared when one has sound mental capacity. It lets you choose who will deal with you affairs and makes sure they are not administered by a third party.
It makes sense to draw up this document at the same time as your will because very often those chosen as attorneys are the same people who have already been appointed as your executors.
| Other Associated Matters |  |
• Gifts of property to family members
• Establishing a family trust
• Providing for Grandchildren during their minority
• Taking action to limit Inheritance Tax
These are complicated matters and should not be undertaken without the
appropriate legal advice.