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Wills & Probate
Wills
We all plan for many things which might never happen but many of us fail to plan for one of life's great certainties - the fact that death, eventually, comes to us all.
There are many important reasons for making a Will, perhaps the main one being that it enables you to control what happens to your property when you are gone. A Will normally deals with important issues such as:-
- Appointment of your Executors, that is to say, the people you wish to deal with your estate. They may be professional (e.g. a solicitor) or non-professional (e.g. a spouse or friend) but above all should be people you trust to carry out your wishes;
- Burial arrangements or organ donation (although it is prudent to make these wishes known to your family in case your Will cannot be found quickly);
- Gifts of a specific item (e.g. a piece of furniture or jewellery);
- Appointment of Guardians of your children;
- Arrangements to avoid or minimise the amount of inheritance tax to be paid on your estate;
- Arrangements for managing any property or other assets which need to be preserved for the benefit of beneficiaries in the future. This is particularly relevant where there are children who may not inherit straight away or where there is a business to be maintained.
Making a Valid Will
The Testator (person making the Will) must have sufficient mental capacity. This means they must be over 18 years old and understand the nature of their act and its effects and the extent of their property and any moral claims they ought to consider. The Testator must have the necessary intention to make the Will and must know of and approve its contents.
Previous Wills
The making of a new Will invariably has the effect of cancelling any previous Will(s).
Cost
Our standard charges for making a Will are £95 plus Vat for a single Will or £160 plus Vat for a joint Will (i.e. identical Wills for 2 people). The standard charge will not apply if your affairs are particularly complicated and/or you require specialist tax advice.
If you would like to make a Will please send us a completed Will Questionnaire. We will prepare a draft Will based upon the information you have provided and will advise you on any relevant issues. If you are uncertain as to any aspects of the questionnaire or have any other query please contact us.
Probate
When someone dies there will nearly always be matters which need to be dealt with on their behalf, be it funeral arrangements, bank accounts or property to name but a few. Often it is not possible for these matters to be dealt with by someone else unless they have some sort of legal standing or right to do so. For example, a bank will not normally allow someone, even a close relative, to close or remove money from the account of the deceased unless the bank can be satisfied that the person has the legal right to do it. That legal right is what is known as probate, and the person who obtains probate will be entitled to take all necessary steps to administer the estate and affairs of the deceased person.
Although the legal right is commonly referred to as probate, strictly speaking probate only applies where the deceased left a Will. If there was no Will, the deceased is classed as having died 'intestate' and the legal right is obtained by getting Letters of Administration, but in practice there is little difference between probate and letters of administration.
Who obtains probate or letters of administration?
If the deceased has left a Will it will invariably appoint an executor or executors to deal with the estate. The executor(s) will be the person(s) who obtain probate. If there is no Will, it normally falls to the nearest relative(s) of the deceased to obtain letters of administration.
What if there is a dispute?
In a small number of cases a dispute may arise over the validity of a Will or over the contents of the Will. For example a person may claim that the deceased was not mentally capable of making the Will or that he/she should have been left money in the Will. Any such dispute would need to be resolved before probate can be concluded. For more information or advice on any dispute please contact us.
How do you apply for probate or letters of administration?
Full details of the deceased's estate and personal affairs must be obtained before any application can be made. Once this information is to hand it can be used to complete the necessary forms and to calculate whether any tax, such as inheritance tax, needs to be paid. An application is then made to the Probate Registry.
How much does it cost?
Our charges for dealing with probate or letters of administration are calculated as a percentage of the total value of the estate. Unlike most other solicitors, we do not charge an hourly rate for any of the work carried out. Because the make up of individual estates varies from one to another, however, it is not possible to give fixed percentages across the board for a certain value, eg. 1% plus VAT if total value is less than £500,000. But as soon as we are in receipt of details concerning the estate we will fix our fee with you and will explain the reasons for it and the work which has to be carried out. For more information on costs generally please click here, but for specific information on costs for a particular probate matter please contact us.