if you die without leaving a Will (intestate), your financial affairs will be chaotic
your money and possessions will
not automatically pass to your next of kin; there are
rules which limit how much family members inherit if their
loved one dies intestate (link to estates). Only, £250,000
worth of assets pass outright to a surviving spouse where
the deceased leaves children
all close family members have to be traced which can lead to long delays, expense and hardship for the immediate family
there is no automatic right to inherit the money and possessions of a common law spouse
unnecessary tax payable to the government can be avoided
all these problems can easily be resolved by making a Will which is one of the cheapest financial services available.
How?
list what your estate is likely to include (house, shares, savings etc.).
decide who you would like to inherit your possessions.
consider who you would like to be your executors, i.e. deal with your affairs immediately after your death.
decide who you would like to look after any infant children alive at your death.
estimate approximate values of your possessions.
contact us for a Wills Questionnaire Form (e-mail and phone links to jma)
What we will do for you?
when you return the Wills questionnaire to us we will prepare a draft Will for you to approve.
discuss with you any changes you want and explain any queries you have.
notify you of any tax saving
possibilities (Inheritance Tax is charged at 40% on estates
where the net value of the deceased's possessions exceed
the current nil rate band, £325,000, except where
the estate passes to an exempt beneficiary e.g. a spouse
or a charity). Lifetime gifts, pension and insurance policy
nominations for beneficiaries and trusts can all provide
enormous tax savings
advise on foreign property
consider reliefs available, e.g. business property relief.
prepare a final Will for you to sign. It is vital the Will is properly witnessed otherwise the Will may be invalid. We can provide suitable witnesses
send you copies of the final Will.
store the Will for you in our secure Wills safe at no charge
For further information on any aspect of our Wills services please contact Jan Atkinson, who is a member of the Probate Section Executive committee of the Law Society, on 020 7681 8678.
