Wills
- 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, £125,000 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.
- 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)
- 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, £312,000, 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.
