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Wills
Do I need to make a Will?
It is a common mistake that many people believe they do not need to make a Will if they wish to leave everything to the surviving spouse. In fact the reality is that if you die without a Will then the Intestacy Rules will apply and your surviving husband or wife could only receive the first £125,000 of your Estate and life interest in the remaining half. The other half of the Estate would pass to the children (if any).
Another argument for not making a Will is that everything you own is in joint names. It is true that property held in joint names will pass automatically to the surviving joint owner but some property may be held as tenants in common and if so, this would not pass automatically to the joint owner but would pass as stated in the deceased's Will or on the Intestacy Rules.
A Will is one of the most important documents you are ever likely to make regardless of how much property you have.
Who will act in administering my Estate?
Your Executors will ensure that your wishes are carried out. You can name up to four Executors in your Will. The most common appointment of Executors is the surviving spouse together with a son or daughter. If you wish you could appoint a professional e.g. Solicitors or Accountants. It isn't a problem for an Executor to be a beneficiary under your Will.
Who will look after my young children?
You will need to appoint guardians to look after your children. The guardians will only be appointed if your children are under 18 at the time of your death. The guardians must be willing to act and will be appointed if both you and your spouse have died.
Who should benefit from my Estate?
Any relative, friend, charity or other organisation that you support can be a beneficiary under your Will. The Estate can be divided into as many portions as you wish and any specific gifts such as sums of money or jewellery etc can be left to any named individuals.
Do I need to consider Inheritance Tax Planning?
The nil rate band for Inheritance Tax at the present time is
£285,000. Anything over and above this amount will be
charged at the rate of 40%. Some tax saving schemes are available
but would need to be discussed with individual clients and their
circumstances.
Can I change my Will once it has been executed?
Yes, you can make a complete new Will, or under some circumstances, execute a Codicil to add the changes that you require. Such alterations can be made so long as you have mental capacity to do so. A Will can only be altered after your death if your named beneficiaries agree and those beneficiaries have to be adults. There could be a challenge to your Will if, for example, your mental capacity was in question when you executed the Will or if somebody felt that you were pressured into making the Will.
How much does it cost to make a Will?
Lennon & Co have a basic fee structure for Wills; a single
basic Will is £100.00 plus VAT, a pair of basic Wills
i.e. husband and wife is £150.00 plus VAT, a Discretionary
Will Trust/Will for Inheritance Tax Planning is £300.00
for a single Will and £450.00 for a pair, plus VAT.
What do I do if I want to make a Will?
You will find a Will Questionnaire below in pdf format. You should complete the questionnaire by filling in the full names and addresses of the persons concerned and your requirements and posting the completed Questionnaire to Karen Quilter at our office. From the answers given we can draft your Will and send it to you at your home address for your consideration. If you would prefer to meet to discuss complicated issues or inheritance tax planning, contact our specialist Karen Quilter.
click to download Wills Questionnaire - please print and remit to Karen Quilter at our Chesham Office
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Probate
When a person dies it is probably the most traumatic experience
that a relative can go through. It is a time when a professional
person who has acted on many people's Estates can be of great
value and assistance.
If a person has left a valid Will then the Executors named
in the Will need to obtain a Grant of Probate to carry out
the deceased's wishes. If, however, a deceased has not left
a Will then the Estate has to be dealt with as per the Intestacy
Rules and the nearest next of kin will probably need to obtain
a Grant of Letters of Administration to deal with the administration
of the Estate.
In all cases the assets and liabilities of the deceased would
need to be known so that a value of the Estate can be obtained.
The Inland Revenue require certain forms to be completed and
sent to the Capital Taxes Office. In all cases where a Grant
is needed, an Oath would need to be sworn by the Executors/Administrators
and a Solicitor can help with the application for the Grant.
How much would it cost?
This firm charges on a time spent basis. The Law Society Regulations
allow a percentage of the value of the Estate to be charged.
This Firm considers it to be fair to the client to charge
only for the time spent in dealing with the file unless the
matter is complicated in which case we may charge 0.5% of
the value of the estate on top of the time spent. If the firm
is acting as Executors and Trustees of the estate, there may
be a 1% charge of the value of the estate.
The person responsible for dealing with the Administrations
of Estate is Karen Quilter
and she can be contacted at the office during hours of 9:15am
to 3:15pm on Tuesday, wednesday and Thursday and 10am to 12pm
on a Friday morning. Outside of these hours a message can
be taken and passed on to her at home.
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Enduring Powers of Attorney
Our specialist in this field is Karen
Quilter. For further help or information you may contact
Karen through one of the following methods:
- Tel: 01494 773377 (Karen Quilter can be contacted at
the office during the hours of 9.15am to 3.15pm on a Tuesday,
Wednesday and Thursday. Outside of these hours a message
can be taken and passed on to her at home).
- email: click the link to the online questionnaire below,
complete it and click submit:
Enduring Powers Online Questionnaire
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Trusts
The subject of Trusts is not a simple one purely because of the many different types of Trusts that are available for clients.
There are many reasons why people wish to set up Trusts and one of the main ones, today, is to make Inheritance Tax saving provisions in a Will. Other reasons would be: to protect a person's capital, to make solid arrangements for the future, or to stop property and capital passing out of your immediate family, e.g. the family home.
If you wish to consider making a Trust then an appointment should be made with Karen Quilter to discuss your requirements and the best possible Trust for your needs.
Karen Quilter can be contacted
at the office during the hours of 9.15am to 3.15pm on a Tuesday,
Wednesday and Thursday. Outside of these hours a message can
be taken and passed on to her at home.
Click to contact
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