MAKING A WILL
"By making a Will you can ensure that your loved ones are protected and have peace of mind that your wishes will be followed."
At Whitehead & Low, we appreciate that some people do not like to think about writing their will or don’t get around to doing it, however, making a Will is essential to ensure that your loved ones are protected and that your wishes will be followed.
What is a Will?
A Will is an important legal document that describes what you wish to happen to your property, possessions and money after you die. It can also contain your wishes for your funeral and should appoint an executor to carry out what you have directed; this can be a family member or friend, or a professional such as a solicitor.
Why should I have a Will?
Without a will, your estate may not be passed to your loved ones; instead it will be classed as ‘intestate’ and will be divided up amongst relatives according to the intestacy rules. This gives your loved ones no control over who benefits from your estate.
You can choose a guardian for your children if they are under the age of 18 and set in place financial arrangements for their care.
Your family and friends will have less to deal with after you die; it also reduces the chances of a family dispute.
You can ensure your partner receives something from your estate, even if you are not married.
Having a will can reduce the inheritance tax bill your family receive.
When should I Review my Will?
We suggest that you review your will after any change in circumstance or major event in life such as marriage, the birth of children, divorce, death of a family member or purchase of property, to ensure that your will is up to date.
What is Probate?
After someone has died, you need to get the legal right to deal with their estate. If a person has left a will, the executor may need to apply for a grant of probate. This is an official document that allows them to administer the estate. Where there is no will, an application should be made for a grant of letters of administration, this is usually done by the next of kin. The person who is granted the letters of administration is known as the administrator and they have the legal right to handle the estate.
Probate generally isn’t needed where the estate is less than £5,000, where everything is owned jointly with someone who is still alive or where there is no land, property or shares involved.
How can we assist you?
We provide a number of services with regards to probate, including:
Preparing the Oath for submission to the relevant Probate Registry
Gathering together details of the assets and any liabilities of the Estate
Notifying banks, utility suppliers and other organisations of the death
Preparing the Inheritance Tax Return for your review and signature
Assisting you with administering the Estate, including the preparation of the Estate Accounts and the actual distribution according to the will (or the rules of intestacy if there is no will)
For more information on pricing, click here.