While it can be an emotionally difficult task, it is vital to put your affairs in order to ensure that your estate is distributed according to your wishes in the event of your death. In the event that you do not make a Will your estate will be divided according to statutory rules, and this may not be what you want.
Read my articles on wills and will writing
It is also very important to make a Will if you are one of the 850,000 Britons who own property abroad. This is because the law of the country in which the property is located often take precedence over English Law, which can cause problems and unintended results.
All issues relating to foreign inheritance and tax laws can be anticipated and overcome by having a properly drafted will.
Wills are also vital if you have a large estate and are concerned about Inheritance Tax. With careful tax planning it is possible to maximise Inheritance Tax reliefs and exemptions. Even if your Estate does not meet the current threshold it is important to plan ahead if you anticipate your estate might be worth more than the threshold when you die.
Loosing a loved one is a very emotioally stressful and upsetting time, and the last thing many people want is to have to deal with forms and paperwork, especially when all those forms relate to the Deceased.
I have written a number of articles relating to probate
A Probate Solicitor will complete the numerous, and often complicated, steps that need to be taken as quickly as possible, at what is a difficult time for many people. Whether there was a Will or not, when a person dies, unless they left very little property, the Estate will need to be administered according to the Probate rules. Failing to follow the procedure can lead to problems accessing Estate funds and fines if tax liabilities are not met.
- Determine how much the Estate is worth
- Determine how much, if anything, the Estate owes any creditors, and pay off any debts.
- Calculate and taxes owing
- Discussing any Inheritance Tax issues, if applicable.
- Complete all the necessary paperwork, and distribute the Estate as set out in the Will.
- If there is no Will the Estate will be divided according to the Intestacy Rules, and we will work out the calculations required to do this.