By Sarah Cash, Partner, Howells Solicitors    

No one likes to think about their own mortality, but it is important to consider what you would want to happen to your hard-earned wealth upon your death.

This is particularly crucial if your personal circumstances are complex, such as having children from a previous marriage or relationship, or owning significant or varied assets like farm or business properties.

What happens if I don’t have a will?

If you die without a will, the distribution of your assets and the administration of your estate are determined by the intestacy rules. This can lead to unexpected and often undesirable outcomes.

For example, an unmarried partner would not be entitled to inherit under these rules. Therefore, if you wish to leave your estate to a partner, it is vital to make a will.

Is it complicated to make a will?

The complexity of making a will depends on your personal and financial circumstances and your wishes for your assets.

For instance, you might want to protect your partner while ultimately providing for children from a previous relationship, which could involve setting up a trust. Additionally, you may need to include provisions to maximise inheritance tax reliefs.

Do I need to use a solicitor to make a will?

While you can make a will yourself, it is advisable to consult a solicitor who specialises in will drafting.

Poorly drafted wills can lead to significant financial consequences. Solicitors undergo rigorous training and carry comprehensive insurance. Many are members of the Society of Trust and Estate Practitioners (STEP), requiring further specialist examinations.

How often do I need to update my will?

You should review your will following any significant life changes, such as moving house, selling a business, acquiring assets, getting married or divorced, having children, or the death of someone named in the will.

Changes in law and inheritance tax rules may also necessitate updates to ensure tax efficiency.

Will my estate still need to go to probate if I have a will?

Whether probate is needed depends on the value and nature of your assets, not on whether you have a will. For example, selling a house owned solely by the deceased requires probate.

Is it expensive to instruct a solicitor for probate?

The cost depends on the complexity of the estate and the number of beneficiaries. Solicitors can alleviate the emotional and time-consuming process of estate administration, ensuring it is handled properly.

Top tips for estate planning and probate:

1. Instruct a solicitor to prepare your will and Lasting Powers of Attorney.
2. Nominate beneficiaries for any death benefits from pensions or employer schemes.
3. Keep a copy of your will, a list of assets/liabilities, and important passwords accessible to your family.
4. Consider placing life insurance policies in trust.
5. If acting as an executor, obtain details of solicitors’ costs proposals to manage the process efficiently.

 

We have the legal know-how 

Private Client  

02920 404034 

www.howellslegal.com 

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