Legal Basics - Wills & Probate

It has never been more essential for each of us to get things in order before we shuffle off this mortal coil, than it is today. The way we do that is by writing our Wills.

On this page we will deal with why you should have a Will and what happens if you don't have one (including the intestacy rules). We also take a look at Living Wills and and the new Lasting Power of Attorney (LPA).

On subsequent pages we will look at the increasingly burdensome Inheritance Tax issues, and possible ways of avoiding it, or at least coping with it, plus some guidance on Trusts. We also cover what happens after death if you are an executor, administrator or beneficiary, including getting a copy of a Will and Probate, the duties of executors and administrators, and full Probate Office contact details.

Do I really need a Will?

The simple answer is "Yes". Every adult should make a Will and review it regularly, particularly if their circumstances change, such as they get married, have children or get divorced. (In fact it is important to note that marriage invalidates any Will made before marriage).

So why? Well there are four main reasons:

1. The main reason is so that you can decide who should benefit (the beneficiaries) after your death. If you fail to make a will you are said to have died intestate. Under this country's intestacy rules the people to whom you would like to leave your estate may receive little, or nothing at all, and others may benefit whom you did not wish to do so (see the intestacy rules).
2. The second reason is to avoid Inheritance Tax. Inheritance Tax may be payable by your estate on assets over £300,000 (as of 6 April 2007). NB The Chancellor of the Exchequer announced in his Pre-Budget Report that for deaths on or after 9 October 2007 it will be possible for spouses and civil partners to transfer their unused inheritance tax nil rate band allowances.
   
   £300,000 may seem like a lot of money, but with the majority of people now owning their own properties it is worth sitting down to work out what your estate would be worth if you were to die tomorrow. You need to take into account your house, furniture, car, savings and all your personal belongings, plus any death benefits under pension or life policies. There are some simple things that can be done during your lifetime and under your Will, to reduce or negate any Inheritance Tax liability.
3. If you have children then it is possible to appoint guardians who will be responsible for your children's upbringing if neither parent is alive, and you can appoint someone you trust to look after your assets until the children become old enough to take responsibility for themselves (your trustees).
4. Why not?
   Its too morbid - Making a Will won't kill you and we all die sometime.
   I'm too young - If you are old enough to drink and vote then you should be responsible enough to make a Will.
   Its too time consuming (or the "I can't be bothered" argument) - You'd be amazed how quick it is. True it will need some thought from you, but the actual process of drawing up the Will is really very straightforward these days, particularly with the aid of computers.
   Its too expensive - Just plain wrong. Lynx Estates Will writing department will look at your individual circumstances very carefully and charge you accordingly with very reasonable rates.

There are three basic alternatives if you decide to go ahead: -

• You can write your own (perhaps with the aid of a Will writing kit). There is always the potential for a disaster this way, and if it should happen, then there is no-one to blame but yourself, and disasters can be expensive to sort out.
• You can go to a Will Writer, who is not a qualified lawyer and will still charge you for making your Will.
• The third option is to contact us at Lynx Estates where you will recieve a professional service. We will also store your Will for you for a small annual charge.

So what are you waiting for?

Call us now on: 08719 513 853 and we will make the necessary arrangements for one of our specialist advisers to contact you.

or, email us at: info@lynx-estates.com