Do I need to make a Will?

People who do not have a Will can’t control who will inherit their property and assets after death.

In these circumstances, which is called intestacy, the estate (assets and property) will be distributed according to the law of intestacy. This is very likely to provide a result that was not in the mind of that person.

In some extreme cases when none of the close potential heirs can be found the entire estate can pass to the Crown instead.

By making your Will, you can determines precisely who inherits what. Importantly, you can decide who will be the executors of the Will take care of your affairs after your death and who will act as guardian for minor children if they were orphaned.

A Will can also be used to express desired funeral arrangements.

overall quite a few significant issues are covered.

Over a year from first contact to signing!

Many people put off making a Will because they can.

Those who make the decision to get a Will sometimes take a long time to actually do ‘the deed’ as well. In one case, I had first contact with a particular client and an appointment made which had to be cancelled. For one thing and another – mainly because they were too busy – the appointment was not reset until about 8 months later. Then it took another 7 weeks to deal with the draft will and then another 10 weeks to get the signing (attestation) sorted out.

In all it was over a year, which is a record for me.

I suppose a lot could have happened in that intervening year of delay a.k.a. an extra year of potential intestacy and lack of guardians appointed – just saying!

I have got well used to all sorts of people not making a Will. That is their choice. The choice may be based on ignorance or on a misunderstanding about the importance or need to have a Will. It may even be that they genuinly have nothing to leave and no children to be concerned about.

What I find more surprising is the number of people who decide they need to make a Will but spend months and months doing the necessaries. My personal record is now some 14 months from first contact to signing. This was brought about by a combination of circumstances including being busy people, illness and some other factor I never got to find out about.

I do understand that writing your Will is not a fun experience and may make you think and talk about things you don’t feel comfortable about but i can guarantee that you will feel better about the whole thing once you have done it.

So what’s stopping you – do it now – pick up the phone 01225 582 582 and ask to speak to Bill Ryan of Lawscape.

New Year New Will ?

This has been a busy period for me as more people have made enquiries than normal. I think it is the New Year resolution ‘thing’.

I would agree that the New Year is a good time to write your Will. So is February.

Anytime soon is the absolute best time to do it though. So don’t put it off any longer!

Can I leave it all to my dog?

You may wish to to leave some or all of your estate to your dog (or other pet) when you die. Many people build such strong bonds with their pets that they worry about how their beloved companions will be looked after should they die.

The law does not allow you to leave money directly to an animal. However, you can leave money in a trust appointing someone to be the trustee with the trust funds to be used for the care and upkeep of your pet.

The question then might be what should happen when your pet dies. Without any further provision it might not go where you want it to so it might be a good idea to make a dog charity the ultimate beneficiary.

An alternative might be to leave your estate directly to a dog friendly charity that will look after your pet.

However if you have close family there is every chance that your Will will be contested by those family members who thought they might inherit. It would be sensible to leave a Letter of Wishes with your Will in these circumstances.

Joint tenancy can defeat inheritance even if you have a Will

This is a bold statement to make but there are two good examples I can cite.

Picture two elderly parents who own their property as joint tenants. When one dies the survivor will be the sole owner of the property. If the surviving parent goes into care then the value of the property, save the exemption allowance of £14,000, can be taken into account to pay the fees.

A second example is when a parent remarries and buys a property jointly with their new spouse. If your parent dies first the property is then solely owned by the surviving spouse (step-parent).

So in both cases the fact of joint tenancy brings about a less favourable postion for the potentail family beneficiaries than can be achieved with proper planning.

The simple answer is to sever the tenancy to make the parents tenants-in-common. Then make a Will including a life-interest trust which can leave the surving spouse the full use of the property during their lifetime but allows that shsre to go to the benficiaries after death. This is a good result all around and simple enough to arrange.

If you would like to find out more, make a Will or if you want to arrange a visit please call Bill Ryan on 01225 582 582 or 07942 95 95 99. Alternatively use the contact page and you will be called back shortly.

The home visit Will service is available in Berkshire, Dorset, Gloucestershire, Hampshire, Oxfordshire, Somerset and Wiltshire.

What does Probate mean?

‘Probate’ is a term used when talking about applying for the right to deal with a deceased person’s affairs. It’s sometimes called ‘administering the estate’.

If the person who has died leaves a Will

Normally executors named in the Will deal with the person’s affairs after their death.

An executor applies for a ‘grant of probate’ from the probate registry. The ‘grant’ is a legal document that confirms that the executor has the authority to deal with the deceased person’s assets etc.

Typically it is used to access funds, sort out finances, to collect and to share out the deceased person’s assets in accordance with the terms of the Will.

If the person who has died didn’t leave a Will

If there is no Will, a close relative of the deceased can apply to the probate registry to deal with the estate.

The application is then for a ‘grant of letters of administration’. If the grant is given, they are known as ‘administrators’ of the estate.

Just like the grant of probate, the grant of letters of administration is a legal document which confirms the administrator’s authority to deal with the deceased person’s assets.
Is it difficult?

The amount of work required to complete Probate depends on the complexity, the types of assets, and legal or tax complications. There is also a heavy legal responsibility placed on an executor to distribute the estate properly. This can be an onerous responsibility.

It may be desirable to use a professional to deal with probate if the estate is complex or if there is nobody suitable to carry out the role. Sometimes a professional is employed to avoid making choices between siblings!