Wills, Trusts & Probate

Assumptions as to who may inherit your property and money are often wrong. The only way to be certain that the people you want to inherit actually do so is to make a Will.

The Wills and Probate team at Park Woodfine Heald Mellows LLP offers an efficient and professional service in which your wishes are quickly converted into a Will. In the process you may, if you require, also receive advice on tax and financial matters to ensure that those who stand to benefit from your legacy will do so knowing that all matters relating to the estate are accounted for in the appropriate manner.

Why should I make a Will?

It is particularly important to draw up a Will for a variety of reasons, for example:

• To ensure adequate provision for your spouse.
• To provide for your children and to clarify the terms on which money or assets should be held for young children.
• To appoint someone to care for your children after your death.
• To provide for other relatives or someone outside your immediate family (e.g. a partner/friend or a charity).
• To minimise administration costs.
• To minimise inheritance tax liabilities.
• To prevent added stress and worry to your family after your death.
• To ensure that your estate will be administered by someone you can trust.
• To specify your funeral directions.

If, based on your instructions your requirements are not standard, we will let you have an estimate as to the cost of the will before proceeding with a draft.

Can my will be altered?

During your lifetime you can easily change your Will by making a new one or by adding a codicil to an existing Will.

Inheritance Tax Planning

Inheritance Tax (or IHT) is the tax payable on a person's net assets at the date of death. It will only become due if the net value exceeds the Nil Rate Band at the time of death. This is currently £300,000 and any assets exceeding this figure will be chargeable to IHT at 40%.

If you are married, you may leave all your assets in your Will to your surviving spouse on your death. On the death of the first spouse there will be no tax payable, whatever the value of the estate, because of a spousal exemption. However, this will mean that the first to die will lose the benefit of their Nil Rate Band and hence more IHT will become payable on the second death.

You may reduce your IHT liability by either giving away the Nil Rate Band to your children or by passing the Nil Rate Band into a Discretionary Trust on the first death. On present figures, this could lead to a saving of £120,000 in IHT (i.e. £300,000 x 40%).

It may also be possible to save some IHT payable on an estate by executing a Deed of Variation if this is done within two years of the date of death.

Probate

You may be a Personal Representative having responsibility for administering the estate of a deceased person. This will either be as an Executor (someone named in a Will) or a family member eligible to be appointed as an Administrator in the case of an Intestacy (where there is no Will).

You will be responsible for carrying out the wishes of the deceased in the Will or acting in the Intestacy and will have to find out the values, at the date of death, of all the assets and liabilities of the estate. In most cases you will have to apply for a Grant of Representation which is the document issued by the Probate Registry giving you the authority to act. This is always needed if there is a house to sell. The Grant will enable you to pay any debts, call in the assets, pay any tax due and distribute the net estate to the beneficiaries.

Our experienced and sympathetic approach can help you accomplish all this and ensure that the estate is correctly administered.

Enduring Powers of Attorney

The Law Society recommends that when you complete a Will, you should also consider executing an Enduring Power of Attorney whereby you appoint person(s) of your choice to deal with your affairs if you become unable to do so at some time in the future.

This can make matters far easier for your family if you suffer an accident or become ill.

It is a generally inexpensive procedure, which we are able to advise upon.

We can also help when it becomes necessary to register an Enduring Power of Attorney with the Court of Protection once someone has lost their mental capacity.

Receivership Application

In cases where a person is 'mentally incapable' but holds no Enduring Power of Attorney, we can assist in applications to the Court of Protection to appoint you as a Receiver, to enable you to look after that person's affairs.

The wills, trusts & probate team at Park Woodfine Heald Mellows LLP are Vanessa Pope, Rose Fisher, Melany Rampal, Nicola Sanders, Peter Wilton.