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 to ensure that beneficiaries inherit as much as possible, as soon as possible.

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 or civil partner.
• To provide for your children and state 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).
• If you have a complicated estate, including for example business interests, to make sure that succession issues in the business are thought out properly and the business can continue successfully.
• 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.

For a standard, single Will we charge £100.00 plus VAT and for standard joint Wills £150.00 plus VAT.

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 £325,000.00 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 or civil partner on your death. On the death of the first spouse or civil partner there will be no tax payable, whatever the value of the estate. As a result of the Finance Act 2008, a surviving spouse or civil partner who dies on or after the 9th October 2007 now has the benefit of their deceased spouse's "unused" Nil Rate Band in addition to their own, giving the benefit of two Nil Rate Bands on the second death.

If all of the beneficiaries are in agreement, it is also possible to alter a Will by executing a Deed of Variation, if this is done within two years of the date of the death. This can be done to save tax, or, if circumstances have changed, to make more sensible provision for family members.

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 dealing with the estate as required by law in an Intestacy. You 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 quickly and with the minimum stress and work on your part. We also ensure that the estate is correctly administered.

Lasting Powers of Attorney

The Law Society recommends that when you complete a Will, you should also consider executing a Lasting 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. Lasting Powers of Attorney replaced Enduring Powers of Attorney on 1st October 2007. You can now appoint Attorneys not only to deal with your financial and legal affairs, but also your personal welfare. We can assist with all drafting, notification and registration requirements of Lasting Powers of Attorney.

Enduring Powers of Attorney

Enduring Powers of Attorney executed before 1st October 2007 remain valid.

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.

Deputyship Application

In cases where a person is 'mentally incapable' but has granted neither an Enduring Power of Attorney nor a Lasting Power of Attorney, we can assist in applications to the Court of Protection to appoint you as Deputy, to enable you to look after that person's affairs.

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