Wills

hand-shakeDie will-less and your affairs can be in limbo for years. Yet many either don’t want to think about making a will or are worried about the cost.

Nearly everyone has thought of making a will at some point but only few per cent of us have actually done so. Even the most sensible of us often wrongly assume that making a will is something that can be put off till tomorrow.

Not making a will can cause months or years of grief for your loved ones. Unfortunately the absence of a will, or a poorly written document, can mean instructions on how your estate should be dealt with are unclear and lack legal standing. This can lead to disputes over property, belongings and finance.

If you are in any doubt as to whether or not you should make a will, than consult our experts who will look into your needs and will help you by putting you in control of how your assets will be distributed and ensuring that your loved ones will be looked after in the event of your death.

It is important for you to make a will whether or not you consider you have many possessions or much money. It is important to make a will because:

  • If you die without a will, there are certain rules which dictate how the money, property or possessions should be allocated. This may not be the way that you would have wished your money and possessions to be distributed;
  • Unmarried partners and partners who have not registered a civil partnership cannot inherit from each other unless there is a will, so the death of one partner may create serious financial problems for the remaining partner;
  • If you have children, you will need to make a will so that arrangements for the children can be made if either one or both parents die;
  • It may be possible to reduce the amount of tax payable on the inheritance if advice is taken in advance and a will is made;
  • If your circumstances have changed, it is important that you make a will to ensure that your money and possessions are distributed according to your wishes. For example, if you have separated and your ex-partner now lives with someone else, you may want to change your will. If you are married or enter into a registered civil partnership, this will make any previous will you have made invalid.

We can help you to deal with the property of a person who has died

Everything owned by a person who has died is known as their estate. The estate may be made up of:

  • Money, both in cash and money in a bank or building society account. This could include money paid out on a life insurance policy;
  • Money owed to the person who has died;
  • Shares;
  • Property, for example, their home;
  • Personal possessions, for example, their car or jewellery.

If the person who died owes money to other people, for example, on a credit card, for fuel, for rent or a mortgage, this comes out of the estate.

last-will-testmantThe estate of the person who has died is usually passed on to surviving relatives and friends, either according to instructions in the will, or if the person dies without leaving a will, according to certain legal rules called the rules of intestacy.

If you require help to execute the will or you are dealing with the estate and require assistance then we are here to help you. Our Probate team at Glen is equipped with expertise and a proactive approach and can help you to inherit what is legitimately yours or to discharge your responsibility under the will if you were appointed as a trustee. We can help you with:

Everything owned by a person who has died is known as their estate. The estate may be made up of:

  • To apply for probate and letter of administration;
  • Finding all the financial documentation belonging to the person who died;
  • Sending a copy of the death certificate to the organisations that hold the money of the person who has died. Ask them for confirmation of the value of the money held at the date of death and the amount of income received during the last tax year up to the date of death. Also, we can ask them to freeze the bank accounts so no one can take money out without the correct legal authority;
  • Opening a bank account on behalf of the estate;
  • Finding out details of money owed to the estate;
  • Finding out details of money owed by the person who has died;
  • Preparing a detailed list of the property, money and possessions and debts in the estate;
  • Working out the amount of inheritance tax due and arranging to pay it;
  • Preparing and sending off the documents required by the probate registry and HM Revenue and Customs;
  • When probate or letters of administration have been granted, collecting money belonging to the estate from banks, insurance companies, pension funds and building societies;
  • Paying debts, expenses and fees, such as Solicitors’ fees and Probate fees;
  • Sharing out the estate, as set out in the will or according to the rules of intestacy.