WILLS AND PROBATE
Questions About Wills and Probate
Why make a will?
To appoint executors to deal with your financial affairs on your death, and to ensure that the people you want, benefit under the terms of the will. Also if you have young children to ensure that guardians are appointed to care for them.
What happens if I don't make a will?
You will die intestate. This means that your money and property will be distributed in accordance with the laws of intestacy. This may mean that your partner or dependants are financially inadequately provided for, and someone you may not wish to inherit your estate will receive some or all of your estate. For example, where there is a surviving spouse and children, under the rules of intestacy, the spouse would take the personal chattels absolutely, a fixed net sum of £125,000 with interest thereon from the date of death, and a life interest in one half of the balance of the residue of the estate. The other half of the residuary estate would be held on the statutory trust for the children. This example shows that the surviving spouse may not be adequately financially catered for.
What are the costs of making a will?
For a straightforward mirror will for husband and wife prices start at £140 plus V.A.T. For more complicated forms of will including nil rate band discretionary trust wills - £350 to £500 plus V.A.T. However, we would emphasise that the cost would be dependent upon the work involved and the advice given but we will provide you with a free quotation upon request.
Am I entitled to Legal Aid ("Public Funding") to make a will?
You may be entitled to assistance if you are in receipt of state benefits and you suffer from a disability or you are a parent or guardian of someone suffering from a disability who wishes to provide for that person in a will, or you are a single parent and you wish by means of your will to appoint a guardian for a minor living with you.
What is a Living Will?
This is document whereby an individual can make specific arrangements and directions about future health care decisions. There is an increasing demand from the public for such wills as incurably ill and incapacitated people may be kept alive for long periods by medical treatment which, if they remained competent to make a decision, they might refuse thereby enabling death from natural causes. It has long been accepted that individuals, during the time that they are competent, have the right to refuse medical treatment, but many people now want to know how best to make arrangements for what should happen to them if they should lose that competence. Ursula Watt can assist in preparing such a document.
What is "Grant of Probate"?
On death, the estate of the deceased person is frozen, and the Executors cannot access the assets in the estate. The production of a Grant of Probate or Letters of Administration is generally necessary in order to establish the right to recover or receive any part of the deceased's estate. An application has to be made to the District Probate Registry where the deceased resided to prove the deceased's will and to pay any Inheritance Tax (if applicable) on the deceased's cumulative estate. The Grant of Probate or grant of Letters of Administration is therefore the key to releasing the assets in a deceased person's estate.
What is an Enduring Power of Attorney? (available until October 2007)
An Enduring Power of Attorney ("EPA") is a document whereby a person (the donor) gives another person(s) (the Attorney) power to act on his behalf in his name in regard to his financial affairs. An Enduring Power of Attorney remains valid notwithstanding the donor's subsequent incapacity to manage his own affairs, although a registration procedure with the Court of Protection must then be complied with. Although the Enduring Power survives a subsequent loss of mental capacity, the donor must be mentally capable when he executes it. It is essential that there is no delay in filing an Enduring Power of Attorney when there is any risk of physical or mental incapacity.
NB. From October 2007 the Enduring Power of Attorney will be replaced by a Lasting Power of Attorney which while similar will require registration fees to be paid at the outset rather than when the donor loses capacity.
Can I place restrictions on the use of a Power of Attorney?
Yes. The donor may often only wish the EPA to have effect if the donor is physically or mentally incapable. A restriction can be placed on the document to state that the EPA cannot be used unless you are physically or mentally incapable as certified by a qualified medical practitioner.
Free Enquiry
If you would like to speak to one of our specialist wills and probate team members please call us on 01243 786 668 or complete our online enquiry form.