Wills, Probate & Trusts
Wills, Probate & Trusts
Why should I have a Will; what is Probate and should I consider the use of Trusts?
These are questions that may cross our minds every now and again when we hear certain conversations on the television, radio or in general conversation the answer to which can be summarised as follows.
Why should I have a Will?
Most people understand the need for a Will but for some reason tend to ‘put off’ to another day the making of a Will.
However a Will is a document that can give you control over what happens to your assets after you die rather than the law deciding. Suppose you are in a long term relationship, living with your unmarried partner and your children, and you have not made a Will because it is always something you have always put off until tomorrow. As you and your partner are not married, your partner would have no automatic right to receive your assets and they would in fact pass entirely to your children. Your partner may be able to make a claim under the family provision for dependents rule, but this is likely to result in Court proceedings which are costly, stressful and divisive at a time which is already emotionally difficult for the family.
Making a Will means you can:
· decide who will inherit your Estate (the distribution of your Estate should always be undertaken with the family provision for dependents rules in mind)
· decide who is appointed Executor, being the person or persons who administer your Estate
· decide who will be appointed Trustee and administer any Trust Funds that may arise in your Estate (for example if you have children under 18)
· decide who will be guardian of your infant child(ren)
· decide whether any gifts should be made to charity, family or friends (these can be monetary or personal items)
· state whether you wish to be buried or cremated
The underlying message is that by having a Will you are not only controlling what you want to happen after your death you are also assisting your family in what can be a very traumatic time for them.
If you would like further information on making a Will please see the information sheet on our website. There is also a proforma available to assist you in making your decision as to what you wish to happen.
Once you have had a chance to go through these and you wish to make a Will, please ring us on 01775 722261 and arrange an appointment.
Wills are not necessarily expensive. A standard Will can be as little as £100 plus VAT or £150 plus VAT for partners/husbands and wives.
What is Probate?
Probate is the general name given to the administration of your Estate after your death.
If you die without a Will your Estate will be dealt with under the rules of Intestacy. These rules are governed by the law and therefore there is no flexibility. There are only certain people who can be your administrators and the distribution of your Estate has to follow a strict list. Your administrators may need to apply to the Court for a Grant of Letters of Administration.
If you die with a Will your Estate will be administered by your Executors. It is a much easier process and what you have provided for in your Will is what the Executors have to do. There is a modicum of flexibility in the administration. Your Executors may need to apply to the Court for a Grant of Probate.
There is however a third option and this option can occur when there is a problem with the Will itself in that either no provision has been made for Executors predeceasing you and/or beneficiaries have predeceased you with no substitute’s name.
Should this third option arise your administrators (or possibly Executors) may have to apply to the Court for a Grant of Letters of Administration with Will annexed. The parts of the Will that are valid can be dealt with as per the Will but the invalid parts will be dealt with under the Intestacy rules.
We would recommend that Wills are reviewed every 3-5 years to ensure that this third option does not arise and that any changes in circumstances have been accounted for.
Assistance with the administration of an Estate is a service we offer. We can contact all the asset holders, complete the application to the Court (you would still be required to be the named Executor/Administrator and sign the documentation) and finally close all accounts and distribute the assets accordingly all on your behalf.
Please give us a call on 01775 722261 if you require any further information.
Why should I consider the use of Trusts?
Trusts are very useful tools in fairly specific cases. These can be:
· in second marriages where one parent wants to ensure that their child(ren) from their first marriage receives property but also wants to ensure that their spouse has a house to reside in
· to look after infant children
· for tax reasons
· to provide for family members with disabilities and/or who cannot manage their own affairs
The above list is not exhaustive. If you feel that a trust may be of use or you are unsure what benefit it can be to you please give us a ring on 01775 722261.
The Team
Richard Lewis
Jane Mawer
Donna Sandison
Richard Lewis is a Consultant Solicitor with a great deal of experience in Wills, Probate and Trusts and can advise on complex tax planning issues.
Jane Mawer is Head of the Wills, Probate and Trusts Department, and is renowned for her personable approach.
Donna Sandison is a Graduate Member Legal Executive who specialises in Wills and Probate.
Contact us now for help and assistance
Telephone Number – 01775 722261
Email: jane.mawer@maplessolicitors.com
richard.lewis@maplessolicitors.com
donna.sandison@maplessolicitors.com
Post: Maples Solicitors LLP, 23 New Road, Spalding, Lincolnshire PE11 1DH
Please See Related Articles:-
Will Information Sheet
What is a Will?
Free Wills Under Legal Help Scheme
