IWC offer help, advice & support for all matters relating to Probate, Will writing & Inheritance tax planning. For a no obligation consultation please contact us on 0845 600 3527
Why Should you make a Will?
Making a Will is very straightforward and is not particularly expensive.
However, in spite of this fact, around 60% of people in the UK die without a valid Will. This often causes long delays, stress and hardship and even substantial legal costs can result if there is disagreement or confusion among those you leave behind.
If you were to die without a Will or if your Will is deemed to be invalid, for example if it was deemed to be incomplete or not signed correctly, then the law says that you have died intestate. From that point on it is the Law that decides who will benefit and by how much from your estate.
Making a Will is particularly important if you are anticipating marriage or a civil partnership, having a child, getting divorced or remarried. Also, buying property or if you have assets or investments that you would like to decide in advance who gets what.
In England, Northern Ireland and Wales, your Will becomes invalid when you become married or enter into a civil partnership, unless the Will clearly states that it was written in anticipation of your marrying or entering into a new partnership with a named person.
Probate and probate administration, often assumed to be a very difficult procedure, is the legal process to effectively deal with the distribution of a persons assets once they have passed away.
If a person passes away owning assets in excess of £5,000 or if an institution is likely to pay your estate a sum in excess of £5,000 then Probate will most likely need to be applied for on your estate. Although some banks will accept a small estates indemnity form instead of a Grant of Probate if the estate of the deceased person is under £15,000. If not however Probate will have to be applied for. In other words who ever is dealing with your affairs must apply for Probate. The greatest confusion with probate is that the probate application must be undertaken whether you make a will or not.
So many times we hear people say things like “My mum died and she never made a will, so it went to probate” or they say “My uncle died but he made a Will but it still went to Probate”.
If you make a will your executors will apply for what is known as a Grant of Probate if you did not make a will your estate administrators will apply for a Letter of Administration also known as Letters of Administration. The probate forms are the same whether you are applying for Grant of Probate or a Letter of Administration.
Probate can be a very complex task but we can help you with the whole Probate process. With many Probate solicitors and banks charging extremely high prices for probate administration we are able to offer a very low cost probate solution when compared to solicitors and banks.
Whether you need a Grant of Probate or a Letter of Administration we can help you. We can provide probate help and advice, which includes information on how to complete the Probate, Inheritance Tax and Property transfer forms. We also offer a full Probate or administration service whereby no interviews with the Probate Office or Probate Registry are necessary. Your involvement in the probate process can be kept to a minimum but will still allow you to have as much input in the whole probate process as you feel appropriate, thus relieving you of the endless probate paperwork and pressure from dead lines set by the Inland Revenue. We give you the time you need to effectively deal with the emotional strain of having lost a loved one.
In addition to the Probate services that we offer, in the event of the loss of a loved one where there is no Will, we can also provide these same services with Intestacy rules, obtaining Letters of Administration and all of the general procedures.
Planning for the future is crucial in these uncertain times. Imagine how your loved ones would feel if you worked all of your life to leave them something only to have the tax man or a care home benefit. To ensure that your estate goes to those you wish Estate Planning is vital. The Chancellor has made some changes recently as you may be aware, the important point is that the nil band remains the same. What does that mean for you? In short it means discretionary trusts still play a major role, where the value of the estate is above the nil rate band.
There has been gossip in the national press and some journalists have made thier view known. They are interesting but not particularly valid. IWC are professional Estate Management specialists. Under the new rules including a nil band discretionary trust can reduce the tax liability by half. There is an example on our main website here
Something else to consider is protecting your estate for your children in the future. A Will that includes a nil band discretionary loan trust prevents a surviving spouse passing the entire estate to a new partner, should they remarry. Then of course there is the community care act. If your spouse needs community care, without protection your estate could be swallowed up and lost to your loved ones.
IWC Estate Planning & Management Limited are a company specialising in the preparation of Wills and Probate Advice. All of the documents we create are protected by our professional indemnity insurance.
Our advice is always accurate and appropriate in line with our duty of care policy.
In addition we offer a low cost Probate service. Probate can be an extremely complex task and not one that should be undertaken lightly. Please see our Probate page on our website for further details.
IWC Estate Planning & Management Ltd is a registered Company (4532330) in the United Kingdom & regulated by the Society of Will Writers & Estate Planning Practitioners