Wills and Probate â What You Need to Know

If you’re anxious about what happens after you or a loved one dies, then perhaps you’re already aware of how a firm of specialist wills and probate solicitors can help you. If you’ve not given it any thought, then here’s what you should know.

1. Wills are legal documents that explain what a person wants to happen in the event of their death. This can include care of children and funeral wishes, as well as how they want to divide and distribute their estate.

2. Trusts can be set up so that the amount of inheritance tax payable is a lot less. Perhaps you want to donate your money to your family now, and watch them enjoy it, rather than see them have to sell your home and assets after your death.

3. Probate is the legal term for administering the estate of someone who has died. There are different processes and procedures for people who did or didn’t make a will before they died. Administering the estate can involve dealing with property, other assets and money.

4. Wills and probate solicitors can help the executors of the will with their duties, so that the wished of the deceased can be carried out with dignity and without delay.

5. Inheritance tax might need to be paid, and this can be a shocking revelation, at such as difficult time, and if the death was sudden or unexpected, then there may not have been the time for proper inheritance tax planning.

6. Inheritance Tax Planning can be beneficial so that your loved ones don’t end up paying lots of inheritance tax, or so that your spouse or other survivors don’t need to sell their home in the event of your death. Currently, the Inheritance Tax Threshold is £325 000, which is less than the value of many homes. You might have already made a will, but there are also other ways of making sure that your wishes are carried out.

7. Enduring Powers of Attorney are required when a person is no longer able to make financial and other decisions for themselves. The Lasting Powers of Attorney need to be registered with the Office of the Public Guardian before it is deemed to be legal.

8. Contentious probate, or challenging the will, might need to be carried out if the will was signed under duress, or perhaps the circumstances changed, or there was a change in mental capacity, or for other reasons.

9. There can be a significant amount of time and expense after a death, and it is well worth making sure that the wills and probate solicitor you choose is sympathetic and efficient to ensure that your grief is minimised, and certainly not added to by your solicitor.

10. If you haven’t made a will yet, then perhaps now you can understand how important it is, and that it doesn’t just affect you. Your whole family could be affected, and you don’t want them to fall out or suffer unnecessarily after your death.

Now you know more about the importance of wills, and how important they are, perhaps now is the time to make a will.