WILLS

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A Will is a legally binding document that sets out how your estate is to be divided and who should benefit from your assets in the event of your death. 

If you die without leaving a valid Will you have died 'Intestate' which means that the law will dictate under the 'Rules of Intestacy' who will benefit from your estate. Dealing with the administration of your estate after you die is straight forward if there is a valid Will clearly setting out your wishes.  Second marriages or relationships can be complicated and it's important that you have a valid Will to ensure that your loved ones (perhaps children from another relationship) are properly catered for in the event of your death.  You may wish to protect your share of your home to ensure that after your death it passes to your children instead of your surviving spouse or co-owner.    

Testator - The person making the Will

Executor & Trustee -  The person/s that you appoint to deal with the administration of your estate (property, assets and liabilities) when you die

Beneficiary - A person who will inherit some or all of your property and assets when you die 

Testamentary Guardians -  A person appointed to take guardianship of your children in their minority if there is no one with parental responsibility that survives you

Inheritance Tax commonly referred to as IHT – A tax that is paid from your estate if it should exceed a particular value 

Intestate - When a person dies without having a valid Will

Rules of Intestacy - The Law dictates who will inherit the deceased estate in the absence of a Will

Probate - The legal recognition of the validity of a Will.  

There might not be a reason to have an overly complicated Will if your affairs are straight forward, but dying without leaving a valid Will could mean that the Rules of Intestacy are applied and your estate could pass to people you may have otherwise excluded or to wider biological family members that you’ve never met! If you’re remarried or are in a second relationship and have children from a previous relationship it’s important that you seek advice about your options. It can be a common occurrence that children from previous relationships 'miss out' on an inheritance when their biological parent dies. Making a Will can also benefit your chosen charities or treasured friends. Perhaps you have items of sentiment that you want a “certain person” to receive. 

Whilst we don’t specifically offer Inheritance Tax advice, we will ask you questions about the value of your assets so we can assess whether your estate is likely to come into the Inheritance Tax bracket and discuss some of the IHT allowances that may apply. 

If you own a property with someone else have you considered how you own it? You may own it as Joint Tenants, so when one of you dies the other will become the sole owner of the property or you may own it as Tenants in Common and so can pass on your share to someone other than the co-owner on your death. If you own your property as Tenants in Common or would like to own it as Tenants in Common, then you’ll need a Property Trust Will. This is a more complex Will, but we’ve simplified the points here:-

If a Joint Tenancy exists then it is converted into a Tenancy in Common by signing a 'Severance' document, the property will then be held in separate shares. The Severance is registered with H M Land Registry. In your Will you gift your share of the property, for example, to your children. A clause can be placed in your Will which protects the occupation of the survivor of you so your beneficiaries have no power to remove them from the property should relationships become strained or broken. A further clause can be added giving flexibility for the survivor to move home if they so wish, with some added provisos to protect the equitable interest of your beneficiaries.