WILLS
AND PROBATE
The result of failing to make a Will can cause serious difficulties as the provisions made by the general law on intestact are very unlikely to meet your wishes or the requirements of your family and dependants. In addition, Wills give an unique opportunity for tax-planning.
An home-made Will may lead to even greater difficulties or disputes. We have structured our wills into the following categories:
Basic Bronze
If you require no Inheritance Tax advice and are confident
that you need only one Executor and are leaving your entire estate to no more
than three individuals
The Basic Bronze option will usually be for one Will
Standard Silver
You require one executor with one alternate if the first
cannot act; You require no more than two guardians; an outright gift of your
personal effects to your spouse or civil partner; no cash legacies; with the
residue of your estate going to your spouse or civil partner but if they
predecease you then either to your children in equal shares or no more than
three other named individuals
The Standard Silver option will usually be for one Will ( but
which can include a matching Will for a spouse or civil partner )
Silver Plus
As for the standard silver but allowing for further time,
wider funeral instructions, up to two executors, Two or more Guardians with
alternates, further legacies, a life interest and long stop provisions.
The Standard Silver Plus option will usually be for one
Will ( but which can include a matching Will for a spouse or civil partner )
Gold Star
As for the Standard Silver but you also need more choice
of executors; alternates for the guardians; specific gifts of particular items
to up to five individuals; up to five cash gifts to individuals or charities;
the residue to have further provisions should any of the children or named
individuals predecease you. You should have inheritance tax advice to check the
consequences of your gifts.
The Gold Star option will usually be for one Will (but
which can include a matching Will for a spouse or civil partner)
Platinum
As for the Gold star but you wish to introduce an
increased number of specific and cash legacies; you may wish to make provision
for an individual to have a right of residence in your home; you may wish to
create a life interest in the residue of the estate or to set up a
discretionary trust. You may have specific conditions that must be met or to
leave a Letter of Wishes to your executors.You may wish to introduce complex
alternatives should different beneficiaries predecease you. . You may have
business interests that need special consideration.
The Platinum option will usually be entirely time based
and can be substantially more than the other choices but nevertheless may be
the most appropriate
Probate and the Administration of Estates
The administration of a deceased person's estate can be both complex and time-consuming, particularly if liabilities to Capital Gains Tax, Inheritance Tax and Income Tax have to be sorted out.
We can carry out the legal work on behalf of the family; gather together the estate assets; settle outstanding debts, and finally, distribute the estate to the beneficiaries.
We can also advise how liability to tax can be mitigated.
All our staff who deal with Wills and Probate are fully qualified and members of the Society of Trust and Estate Practitioners.
If you would like any further information on wills and probate, please see our information sheets or contact:
Karen Charles or Anthony Guy
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