Wills

The executors are the people you appoint to look after your estate after your death. Their responsibilities include:

• Identifying the assets and liabilities of the estate.
• Dealing with the administration of the estate according to law by collecting these assets in
• Determining the beneficiaries
• Applying to the Court for a Grant of Probate of the Will. (Probate is a formal document that confirms the executors and gives them the permission to administer the estate)
• Ensuring all claims and debts are paid
• Arranging for the distribution of the estate in accordance with the terms of the Will
• Preparing accounts
• Dealing with taxation returns
• Defending litigation

Once the estate has been administered their role will be complete unless as is usually the case they have been appointed Trustees as well.

The Trustees are responsible for:

• Managing any trusts created by your Will
• Reviewing current investments
• Holding funds for children until the date specified in the Will or until a child's 18th birthday.
• Reviewing and approving trust accounts
• Reviewing and approving minutes of last meetings
• Consider beneficiaries circumstances and needs
• Consider trust distributions

Your Trustees are bound to act honourably and in accordance with the various Trustee Acts. They will need various powers in relation to these trust funds and these powers are contained in your Will. In order for Trustees to perform their functions properly they will need to meet on a regular basis. It is usual to have at least 2 executors who can be family members or friends although it is often a good idea to appoint a professional advisor to act with them.

Everyone over the age of 18 should make a Will regardless of their assets. It is the only way that you can ensure that your estate is divided according to your wishes after you are deceased.

The law will decide how your estate will be divided according to the intestacy rules. It is important to note that your spouse may not get the whole of your estate. Furthermore, if you die without making a Will and you have no blood relatives then everything goes to the Crown.

You should appoint a guardian for any minor children. This is particularly important if you are not married, as guardianship does not automatically pass to an unmarried father.

You can reduce the tax your estate will suffer by careful drafting of the terms of the Will.

There are many potential pitfalls in drafting a Will. Home-made Wills may be incorrectly drawn up and executed and so may not carry out your wishes effectively. It is strongly recommended that professional advice is sought when making a Will.

Your property will most likely go to your family rather than your partner if you do not have a Will. If you state in your Will that your partner is to inherit then he or she will do so.

We do offer a Will storage service. If you would like us to do this for you we can.

It is vital that you regularly review your Will as your circumstances change. We recommend that you review your Will every two to five years to ensure that it continues to meet both the needs of you and your family.

If you marry after making a Will, the marriage cancels the Will unless the Will makes it clear that your marriage does not affect it.

If you divorce after making a Will, any rights or legacies given to your former spouse will lapse unless the Will makes it clear that the divorce does not affect it.

Children cannot inherit until they reach the age of 18. Below this age the funds are held in trust until the child reaches 18 or older if specified in the Will. Whilst in trust the trustees decide what capital can be used for the benefit of the child e.g. tuition fees.

An executor is a person who is appointed in the Will to administer the estate.

Any estate value above £300,000 is liable for inheritance tax at 40%. This is why it is important to have a carefully drafted Will that reduces the tax liability of the estate.

Yes. It is very common for the main beneficiary to be an executor

If you are married or have registered a civil partnership you should each make a Will detailing your wishes

Probate is the legal process by which a dead person's estate is administered and distributed