Wills, Succession & Estate Planning Probate
Making a Will
A “Will” (sometimes known as a “Last Will and Testament”) is a document which sets out what is to happen to a person’s property and belongings when they die.
The Will names the persons who are to benefit and will set out in what shares they will do so. Any debts or liabilities that are owed at the date of death are paid from the Estate and the remaining assets will be distributed according to the terms of the Will.
An “Executor” is the person named in the Will who has legal responsibility for making sure the wishes of the Testator (the person making the Will) as expressed in the Will are carried out in full.
If a person dies without having made a Will, they are said to have died “intestate”. Certain people (usually close relatives) in that case are entitled to act as “Administrator” of the Estate to ensure that the assets in the Estate are distributed properly.
There are “rules of intestacy” which govern the manner in which assets are distributed and to whom they must be distributed. The Administrator does not have a choice as to whom the assets must be distributed, and it is better that a person makes a Will to ensure that his wishes are carried out. An intestate estate is usually a more complicated and expensive estate to administer.
To be valid, a Will must be in writing and the person making the Will must be over 18 years old and they must have capacity to make a Will. The Will must also be signed in a particular way and witnessed in the presence of two witnesses who must also sign the Will.
A person making a Will should give specific consideration to the provision for a spouse and children.
If a person marries or enters into a civil partnership, then any Will which they previously made is automatically revoked unless the Will was expressly made in contemplation of entering the marriage or civil partnership.
It is possible for a person to appoint Guardians for their children in a Will upon their death.
It is important that the Will is drafted in a way which is tax-efficient for the beneficiaries.
Given the specific requirements for the valid execution of the Will and the importance of making sure the beneficiaries will receive their benefit in a tax efficient manner, it is our advice that a Will be drawn up by a Solicitor and executed in a Solicitor’s office.
We have been advising clients in relation to making their Wills for over 130 years and can prepare the appropriate Will for clients, whether straightforward or complex. We have particular expertise to advise clients who wish to leave their farms or businesses to their children or who wish to set up trusts for the benefit of their children.
Probate & Administering an Estate
Upon death, a person’s estate is administered and their assets are distributed according to the terms of their Will (or, in cases where the person has not made a Will, according to specific rules for distribution – “rules of intestacy”).
As a practice, we have considerable experience in this area and can assist executors in dealing with all aspects of the administration of an estate. We will guide you through every step of the process which will often involve applying to the Probate Office for a Grant of Probate/Administration.
We can also provide advice to beneficiaries in relation to the benefits due to them under an estate, whether we are acting for the executor in the estate or whether another Firm is acting for the executor, and we can advise you in relation to any tax issues which may arise in relation to the benefit.
We deal expertly in all areas of Wills and Estate Planning, including:
- Making a Will
- Advising in relation to Estate/Succession/Tax Planning
- Administering an Estate following a person’s death
- Filing Inheritance Tax (Capital Acquisitions Tax) Returns
- Extracting a Grant of Probate/Representation
- Setting up Trusts
- Enduring Powers of Attorney
- Charitable Bequests