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The latest figures suggest that 75% of us don’t have an up-to-date will. This means that your assets will be divided according to the law, regardless of your intentions – and may even end up going to the Crown.
By writing a will you will have the satisfaction of knowing that your assets will be passed on to those whom you wish to benefit, such as members of your family, friends or charities.
We recognise that this is often an emotive subject and rarely at the top of people’s priorities, but wills need not be as onerous and time-consuming as you might expect. And, with the appropriate planning, you can ensure that your assets are managed in the most tax-efficient manner possible.
The law relating to intestacy does not recognise common law spouses or step children. If you die intestate, your common law spouse or stepchildren will get nothing. Administration of an estate is often complicated and dying intestate will only put further stress on those who are left behind. The legal process is more involved and therefore more expensive.
When you die, your estate will need to be properly administered. If you have left a Will, we can help your Executors to apply for a Grant of Probate from the High Court of Justice. Probate is a legal term for the document issued by the Court as official evidence of the authority of your executor(s) to deal with your affairs after your death.
Your estate also needs to be properly administered, which involves identifying all your assets and liabilities, filing a final tax return, completing the Inland Revenue Inheritance Tax requirements, dealing with the legal ownership of your property, identifying all potential beneficiaries and finally, distributing your assets in accordance with your Will. If you die without making a Will, your assets will be distributed in accordance with the Law and not in accordance with your wishes.
Administering an estate requires knowledge of the laws of Property, Succession and Trusts, as well as the implication of Inheritance and Capital Gains Taxes. Our experience enables us to administer the estate quickly, efficiently and without complication.