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Wills Trusts and Probate

Making a Will

There is no need to use a solicitor when making a Will however please be aware of ‘do it yourself’ packs as Probate rules and regulations are extremely complex and there are numerous pitfalls for the unwary. It is generally thought in the legal profession that solicitors make considerably more money out of sorting out messy or unenforceable instructions than they do dealing with accurate and properly drafted and executed Wills.. The most common errors made by the layman include:-

· being unaware of the precise requirements necessary to execute and sign the document

· failing to distribute all of the assets which may allow the Crown to make a claim

· failure to give instructions on how to re-distribute assets in the event of a beneficiary dying

· altering a will improperly after initial execution

· not taking account of changing relationships including marriages, divorces, births and The Civil Partnership Act.

· failure to consider that dependents may have a prior claim on the estate

For a small fee of £59.99 plus VAT let us at NATIONWIDE solicitors make your will for you.

Professional UK Inheritance Tax Advice

Making a will after receiving professional UK inheritance tax planning advice from NATIONWIDE Solicitors is about the best thing you can do to ensure that after your death your assets go to where you want them to go rather than into the taxman’s pocket. There is no IHT to pay on the first £325,000 you leave, but assets over this level are currently taxed at 40 per cent unless they pass to your surviving spouse. IHT is charged on the value of property and assets and on certain lifetime gifts subject to certain exemptions and reliefs. Setting up trusts during a person's lifetime or on their death under the terms of a will can be important in reducing liability to Inheritance

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Marriage and Discretionary Trusts

Married couples can save a considerable amount of tax by managing their assets properly and by taking advantage of two nil rate inheritance tax bands.

Everyone’s estate is exempt from Inheritance Tax up to a certain threshold: £325,000 in 2009-10. This threshold is also known as the ‘nil rate band’.

Married couples and registered civil partners are also allowed to pass assets from one spouse or civil partner to the other during their lifetime or when they die without having to pay Inheritance Tax - no matter how much they pass on - as long as the person receiving the assets has their permanent home in the UK. This is known as spouse or civil partner exemption.

If someone leaves everything they own to their surviving spouse or civil partner in this way, it's not only exempt from Inheritance Tax but it also means they haven't used any of their own Inheritance Tax threshold or nil rate band. It is therefore available to increase the Inheritance Tax nil rate band of the second spouse or civil partner when they die - even if the second spouse has re-married. Their estate can be worth up to £650,000 in 2009-10 before they owe Inheritance Tax.

To transfer the unused threshold, the executors or personal representatives of the second spouse or civil partner to die need to send certain forms and supporting documents to HM Revenue & Customs (HMRC). HMRC calls this ‘transferring the nil rate band’ from one partner to another.

There are a number of other issues between married couples which should be considered in regards to tax planning especially regarding jointly owned assets including the matrimonial home and other property.

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Distribution of Assets

Wills give instructions that are legally enforceable, on the appointment of an executor and on how assets should be distributed. It is an executor’s duty to ensure that the wishes of the deceased are carried out. If the deceased has not bothered making a will then there are legal rules which dictate how the money, property or possessions should be allocated. The rules detail the degrees of relationship that are entitled to claim the assets using a Grant of Administration issued upon application to the court. If no relative qualifies under the provisions to claim the assets then the Crown may be able to take everything. It is therefore important that almost everyone leaves formal instructions on how they require their assets to be dealt with after death. Failure to do so may mean that the deceased person’s assets are distributed in a way that they would not have countenanced in life.

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Grant of Probate

A grant of probate is a document issued by a Probate Registry which is a part of the High Court, upon application by an executor of a will and entitles the executor to deal with the assets of the deceased in accordance with his expressed wishes. Executors are usually solicitors, banks or accountants but may be members of the public especially trusted friends or relatives. Usually executors who are not professionally qualified instruct a solicitor to deal with wills and probate matters on their behalf due to the amount of paperwork involved and to reduce the possibility of complaints or legal action by beneficiaries who may be unhappy about the way in which an executor deals with matters. We at NATIONWIDE solicitors can apply for Probate on your behalf and deal with all the paperwork involved.

Executors Duties

Wills and probate matters can be complex especially the application for the grant which requires a thorough assessment of the assets and finances of the deceased. The first steps to be taken by the proposed executor of a will involves assessment of all debts and liabilities and valuation of all assets including bank accounts and real property Once this has been carried out a proposed executor in person must make application to the local registry for a grant and at that time must submit an account showing all assets and liabilities for consideration by the capital taxes office as there may be liability to pay tax on the estate if the net value exceeds current limits. The proposed executor is then called to the registry and is required to swear an affidavit which contains basic details of the deceased and the death together with a figure for the net value of the estate. The original will must be annexed to this affidavit. The application is then considered by the registry which issues the grant. In due course the capital taxes office will consider the executors account and may ask further questions before indicating that they are satisfied with the figures. If the value of the estate exceeds the current limit then tax will be payable and if in due course the figures change following liquidation of the assets then it may be necessary to submit an amended account. We at NATIONWIDE solicitors deal with the necessary applications on your behalf so that in the majority of cases it is not necessary for the executors to attend at the registry, we deal with the taxes office and realisation and distribution of assets.

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Realisation and Distribution of Assets

Once the grant has been issued it gives the executor the legal right to deal with the assets of the estate in accordance with the wishes of the deceased. This may involve the sale of property, the liquidation of shares and calling in the balance on bank accounts. Once the assets are realised and all debts including tax are paid the executor must distribute the residual estate to the beneficiaries. Executors must be extremely cautious about the way in which they deal with matters and must remember that they have a responsibility for tax and a responsibility to the beneficiaries. NATIONWIDE solicitors can assist with estate agents, valuation of assets, conveyancing, litigation and banks.

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If you would like to obtain legal advice on Wills,Trusts and Probate matter then please contact us on 020 8983 8944 or by email on info@nwsolicitors.com.

Wills Trusts and Probate

Making a Will

· being unaware of the precise requirements necessary to execute and sign the document

· failing to distribute all of the assets which may allow the Crown to make a claim

· failure to give instructions on how to re-distribute assets in the event of a beneficiary dying

· altering a will improperly after initial execution

· not taking account of changing relationships including marriages, divorces, births and The Civil Partnership Act.

· failure to consider that dependents may have a prior claim on the estate

For a small fee of £59.99 plus VAT let us at NATIONWIDE solicitors make your will for you.

Marriage and Discretionary Trusts

Married couples can save a considerable amount of tax by managing their assets properly and by taking advantage of two nil rate inheritance tax bands.

There are a number of other issues between married couples which should be considered in regards to tax planning especially regarding jointly owned assets including the matrimonial home and other property.

Grant of Probate

Executors Duties

Realisation and Distribution of Assets

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