Month: October 2020

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Wills: The Basics

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Wills:
The Basics

We thought we would go back to the basics and answer some of the questions we get asked:

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What is a Will?

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Why do I need a Will?

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What happens if I don’t have a Will?       OR
What happens if I die without a Will?

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I don’t have anything, do I still need a Will?

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Why is a Will important?

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How long does it take to make a Will?

So, let’s get going…

What is a Will?

A Will is a legal document that sets out what should happen to all of your belongings (money, property, cars, possessions etc.) when you pass away.

Your Will can also appoint Guardians for your children (should they be left with neither parent). A Will is the only way (in the UK) of appointing guardians for your children.  

Your Will appoints Executors, the people that you trust to be responsible in administering your instructions.

Your Will can also include any funeral wishes that you may have (although this is optional).

Why do I need a Will?

We often get asked ‘Why do I need a Will?’ or ‘What happens if I don’t have a Will?’ or even ‘What happens if I die without a Will?’.

Ultimately it is the same question…with the same answer, just asked in different ways.

So, you need a Will because if you do not have a Will, or (to put it another way) die without a Will, then you will die INTESTATE.

If you die intestate, this means that the Rules of Intestacy apply and you, and your family, lose control of where your money, property and possessions go and this is decided by the Rules of Intestacy.

Having a Will in place allows you the control to decide who benefits and inherits upon your death.

I do not have anything, do I still need a Will?

YES!

Even if you perceive that you have ‘nothing’ this can mean very different things from one person to another.

As we have said above, a Will is the only way to determine that only the people that you decide can benefit and inherit upon your death, rather than it being left to the Rules of Intestacy.

Why is a Will important?

For fear of repeating ourselves (although it is important!), your Will is important as it allows you control and allows you to decide where your estate (all your money, property and assets) go.  

It’s not just about your money though, you can also choose guardians for your children, name your executors and even make provision for any pets that you have.

A will can also allow you to create Trusts that may help with reducing your Inheritance Tax liability.

How long does it take to make a Will?

Usually, we just need about an hour of your time to explain everything to you, take down all your requirements, answer all your questions and then we’ll do all the work in the background. 

We then return to you with your Will for signing, we provide both independent witnesses, to make it legally binding and then your Will is complete. 

From the initial call to you having your signed Will in your hand with all your wishes, legally compliant and complete can take as little as a few days, we like to make it as simple for you as possible for you. Having said that, we never rush you to finalise your Will until you are 100% happy with the Will and that it covers all of your wishes. 

If you would like to have a free chat about your existing Will, or creating a new Will, please contact us on info@TotalLegacyCare.co.uk or 01727 865 121

Leah Waller

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How much does a Will cost?

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How much does
a Will cost?

It’s always tricky to work out how much something costs, or is worth, before you get a quote. To guess how much anything will cost we need to look at the value of it first. ‘Value’ is described as “the regard that something is held to deserve; the importance, worth, or usefulness of something”.

If we break those 4 areas down for a Will then we can start to understand the value:

The regard that something is held to deserve

Writing a will is not as simple as putting pen to paper (or finger to keyboard). The process, when followed properly, should include an initial meeting where the Will Writer or Solicitor will take time finding out what the clients needs are, taking down all the relevant information and answering any questions the client may have. There may be a requirement to plan for inheritance tax, or to plan for vulnerable or disabled beneficiaries, and workout the best solution to meet all the clients needs. 

Once this has happened the Will can then be drafted and a draft version sent to the client and explained fully to them. 

If all is in order the Will can be finalised, printed and signed. The Will Writer or Solicitor will have additional paperwork to complete to be fully compliant and complete their due diligence.

There is a fair amount of work to complete in order to put a valid Will in place and it should take around 4-6 hours for an efficient Will Writer or Solicitor to complete, even with what is considered a ‘simple Will’. 

The importance

The next part to discuss is the Importance of a Will, this should be self-explanatory but put simply, without a Will in place you don’t get to decide where your assets end up. Having a simple Will in place removes additional stress that your family and loved ones will have to endure without having a Will in place in dealing with the Rules of Intestacy. A Will not only dictates where your money will go, it also covers a variety of other important decisions, such as, guardians for children (if under the age of 18 years) your funeral wishes, your executors and any Trusts that you may wish to put in place to protect your loved ones. 

Worth

If you ask anyone who has had to deal with the Administration of an Estate without a Will then they are sure to explain how much easier it would have been with a Will. It’s also more costly to go through the legal procedure when there is no Will (several times the amount it would cost to put a Will in place). If you put a Will in place you could save your loved ones time, expense and hassle – which must be worth it, right?

Usefulness

Having explained the previous areas, how useful is a Will? 

Your Will lists clearly your instructions and what you want. It is the only way (in the UK) to ensure guardians are put in place, for your children, if required, explains your funeral wishes to your executors and directs your executors on how you would like your Estate to be distributed. Your Will can ensure people are protected in the event of your death and Trusts can be included to plan for inheritance tax amongst other important issues such as vulnerable or disabled beneficiaries.

So, how much should a Will cost?

It will vary on what you require and where you get it from. You can pick up a Will Pack from WH Smiths for under £20 and do it yourself. Although a word of warning…completing a Will yourself comes with risks, you’ll need to ensure it is correctly completed and legally valid, you may not realise this until it is too late. 

If you go to a professional, you will be expecting to pay anywhere between £200-£500 for a simple Will. If you need Trusts in place or there is additional work then you can expect to pay more. Many companies offer an initial consultation free of charge and all prices should be quoted up front before work commences 

 

We are always happy to have a chat with you about putting a Will in place or answer any questions you may have. 

If you would like to have a free chat about your options or making a Will, please contact us on info@TotalLegacyCare.co.uk
or 01727 865 121

Neil Barras-Smith

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What is the role of an Executor?

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What is the role of an Executor?

Being appointed as an Executor is a blessing but can also be a burden, but worse of all is when it comes as a surprise!

If you are asked to be an Executor, you may have a few questions:

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What is an Executor?

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What does an Executor do and is there a specific process to follow?

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Does being an Executor cost me anything?

So, let’s have a look at some of those questions…

What is an Executor?

An Executor is appointed by someone in a Will, so that when that person passes away the Executor can collect and protect the estate, property and assets of the deceased and carry out the distribution of such items in accordance with the Will and the deceased’s wishes.

Being an Executor can involve a considerable amount of work, but it is a privilege to be asked. The person that has appointed you as an Executor, has put their ultimate trust in you to carry out their final wishes, to collect in and distribute their estate and possessions as they wanted on the basis that they trust you to do so.

Some of the initial steps to take upon becoming an Executor are:

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Ensuring that a Death Certificate is obtained

As the Executor you will be responsible for notifying certain people, companies and authorities of the death and so the Death Certificate will be required. It is possible to obtain more than one copy of this and so it may be wise to do so.

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Finding the Will

As the Executor you will need the Will in order to apply for Probate.

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Consider whether you need help

As the Executor you do not have to carry out all of the administration of the estate by yourself, you can ask for professional help from solicitors, probate specialists and/or tax advisers.

If the estate is relatively small and doesn’t have any complexities, the Executor may well decide that they can carry out the process by themselves and this is also fine.

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Applying for the Grant of Probate

This is the official document giving you authority to administer the estate of the deceased, collect in and deal with their assets and then distribute them accordingly.

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Collecting in the Assets

The Will and any accompanying documents that the deceased may have left may well give specific instructions as to what the deceased has and, importantly, where it can be located, however such specifics may not be given.

As the Executor you will need to ensure that you collect in and account for all of the deceased’s assets including property, stocks, shares, bank accounts, ISAs, personal items etc. The Executor will also be responsible for ensuring that relevant insurance is in place for the assets until they can be distributed in accordance with the Will.

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Paying the estate debts and any taxes

The estate is responsible for paying the funeral costs and any taxes due in relation to the deceased and the estate. The Executor is not responsible for paying these personally however, the Executor is responsible for ensuring that these are paid from the estate. The Executor should also put a notice to debtors in the London Gazette.

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Distribution

The Executor will then be responsible for distributing the estate assets, following the payment of all debts and taxes, in accordance with the deceased wishes as set out in their Will. A detailed record of this, and all the steps taken by the Executor, should be kept throughout the process.

Remember, if you are putting your Will in place, have a chat with your proposed Executors and let them know that you trust them implicitly and so that is why you would love them to be an Executor. Having the conversation may well be difficult but it will save what can be a shocking, surprise should anything happen to you and they are required to act.

An Executor has the right to refuse to act, if they are unwilling to do so at the time they are needed, and so discussions at the time that a Will is put in place are important to overcome this. 

An Executor may be unable to act, through incapacity or if their death occurs before yours, however having conversations with your proposed Executors, when putting your Will in place, should prevent any surprises and limit the risk of them renouncing their obligations when the time comes.

We are always happy to have a chat with you about who you may want to appoint as your Executors and even help with the discussion with Executors and answer any questions that they may have.

If you would like to have a free chat about your options or making a Will, please contact us on info@TotalLegacyCare.co.uk
or 01727 865 121

Leah Waller

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