 Wills
and Estate Administration
Wills
A will is simply a legal document which determines what
happens to your money and belongings in the event of your
death. If you do not make a will; in other words if
you die intestate; then the law determines how your money
and property will be distributed to whom and in what proportion.
If you have no family or blood relatives and have not made
a will all your property and belongings will pass to the
Crown.
By making a will you can: -
- Appoint an Executor to deal with all your property and
belongings after your death
- Appoint Guardians or set up Trusts for your minor children.
- Plan with professional advice and assistance the distribution
of your property and belongings so as to minimise Inheritance
Tax or Capital gains tax consequences
- Leave specific instructions about matters of particular
importance to you such as your choice of burial place or
form, provisions of your pets or gifts to certain favoured
charities
- Avoid disputes or feelings of ill will amongst the surviving
family members about who is entitled to share in your property
and belongings or what they should do about a particular
asset.
- Revoke or alter a previous existing will in the light
of any change in your own personal circumstances such as
the birth of a child, a divorce or the death of any person
specifically mentioned in your existing will. As a
matter of good house keeping it would be wise to review
the contents of your will at least every 5 years to ensure
that its contents still reflect your wishes
- Ensure that your property and belongings, which are very
often on death referred to as your Estate, are distributed
in accordance with you’re your wishes.
Given the importance to every adult of making a will, it
is essential that your will is legally correct to ensure
that your wishes are carried out after your death. There
are certain formalities to be met in the preparation and
execution of a will. Whilst it is possible in theory to make
a home made will without expert advice, in many instances
such wills turn out to be invalid for one reason or another
with the result that the estate of the individual is distributed
as though this person had died intestate and in accordance
with the rules set by legislation. The preparation of
your will by a solicitor should ensure that this does not
occur to you. We believe that the actual process of
making a will should not be daunting, time consuming or unnecessarily
expensive. We will take your instructions and draft a Will
in as clear a manner as possible. We will confirm that the
draft Will meets your requirements making any amendments
which may be required before ensuring that it is properly
executed. We will then hold your original Will in our fire
proof Deeds/Documents Safe free of charge.
Estate Administration
When an individual dies, certain steps have to be taken
to sort out their property and belongings in accordance either
with the terms of their will or the intestacy provisions
set down by legislation. If the individual had made
a will appointing executors and has an estate which exceeds £5000
in value then the executors must apply to the probate office
of the High Court of Justice for a Grant of Probate. The
Grant will give them official authority to act on behalf
of the estate.
If the person died intestate i.e. without a will then the
next of kin will have to take charge. There is a prescribed
order of priority which sets out who in these circumstances
may apply for a grant (in this case called Grant of Letters
of Administration) which will provide the official authority
required to sort out the estate of the deceased.
The submission of an application for a Grant of Probate
or a Grant of Letters of Administration will involve obtaining
full details as to all the assets and liabilities comprised
within the estate for the deceased individual. Depending
on the size and nature of the deceased’s estate it
may take a number of weeks or months to gather together this
information. If the net value of the estate exceeds £250,000
the personnel representatives may be liable to pay Inheritance
Tax through the Capital Taxes Office prior to obtaining the
grant. In some instances this may involve obtaining
a bridging loan from a bank for the payment of the tax, such
loan to be repaid from the assets comprised within the estate
after the issue of the grant.
Occasionally it may be of advantage for the beneficiaries
to the estate and the personal representative to enter into
a Deed of Variation of Family Arrangement under the terms
of the will or the distribution of the estate as set down
in the intestacy provisions. A Deed of Variation may enable
to assist in reducing or avoiding a liability to Inheritance
Tax or perhaps redistributing the property of the deceased
at variance with the terms of the will or intestacy but by
agreement between the beneficiaries.
Once the Grant of Probate or Grant of Letters of Administration
has been obtained, the personal representatives are in a
position to collect in the assets of the deceased. After
payment of the deceased debts, funeral and testamentary expenses
and the repayment of any loan which was pertained to discharge
the inheritance tax liability, it is the duty of the personal
representatives to distribute any assets left over in accordance
with the will of the deceased or in accordance with the intestacy
provisions.
Enduring Powers of Attorney/ Controller Orders
People can become unable to manage their own affairs at
any stage of life whether through illness, accident or a
general decline in their mental health. Whilst it is
possible for any individual to execute a Power of Attorney,
which will permit another person to carry out a particular
function on their behalf or perhaps handle their affairs
generally, this ordinary Power of Attorney becomes invalid
if the individual should lose their mental capacity. In
a practical sense this may mean bills left unpaid or assets
frozen and unavailable to or for the benefit of the individual.
The law has provided for this situation by introducing a
particular form called an Enduring Power of Attorney which
allows you to nominate someone to act upon your behalf in
relation to all your property and affairs or to act on your
bejhlf in relation to certain specified matter. This
Enduring Power Of Attorney will continue subject to certain
procedural steps being taken in the event of the individual
becoming mentally incapable at some later date. It is obviously
very important that you completely trust the person you appoint
to be your Attorney and believe that they will act in your
best interests at all times. The drawing up of an Enduring
Power of Attorney may be something that you would wish to
consider at the same time as giving instructions for your
will.
In the event that a family member has become mentally incapable
of managing their own affairs and there is no Enduring Power
of Attorney in existence then it may become necessary to
make application to the Office of Care and Protection in
the High Court of Justice for the appointment of a Controller
to manage the individual’s property and affairs. The
application to the Office of Care and Protection involves
the completion of a number of documents, the service of a
Notice of the application both on the individual and on other
family members and in most instances an attendance by the
proposed Controller at the Office of Care and Protection
prior to any order being made.
Obviously the gathering of the information required for
the completion of the various documents and the following
of these procedures may take some time and until an Order
has been made it may not be possible to deal with the assets
of the individual. Once an Order has been made by the
Master of the Office of Care and Protection, this Order appointing
Controller will set out specifically what the Controller
has to do in relation to the individual’s property
and affairs. We can either act as Controller or guide
you through the process.
It is our aim to carry out all our responsibilities with
the minimum of fuss or inconvenience to our clients. We realise
that it is difficult for people to make important decisions
or attend to mountains of paperwork and detail following
the death of a loved one or when faced with an individual
who appears to be no longer capable of managing their own
affairs. We therefore approach Estate Administration in a
sensitive and quietly efficient manner. Margarita Sloane
is also highly experienced in Conveyancing and is therefore
able to effect all transfers of property within an estate,
or as a result of a controller order, without the need to
pass clients from department to department.
Should you require any further information please contact:-
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