Making your will
Despite the fact that our financial affairs are more complicated these days and family relationships are more intricate, over two-thirds of people in the UK don't have a will. No one wants to think about not being around any more but if you don't have a valid will in place, it can cause worry and difficulties for the people you care about after you've gone.
If you don't make your will, you'll have missed out on the chance of ensuring that your assets go to those that you have chosen to benefit - instead the law will decide and that won't necessarily result in what you would want happen. You might also have lost out on reducing the Inheritance Tax payable by your estate or avoiding it all together.
Even if you have made a will - it may no longer suit your financial or personal circumstances. Reviewing your will every few years is a must.
At QualitySolicitors Belshaws, we'll help you plan for the future with advice on all your options and as experienced will writers we'll prepare a will tailor-made for your individual needs so that you can get on with living your life safe and secure in the knowledge that you've planned ahead.
Probate & Estate Administration
When someone close to you dies, it's a very sad time but inevitably soon afterwards their financial affairs need to be put in order. Their assets and debts need to be identified and valued. An account must be filed with HM Revenue and Customs (even if no Inheritance Tax is due) and if there is a will, a Grant of Probate needs to be applied for from the Probate Registry which gives the Executors the legal authority to deal with the estate. The Executors have the legal responsibility of collecting in the assets, using them to pay off all debts and carrying out the terms of the will.
If there isn't a will, then the "intestacy rules" will apply. These rules dictate who is entitled to manage the estate and an application to the Probate Registry will be required to appoint them as "Administrators" . They then have similar duties and responsibilities as Executors.The rules also say who should be the beneficiaries of the estate.
Taking on the role of an Executor or an Administrator is a great responsibility. They are accountable under the law for everything that they do in connection with the estate and owe the creditors and beneficiaries a duty to act honestly and in good faith at all times. Failure to do so can result in them being personally liable for any losses.
If you are an Executor or an Administrator at QualitySolicitors Belshaws we can help you through the probate process from start to finish quickly and cost effectively giving you peace of mind that you've done all that is required under the law.
For further information or expert advice about making your will or probate cases, call us now on 01616 387 505 and ask for our Private Client Partner Andrea Belshaw