Making provision for your dependants after your death is one of the most important matters that you will deal with during your lifetime. Will drafting is a complex area of law and Charles & Co Solicitors’ advice is built on the cornerstone of gaining an intimate understanding of your needs and concerns.
If you were to die without a Will, then your estate would be divided according to the Intestacy Rules. The law may not reflect your wishes and in certain circumstances, somebody who feels that they have not been adequately provided for may make claims against your estate. By having a Will in place, you will have certainty as to how your estate will be distributed on your death.
We will discuss your individual circumstances with you and then draft a tailored Will that best suits you. This is after taking into account certain matters such as your marital status, whether you have children, what assets you have and their value, whether you have a business interest, whether you have foreign assets, whether you would like to make certain gifts, who your estate should go to if your chosen beneficiaries predecease you, the appointment of guardians, funeral wishes, the appointment of executors to deal with your estate and inheritance tax considerations.
Putting a Will in place will therefore provide you with peace of mind that your estate will be divided in accordance with your wishes when you pass away. If you would like any further assistance, then please do not hesitate to contact.
Administration of Estates
The death of a loved one can be a difficult time. Charles & Co Solicitors can assist you in administering the estate of someone who has passed away by providing clear and practical advice. It is also an important safeguard to involve solicitors in the process.
The Role of a Personal Representative (“PR”)
When a person dies there has to be someone who can deal with their estate. The role of the PR is to collect in the assets, pay any liabilities and distribute the balance in accordance with the Will or where there is no Will, according to the Intestacy Rules.
Often in order to do this, the PR will have to apply for a Grant of Representation. There are three main types of Grant and the one that you apply for depends on the individual circumstances of the case.
The PR is responsible for valuing the estate as at the date of death and a Grant will not be issued unless HM Revenue & Customs have stated that either Inheritance Tax has been paid or that there is no Inheritance Tax payable. In the event that full disclosure is not made then the PR is at risk of having personal penalties imposed on them.
A PR must be aware of any potential claims that could be made under the Inheritance (Provision for Family and Dependants) Act 1975. This Act enables certain people to make a claim against the estate stating that the Will or Intestacy has failed to make reasonable financial provision for them. If the estate is distributed too soon then PRs can be personally liable for such claims. We can advise more fully on this depending on the circumstances of the case.
A PR may also be personally liable to creditors of the deceased. There is a statutory procedure that can be followed which enables PRs to discover any unknown liabilities and can provide protection from such claims when notice is given of the intention to distribute the estate.