A will is one of the most important legal documents you can have. It is an essential way of ensuring any savings and assets get distributed to family and friends according to your wishes. But with nearly two thirds of adults in the UK without a will, are DIY kits a solution? And do they…
Wills need not be complex, nor do they need to be long, drawn-out affairs. Many people put off preparing one in the mistaken belief that it is expensive or complicated, leaving their loved ones with a much more complex process of probate once they do pass. The most common mistake in estate planning is not…
Inheritance can be a tricky thing to set up and manage. As well as navigating all the pitfalls of the law, what you can and cannot do, and what your tax bill may be at the end of it all, there is also the matter of considering managing family expectations or working around problems within…
Ever thought about what happens to your pension after you pass away? No, we thought not. You’re not alone though as most people are focused on assets such as a home, business, or valuables when preparing their will, in the belief that a pension will automatically pass on to a nominated beneficiary. It isn’t always…
It’s a big thing to be asked to be the executor of someone’s will. It means that they trust you and value your judgement, as well as consider you a close friend and, importantly, someone who can be impartial should it be necessary. We have talked before about what makes a good will executor –…
With more and more people marrying for a second, or even a third time, the issue of inheritance becomes even more important to settle sooner rather than later. It matters not whether a second marriage is the result of a divorce or the death of one partner, but it is a concern for many when…
There comes a time in our life when we should write our will. It may not be something we want to think about, but it is something that needs to be done, particularly if there are children or other dependents involved as you will want to make sure they are looked after in the event…
People acting as Executor of the Will of a friend or family member often seek professional assistance, and we always advise it. You can take on the process yourself, or appoint a lawyer, but probate specialists tend to be more efficient and less expensive. The actual process of dealing with probate is effectively the same,…
How does inheritance tax work? One of the more complex areas of taxation, it can be difficult to navigate without the help of an expert. There are, however, a few key points that you should be aware of either when preparing a will or when the time comes for dealing with probate issues. To offer…
If you die without having made a will, then it means that you have died ‘intestate’. Similarly, if your will is determined to be invalid, then you are also considered to be intestate. For a brief reminder of when a will is not valid, take a look at last month’s entry on contesting a will.…