Wills & Probate Advice
Whilst we know some general information on Wills and Probate we advise that you contact a Solicitor for expert information and guidance.
Will and Probate Information
Making a Will: Why It Matters
A will is a legal document that outlines how a person's assets and affairs should be handled after their death. It ensures that their wishes are respected and can significantly ease the administrative burden on loved ones.
Key Reasons to Make a Will
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Asset Distribution: Specify who inherits property, money, and possessions.
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Guardianship: Appoint guardians for minor children.
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Funeral Wishes: Express preferences for funeral arrangements.
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Tax Planning: Potentially reduce Inheritance Tax liabilities.
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Avoid Intestacy: Prevent the estate from being distributed under default rules that may not align with personal wishes.
Legal Requirements for a Valid Will
o be legally valid in the UK, a will must:
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Be in Writing: Typed or handwritten.
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Be Signed: By the person making the will (the testator).
- Be Witnessed: Signed in the presence of two independent witnesses, who also sign the document.
Note: Witnesses cannot be beneficiaries or spouses of beneficiaries; doing so may invalidate their inheritance.
It is important to remember to update your will after life changes, such as marriage, divorce, or the birth of a child. These life events can affect your will. To update:
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Codicil: A legal document that amends specific parts of a will.
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New Will: Often the preferred method, especially for significant changes. The new will should state that it revokes all previous wills and codicils.
While it's possible to draft a will independently, seeking professional advice is recommended, especially if:
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You have complex family dynamics.
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You own property abroad.
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You have significant assets.
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You wish to set up trusts or make tax-efficient plans.
Understanding Probate
Probate is the legal process of administering a deceased person's estate, ensuring debts are paid, and assets are distributed according to the will or, if there's no will, under intestacy laws.
When is Probate Required
Probate is typically needed if the deceased:
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Owned property solely in their name.
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Had significant financial assets.
However, probate may not be necessary for:
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Jointly owned assets, which usually pass automatically to the surviving owner.
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Estates with minimal assets (often under £5,000, but this threshold can vary).
The Probate Process
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Locate the Will: Identify the most recent valid will.
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Apply for a Grant:
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Grant of Probate: If there's a will.
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Letters of Administration: If there's no will.
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Value the Estate: Assess all assets and liabilities.
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Pay Inheritance Tax: If applicable, this must be settled before distributing the estate.
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Distribute Assets: According to the will or intestacy rules.
Note: The probate process can take several months, depending on the estate's complexity.
Intestacy: Dying Without a Will
If someone dies without a valid will, their estate is distributed under the rules of intestacy, which may not reflect their personal wishes.
Key Points
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Only spouses, civil partners, and close relatives can inherit under intestacy laws.
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Unmarried partners, friends, and charities receive nothing unless specified in a will.
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The estate is distributed in a fixed order, which may not align with the deceased's intentions.
Funeral Wishes and Planning
While funeral wishes can be included in a will, it's important to note:
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Non-Binding: Funeral wishes in a will are not legally binding. The executors have the final say but often consider the deceased's preferences.
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Communication: Discussing funeral preferences with family and including them in a separate document can ensure wishes are respected.
Pre-Paid Funeral Plans
Considering a Pre-Paid Funeral Plan can:
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Lock in current prices, avoiding future cost increases.
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Reduce the financial burden on loved ones.
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Ensure specific wishes are carried out.
You can find out more about our pre-paid funeral plans here:
https://www.oldhamindependentfuneralservices.co.uk/pre-paid-funeral-plans/
Additional Considerations
Lasting Power of Attorney (LPA)
n LPA allows you to appoint someone to make decisions on your behalf if you become incapacitated. There are two types:
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Health and Welfare: Decisions about medical care and living arrangements.
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Property and Financial Affairs: Managing finances and property.
etting up an LPA ensures that trusted individuals can act in your best interests if you're unable to do so.
Registering a Will
Registering your will with services like the National Will Register can:
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Ensure your will can be easily located after your death.
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Prevent disputes or confusion among beneficiaries.
How We Can Assist
Here at Harold P Heywood, T. Collins & Son and Wild & Brierley, we understand the complexities surrounding wills and probate. Our services include:
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Guidance: Providing information on will creation and the probate process.
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Referrals: Connecting you with trusted legal professionals.
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Funeral Planning: Assisting in documenting and honoring your funeral wishes.
GET IN TOUCH WITH US
We are here to help you through this difficult time. Our family and team are available to provide you with compassionate care and support
