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93 pages

English

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For anyone, the process of producing a will and ensuring that their affairs after death are catered for, is a complex task. In addition, the process of probate and administration of estates is an area which many people do not understand. This book aims to demystify the whole area of wills and probate.

Informations

Publié par	Straightforward Publishing
Date de parution	25 mai 2020
Nombre de lectures	0
EAN13	9781913342968
Langue	English

Informations légales : prix de location à la page 0,0300€. Cette information est donnée uniquement à titre indicatif conformément à la législation en vigueur.

Extrait

A STRAIGHTFORWARD GUIDE TO
PRODUCING YOUR OWN WILL
Philip Kingsley
Editor: Roger Sproston
Straightforward Guides www.straightforwardco.co.uk
Straightforward Co Ltd 2020
All rights reserved. No part of this publication may be reproduced in a retrieval system or transmitted by any means, electronic or mechanical, photocopying or otherwise, without the prior permission of the copyright holder.
British cataloguing in Publication Data. A catalogue record is available for this book from the British library.
ISBN: 978-1-84716-997-6 ePUB ISBN: 978-1-913342-96-8 Kindle ISBN: 978-1-913342-89-0
Printed by 4edge Ltd www.4edge.co.uk Cover design by BW Studios Derby
Whilst every effort has been taken to ensure that the information in this book is accurate at the time of going to press, the author and publisher recognise that the information can become out of date. This is particularly relevant to legal and tax information. The book is therefore sold on the understanding that no responsibility for errors and omissions is assumed and no responsibility is held for the information held within.
CONTENTS
Introduction
1. Producing a Will - Key Points
The Reasons for Making a Will
The law of intestacy
2. When to produce a Will
Ownership of Property
Children
Marriage or Remarriage
Employment
Illness
Divorce and Separation
Increase in personal Wealth
The Provisions of a Will
Money You Have Saved
Property
Land
Insurance Policies
Shares/Trusts
Personal Effects
The Funeral
The Use of Your Body After Death
Making A Recital
3. Making Provisions in Your Will
Who to name
Naming Individuals in your Will
Children
Mental Illness
Bankruptcy
Animals
Groups
Leaving Money/Gifts to Charity
4. The Correct Form of Will
Preparation of a Will
Listing Those Who will Benefit from Your Will
The Choice of an Executor of Your Will
Power of Attorney
The Presentation of Your Will
The Wording of a Will
Safekeeping of a Will
5. The Contents of the Will
Key Steps when Preparing a Will
The Thirty-Day Clause
The Use of A Statutory Will Form
International Wills
Sample Last Will and Testament
6. The Role of the Courts
The Right to Dispose of property
Former Spouse/Civil partner
Child of the Deceased
Stepchildren
Dependants
7. Wills and Taxation
Deed of variation
Inheritance tax
IHT Rates
Reliefs and exemptions
Who pays the tax to HMRC
Giving away a home before you die
If you die within 7 years
Gifts
What counts as a gift
Exempted gifts
The 7 year rule
When someone living abroad dies
Double-taxation treaties
Business property
Life Insurance Policies
Gifts with reservation
The payment of tax
Deductions from the estate
Gifts to charitable institutions
Wills and Trusts Using a trust to cut your Inheritance Tax
What is a trust?
What does a trust do?
Types of trust
Setting up a trust
8. Making a Will in Scotland
9. Wills in Northern Ireland
10. The Serviceman s Will
11. Probate 1. Probate Generally
12. Probate 2. Applying for Probate
Letters of Administration
Applying For Letters of Administration
The Probate Registry - Applying for Probate
Filling In the Forms
Procedure for obtaining probate where the tax situation is more complex
Recent developments
Various points concerning distribution of the estate
Underage beneficiaries
Bankruptcy and those of unsound mind
Beneficiaries who cant be found
Probate fees
Probate online
Attendance at the probate registry
The grant of probate
13. Administering Estates
The Formalities
Funeral Arrangements
The Responsibility of Executors
The Value of the Estate
Bank Accounts
National Savings
Building Societies
Life Insurance
Stocks and Shares
Pensions
State Benefits
Businesses
Farms
Residential property
Personal Possessions
Income Tax
14. The Distribution of an estate
The distribution of the estate of the deceased
Specific legacies and bequest
Transferring property
Preparation of final accounts
Where a will exists
Where beneficiaries are deceased or living
The children s trust under intestacy rules
Glossary of terms
Useful Addresses
Appendix 1-Example of Administration accounts
Appendix 2-sample letters to send when dealing with wills and probate
Appendix 3-Sample forms used in probate
Introduction
Over thirty million adults in the UK do not make a will. More worrying still, 75% of people with dependant children have not made a will, nor have 80% of couples living together without marrying. Yet those who die intestate can leave behind confusion and heartache because they have failed to make provisions for their loved ones. For example, if both parents die at the same time, in a car crash or similar accident, custody of their children may not go to the person they intended unless their wishes are made clear in a will.
Common misconceptions
A large percentage of people wrongly believe that if they die without making a will their husband or wife will inherit all their assets automatically. Similarly, almost 90% of parents who are married or in civil partnerships are unaware that if they die without a will the surviving partner will inherit a maximum of 275,000 from the state. Half the remainder of the estate would go directly to the children while the surviving partner would receive a life interest in the other half which would pass to the children on the surviving partner s death.
This brief book, updated to 2020 , is intended, mainly, for the person who wishes to understand the law and practice of drawing up an effective will and also the law as it affects probate and also the steps towards obtaining probate. It will also be very useful for those who are using a solicitor but wish to know more about the processes behind drawing up and executing a will.
There are more and more companies appearing on the scene now which will handle your will for you and also the process of probate but who will also charge hefty fees for the privilege. They will also charge you an annual fee for storing the will and can make costly mistakes which cause stress and loss for those dealing with the estate of the deceased. Unregulated will writers are operating without insurance or training, primarily because at the moment there is no regulation surrounding will writing and anyone is able to write a will. One of the major risks is that will-writing firms often ensure that they have themselves appointed as a sole of joint executor-the person responsible for administering the estate when the customer dies, then charge way over the odds to the bereaved relatives. Therefore you should avoid will writing firms, in fact avoid anyone other than a qualified solicitor. Banks have also been getting into the act often charging extortionate fees for the privilege. However, in 2011, Barclays, Lloyds, HSBC and the RBS group all voluntarily agreed to review their will writing practices.
In many cases, people can write up their own wills and also apply for and handle the process of probate, choosing to get the help of a solicitor as and when needed. For anyone with a complicated estate, which is increasingly likely with today s changing family life, it is advisable to use a qualified solicitor to assist you with a will or handle probate.
Finally, there is another area of unregulated work, that of tracing heirs to an estate which has become another big industry which is leading to problems for those beneficiaries in that they have to pay big fees when located. This has been highlighted on the BBC2 series, Heir Hunters. We will discuss the process of probate at the end of the book. Again the advice is to employ a qualified solicitor and avoid any outside interference, ensuring that the solicitors are not using expensive companies to track down beneficiaries..
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Chapter 1
Producing a Will-Key Points
The main principle underlying any will is that, if you have possessions, or any other assets, then you need to organise a will that will ensure that chosen people benefit after your death.
In the majority of cases, a person s affairs are relatively uncomplicated and should not involve the use of a solicitor.
There are certain basic rules to be followed in the formation of a will and if they are then it should be legally binding.
The only inhibiting factor on the disposal of your assets will be any tax liability following death, which will be dealt with later in this book. There are a number of other factors to consider, however:
Age of person making a will
A will made by anyone under the age of eighteen, known as a minor, will not be valid unless that person is a member of the services (armed forces) and is on active service.
Mental health considerations
A will formed by a person, who was insane at the time of writing, will not be valid. Mental illness in itself is not a barrier to creating a will, as long as proof can be shown that the person was not insane at the time of writing. Subsequent mental illness, following the formation of a will, will not be a barrier to a will s validity.
Definition of insanity
Insanity, or this particular condition, will normally apply to anyone certified as such and detained in a mental institution. In addition, the Mental Health Act covers those in a state of arrested or incomplete development of mind which includes sub-normality of intelligence and is of such a nature or degree that the patient is incapable of living an independent life or guarding against serious exploitation.
In any situation where there is doubt as to a persons capabilities then it is always best to have any will validated by an expert. This applies to anyone, not just those classified as insane.
The main point of any will is that, in the final analysis, a court would have to be satisfied that the contents of the will are genuine, there has not been any attempt whatsoever to alter the contents or to in