Wills and Estate Planning

Why make a Will?

There are many reasons to make a Will. Many people never get round to making a Will. In fact, statistics show that one out of three people who die in England and Wales die without having made a Will.

Often people assume that everything they own will pass on to their family or loved ones. However, there are many circumstances in which this will not happen.

What happens if I don't make a Will?

There are a number of things, a few of which include:

If you die and do not have a Will in place your estate will be dealt with on the basis of the Intestacy Rules. They apply differently to people depending on your own family circumstances. Quite often, they may not distribute your estate as you would like.

You may wish to leave money to charity or people other than your immediate family. This will not happen unless you have a Will.

If you want to plan for your estate to avoid Inheritance Tax on your death, you may need a Will to do this.

What are the Intestacy Rules and how will they effect me?

The Intestacy Rules are set out to dictate how people's money and assets should be dealt with on death if they die without having made a Will.

See the description of your circumstances below which best suits your family to see how the rules would effect you:

Married with children:

1. £250,000 of your estate and all personal chattels will pass immediately to your spouse absolutely.
2. The rest of your estate will be divided into 2 equal parts and:
a) One half will be held on trust for your spouse for the duration of their life.
b) The other half will pass immediately to your children in equal shares.

Married - no children:

1. £450,000 of your estate and all personal chattels will pass to your spouse absolutely.
2. The rest of your estate will be divided into 2 equal parts and:
a) One half will be held on trust for your spouse for the duration of their life.
b) The other half will pass immediately to any qualifying relatives who survive you.

Unmaried with children:

Your entire estate will pass to your children in equal shares even if you have a common law partner.

Unmarried - no children and parents surviving:

Your estate will pass to your parents in equal shares.

Unmarried - no children and parents deceased:

Your estate will pass to your brothers and sisters in equal shares.

If you have no brothers and sisters your estate will pass to your half brothers/sisters.

None of the above - then to Grandparents or Uncles/Aunts.

No immediate family:

If you have no surviving spouse, children, siblings or Grandparents your estate will pass to Uncles/Aunts in equal shares.

No family - immediate or remote:

Your estate will pass to the Crown, ie, the Government.

Please note this is a simplified explanation of the Intestacy rules - if you need a more detailed explanation we suggest you contact us.

What do most people do?

A Will is a very personal document and there is no such thing as a "standard Will". However, some examples of common Wills are below:

Young Husband/Wife with children

Husband and wife may choose to appoint each other as their sole Executors and then provide that everything passes to the survivor. On the survivor's death a Guardian may be appointed to look after the children if they are still minors with the a friend/relative being appointed as one Executor and a Solicitor being appointed as the other. Money would then pass to the Executors who would also act as Trustees to the children and hold the money in trust for them until they attain 18.

Older Husband/Wife with children

Again, on the first death whole estate to survivor and then on the second death to the children in equal shares with provision that if any of the children die, their own children should receive their share. Possibly some specific gifts may be included.

Older person with no immediate family

A Solicitor may be appointed as the Executor to deal with specific gifts and legacies to more remote family members. The residue of the estate can then be divided between whatever institutions or individuals the person making the Will chooses.

Older Husband/Wife holding high capital with children

This Will may be based on the others specified but may include an element of Inheritance Tax planning to reduce Inheritance Tax on the second death.

Our fees

For simple Wills, our fees are:

Single Will - £150 + VAT

Mirror Wills (husband and wife) - £275 + VAT