rogers and norton > services > wills.

The importance of making a will cannot be overstressed. Each will is tailor-made for the client, taking into consideration his or her personal financial circumstances, family and commitments and the possible incidence of taxation and in particular inheritance tax.

After a death it is important to those who are left behind that the estate is administered with sympathy as well as with efficiency. It involves obtaining valuations of all of the assets of the estate, agreeing the tax liability, applying for the Grant of Probate (or Letters of Administration in the event that there is no will) and then with the benefit of that Grant gathering in the assets of the estate and administering them according to the will or according to law as the case may be. In some cases a trust may arise under the provisions of a will or an intestacy and that trust could last for many years.

It will normally require the advice and assistance of a solicitor and in many cases a skilled financial adviser.

In dealing with the personal affairs of clients it is appropriate to mention powers of attorney and Court of Protection Orders. These are normally granted to enable relatives, friends or professional advisers to administer the affairs of elderly or infirm persons who, for whatever reason, are unwilling or unable to manage their own affairs.

Five Common Assumptions

• Only the wealthy or the very old make wills.
• It costs a fortune to make a will.
• It needs to be done once only during a lifetime.
• You can buy a will form from the newsagents and do-it-yourself - it’s just as easy.
• A will is only a list of things you want done when you die and your family will know your wishes.

Making a Will - The Reality

• Even if your family is close and think they know your wishes, a will is the ONLY way of being sure that when you die your wishes are carried out.
• Whether you are married, divorced or living with a partner, everyone over 18 should make a will.
• Without a will, any money or property you own may not go to your partner.
• Unless you make a will, you cannot leave a gift to charity, your best friend or your lover.
• Your will should be updated regularly - just like your insurance. Your means and wishes do change.

Making Your Will

Drawing up a will is not a piece of cake. It can be very complicated and needs thorough knowledge of the law relating to inheritance, property, families and tax.

Some of the relevant law dates back hundreds of years while tax law is always changing. A trained solicitor knows about the pitfalls and problem areas which, to the untrained, simply don’t exist. Ignoring them can mean heartache and disappointment to your loved ones.

Your will is one of the most important documents you will ever sign.

It is intended to pass on absolutely everything you own. You have worked hard for these things, so make sure they go into the right hands. Discuss with a solicitor all the options open to you.

Apart from possessions, what about the welfare of your family or your pets? Get advice from a solicitor and make the best of what you have during your lifetime.

A solicitor’s job in drawing up your will is to do everything possible to make sure your wishes come into effect. This means using careful wording to avoid doubt about what you want before it is too late to ask. Sometimes the legal terms used are obscure but this is to make sure that there are no misunderstandings. Your solicitor will explain everything.

Solicitors’ professional rules are there to protect you. They ensure that your interests are the priority.

Anything discussed in the solicitor’s office is confidential. Solicitors are also encouraged by the Law Society, their professional body, to discuss their fees in advance.

Terms Explained

• Executors. These are the people who are responsible for winding up your affairs and distributing your property in accordance with your Will. You can appoint adult relatives or friends or the Partners in Rogers & Norton.
• Beneficiary. This is anyone who is left something in a Will. An Executor can be a beneficiary, but a beneficiary must not witness a Will or the gift to him will fail.
• Probate. The Grant of Probate is the official document confirming your Executors’ authority to deal with your estate. Without this they cannot close bank accounts or sell the house.