A will is an important legal document which describes your wishes for what you
would like to happen to your estate (everything you own) after your death. Being
absolutely clear about who you want to benefit when you die will not only remove
any doubt and help avoid family disputes, but also help your loved ones sort out
your affairs at what will be a difficult time for them.
First things first
A good starting point for what and who you might want to include in your will is
to consider the foll
Inheritance Tax (IHT) is a tax levied on a deceased’s estate. The estate is,
with a few exceptions, everything the deceased owns immediately before death.
Normally the tax is charged at 40% of the value of the estate. However there are
lots of exemptions that mean currently only about 1 in 20 estates pay any IHT.
We explain these exemptions below.
Leaving all or part of your estate to your husband, wife or civil partner
The good news is that any gifts made in your will to your spouse or civil
Probate is the process of proving who is legally entitled to deal with the
estate of someone who’s died. Commonly, it also describes the process of dealing
with a deceased assets and affairs.
Probate and Administration
Technically probate only covers the situation where the deceased has a will
which appoints executors. Where there is no will, or where there is a will but
no effective appointment of executors, the process is called administration.
Administrators are appointed by the court. Exec
If your will includes a trust, you must appoint trustees. To keep things simple,
with an Affio will your trustees and executors will be the same people, so the
same qualities of a good executor will also apply to your trustees.
Ideally trustees should be someone:
* You trust to follow the instructions you make in your will and for any trusts
* Who is organised and good at paperwork.
* Willing to take on the role.
* Who will have the best interests of the beneficiaries at heart.
A trustee is a person who has legal responsibility for assets on behalf of
somebody else, called the beneficiary.
Trusts have all sorts of uses. They can be complicated they don’t have to be. In
fact even the most simple of wills might require someone to take legal
responsibility for assets on behalf of someone else. A good example of this is
where a will leaves something to a child under 18 In that case a trust is needed
to hold the assets for them until they reach 18 (or older if that’s what
Free wills month is upon us and if you happen to be 55 or over this provides you
with the chance to create your will completely free of charge. If you have ever
considered making a will and have been baffled by the terminology this guide
will provide a fast reference for common rules and terminology in plain English.
1.What Makes A Will Valid?
It must be made by a person who is of sound mind who is over 18, voluntarily and
without pressure. It must be signed by 2 witnesses that are not benefic Read More »
You may have seen notices or advertisements promoting Free Wills Month. If you
are not sure what it is all about then this article will help you to understand
what the Free Wills Month program is all about and learn about its benefits.
Free Wills Month takes place in March and October each year and offers you the
chance to prepare your will free of charge. The offer applies to those 55 years
of age and older and may be used to create your first will or to create a whole
new will even if you ha Read More »
You may already know that the month of October is Free Will Writing Month. This
is a great opportunity for those that haven't already prepared this vital
document to do so without charge.
For the entire month of October those aged 55 and over can write a will and
leave their estate, assets, and valuables to their loved ones. Appoint an
executor, name beneficiaries and make sure your legacy goes to the right people.
There are several places where you can write your will for free during the mont Read More »
When creating a will to document the division of an estate or assets, the
tendency can be to look for a will writing service that is located close by.
Historically the large majority of people have visited their town center or
high street and prepared their will with a local solicitor.
In fact, the term ‘will writing services near me’ scores very high for the
number of searches in Google’s engine.
This demonstrates that for those looking to write their will there is a common
thread of seekin Read More »
You have until June 4th to write your Will
register it for free with The National Will Register
[https://www.nationalwillregister.co.uk/aboutwillregistration.aspx] using code
The National Will Register is a trusted partner of the Law Society of England
and Wales. The register is used by individuals, families, organizations,
government agencies and law firms to register their will. There are over 8
mi Read More »