Christie Solicitors
wills
If you are aged 18 or over and have assets then you should make a will.
The purpose of a will is to ensure that upon death your assets are given to beneficiaries that you have chosen and that your estate is administered by executors who you have appointed. Without a will your estate will be administered in accordance with the legislation and rules which make up the intestacy laws. The application of these rules can often cause difficulties for surviving family members, partners and spouses.
At Christie Solicitors we can give you relevant advice and prepare your will at reasonable cost. Often this can be done with only one appointment - the documents can sometimes be prepared and signed at the first meeting. We are also happy to prepare wills for clients who are unable to call to see us. This can now be done using our dedicated website www.accuratewill.co.uk . For local clients we are always happy to make a home visit.
Do remember that a will is a technical legal document which sensibly should be prepared by a qualified lawyer. As a consequence home made wills often prove to be imperfect causing problems for those concerned. There are also now a number of unqualified will writers who offer their services and claim to charge less than a solicitor - this often proves not to be the case. In any event it is sensible to instruct a qualified and fully regulated solicitor to prepare your will.
unregulated will writers
Jon Robins writing in the Observer (April 2011) warns readers to beware of cut-price offers with will writing.
"We're told that writing a will is vital to secure the future of our loved ones. But many who set out with all the best of intentions, find that what should be a simple act is frustrated by 'glaring errors', pressure-selling and over inflated fees, according to the Law Society."
"The Law Society is calling for will writers to be regulated in advance of unprecedented liberalisation of legal services, likened to the "Big Bang" deregulation of financial services in the 1980s. Cut-price, or even "free", will writing services are likely to be increasingly offered as market entrants encroach into the territory of traditional high street firms."
"It is reckoned that 30 million people in Britain do not have a will and - given that if you die without one, you leave those closest to you at the mercy of the intestacy rules - it might seem any is better than none.
But the Law Society has compiled a dossier of 140 complaints to support its case for a clampdown on unregulated will writers.
Anyone can set up as one without qualifications, compensation schemes or professional indemnity insurance - as they do, time and again. In one case "a glaring error" meant the family house would have passed to the wrong beneficiary. In another, some £12,500 of legal fees were wasted on an unnecessary dispute between four daughters and their mother's ex over whether all, or part, of the mortgage, had to be paid from the deceased's estate.
Exorbitant "hidden" fees are commonplace: a £29 will came with a £600 "storage" fee, another with £1,000 (often lawyers don't charge for storage)."
Elsewhere, the regional press advised members that using a solicitor to draft a will is the safest choice, and reports the Law Society's concerns about unregulated will writers.
Inheritance Tax and estate planning
Even in cases where no Inheritance Tax is likely to be payable we can help clients with other issues as well as ensuring that no tax liabilities arise. Protection of the family home from care home fees is something which we frequently discuss with clients. We can also help with other issues relating to planning for retirement and later life. Our objective is always to give sensible, practical and effective advice.
Inheritance Tax is sometimes paid on an estate when somebody dies. It's also sometimes payable on trusts or gifts made during someone's lifetime. Most estates don't have to pay Inheritance Tax because they are valued at less than the threshold (currently £325,000).
Since October 2007, married couples and registered civil partners can effectively increase the threshold on their estate when the second partner dies - to as much as £650,000 in 2009-10. Their executors or personal representatives must transfer the first spouse or civil partner's unused Inheritance Tax threshold or 'nil rate band' to the second spouse or civil partner when they die.
When Inheritance Tax becomes payable the rate ot tax is 40%. At Christie Solicitors we can give advice which can help to mitigate the liability. We work closely with a number of Chartered Accountants and Independent Financial Advisors. Acting together we can help clients to plan for the future and ensure that both they and their beneficiaries receive maximum benefit from their assets and savings.
Do you have a question or want to make an appointment to see us?
Give us a call on 01507 617716 or use our contact form.
TO MAKE A WILL ONLINE PLEASE VISIT www.accuratewill.co.uk
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