A Will is a legal declaration by which a person names one or more persons to manage their estate and provides for the distribution of his property at death.
You need a Will for all circumstances, whether you're single, married, divorced, and have children or not.
A Will is a document which only speaks from the point of death. Until that time, it has no legal standing and can be changed at any point prior to death.
There are several things to think about when making a Will:-
If you die without a Will, there are certain rules which govern how your money, property or possessions should be allocated. This may not be the way that you would have wished your money and possessions to be distributed.
If you would like to talk to us about a Will, please contact our Taunton office on 01823 256 494.
After a person has died, the process of dealing with their estate is known as probate. If the deceased did not leave a valid Will, this process is instead referred to as estate administration.
Probate or estate administration involves paying all debts and liabilities of the deceased and distributing the funds left in the estate in accordance with their Will. If the deceased died without a valid Will, any money left after the payment of debts will pass as follows:-
Inheritance Tax is usually paid on an estate when somebody dies. It may also be payable on trusts or gifts made during someone's lifetime. An estate will not have to pay Inheritance Tax if it is valued at less than £325,000. If Inheritance Tax is payable, the threshold is 40% (or 36% if the estate qualifies for a reduced rate as a result of a charitable donation).
If married couples and civil partners transfer their estate to their surviving spouse when they die, it is possible that the inheritance tax threshold can effectively be doubled (currently to £650,000) on the death of the second spouse. Please ask for specific advice about this.
If you have any queries about probate or the administration of an estate please contact our Taunton office on 01823 256 494.
A Lasting Power of Attorney (LPA) is a legal document that gives a person or persons of your choice (your Attorney) power to deal with your affairs.
There are two types of LPAs:-
If you would like to speak to us about a power of attorney please telephone our Taunton office on 01823 256 494.