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All correspondence to : Hilton Regus Express, Outwood Lane, M90 4WP

All our Wills and Trust Documents are drafted by specialist Barristers

Knowing The Law

A.   What makes a Will “Legal”?

Your will, in order to be legally binding, must conform with the following ground rules:-

B.   How does inheritance tax affect me?

Inheritance Tax is paid if a party’s Estate is worth more than £325,000 at the date of their death. This is referred to as the “inheritance Threshold.” The current rate of IT is 40% on any sum above that threshold. This rate may be reduced to 36% if 10% or more of the Estate is left to charity.

The Executor is liable to pay the IT.

If no IT is due, HMRC must be nevertheless informed on Form IHT205. IHT400 is completed in the event that tax is due.

The tax, if any, is due by no later than the end of the sixth month following the date of death. However, you can pay the tax in  instalments over the course of ten years on assets that may take time to sell including property.

C.   Who can prepare a Will?

Subject to certain rules (see question A above) anyone can make a Will. One can purchase a form from a stationers with an explanatory leaflet. This can work perfectly well but if you have more specific wishes to be incorporated in the Will, there is a legitimate argument for advising you to seek a lawyer’s input and advice. It is a matter for you but it has to be right and clear. You will need the original Will in order to apply for Probate. You will need to establish the assets in the Estate and their value. The relevant form for such Application is PA1. You also need to complete the Inheritance Tax Form detailing the liability to IT.

When submitting your Application, you must also send the Death Certificate as well as the Will. You will also, as executor, need to swear executor’s oath confirming the truth of the statements made. In order to obtain the Probate, it is also necessary to pay the IT due.

D.    Upon death, and in possession of the Will, what do we do next?

If there is a Will, you apply for Probate. If there is no Will, you apply for what are referred to as Letters of Administration. You have a Will ensures that our wishes are fulfilled. Without a Will, you are bound by the “Rules of Intestacy” (see below)

As to Probate, it is the executor’s duty to apply. He may instruct a solicitor. You do not have to employ a solicitor to undertake such process. It can involve a lot of paperwork. The executor administers the Estate.