Frequently Asked Questions – Making a Will

Why do I need to make a Will?

You need to make a will to make sure that any money, property, or assets you hold will go to the people or causes that you want them to after your death.

Who gets my property if I don't make a Will?

If you don't make a will you will be said to have died intestate. Your estate will be divided up according to the rules of intestacy which can be complex.

As a common law husband or wife, will my partner inherit my estate?

If you are not married to your partner and you don't leave a will, your partner is not entitled to inherit any of your estate. The terms "common law husband" and "common law wife" are legally meaningless. You can make sure your spouse is provided for by making your intentions known in your will.

What happens when I decide to make a Will?

You will need to discuss the details of your estate with a solicitor. You will need to decide whether any legacies will be left to individuals or organisations, give instructions for your funeral and appoint executors.

Why do I need to use a solicitor to make my Will?

You do not need a solicitor to make your will but without one you risk producing a will that is not legally valid, It may not also take into account all the issues and factors. You could also miss out on minimising inheritance tax if your estate is worth more than £300,000.

Frequently Asked Questions – Probate

What is Probate?

Probate is a general term used to cover the process of administering someone's estate i.e. everything that is owned at the time of death.

What happens when someone dies without making a Will?

This is known as ‘intestate’. The next of kin usually need to administer the deceased’s estate which can be a time consuming activity. The best way to be sure of what happens is to make a Will.

What does an Executor do?

The Executor's job involves a number of tasks including: registering the death, arranging the deceased’s funeral, gathering details of the deceased’s estate, collecting in the assets by closing financial accounts, selling any property, paying any debts or liabilities owed by the estate, including inheritance tax and transferring the assets to the beneficiaries of the estate

What is Inheritance Tax (IHT)?

This a tax which is made payable on an estate when someone dies. Not everyone pays IHT on death. It only applies if the taxable value of your estate is above £300,000 and is only payable on the excess above this 'nil rate' band.

Please contact the Private Client department, at Vanderpump & Sykes, on 020 8370 2899 for further information on the above and any other questions that you may have.