24 Apr Wills and Probate
For most, buying a property is generally the biggest purchase they will do. During such an expense heavy period, it is both unfortunate and not uncommon for most property buyers to overlook critical aspects of this purchase. For instance, most opt for the cheapest option of Conveyancing Solicitor over their expertise, avoid appropriate Property Searches and critically the Estate Planning element of the purchase; more commonly known as preparation of a Will.
Do you need help with a Will or Probate? You can get personal advice from our Panel of Expert Wills and Probate Lawyers. Please contact our New Business Team on 0203 375 2187 today.
What is the difference between a Will and Probate?
Though the words Wills and Probate go hand in hand, they are two very different things. A Will is a document that outlines an individuals’ wishes as to the distribution of their collective belongings (savings, property etc).With todays’ Online Wills’, a template of such a document can be obtained for a few pounds with a view to ‘Do-It-Yourself. What most of these Online Services however fail to disclose is the fact that any document headed ‘Last Will and Testament’ does not automatically qualify to be a legally binding document!
A simple error such as a definition being incorrect or a missing recital could invalidate your cheap-and-cheerful Will. Based on recent statistics, up to 25% of all cases usually involve an Intestateor invalid Will. Naturally, in the event of an Intestate Will, beneficiaries are usually defined using a pragmatic approach of surviving spouses, children or parents – who might not necessarily be someone the deceased might wish for.
Probate in effect is the process of verifying a Will. This usually entails obtaining a copy of the death certificate, defining what the authority of the executor is, valuing the deceased’ estate, complicated inheritance tax calculations, Swearing an Oath at the Probate Registry Office, Settling Tax and distributing the estate.
Find out how our Experienced Panel of Wills and Probate Solicitors can help you by telephoning 0203 375 2187 or using our Contact Form.
Professional Help with Wills and Probate – when would you need it?
Given it is not uncommon to find poorly written/worded Wills, it is always recommended you use Professional help once you have been appointed an Executor for someone’s estate. The main reason for this being – you will be personally liable if you get it wrong. Assuming the Will has been professionally prepared by a Professional Will Writing service or lawyer, you may still encounter difficulties interpreting the recitals and therefore it is advisable for these to be deciphered and administered by a Lawyer.
It is your responsibility as the Executor that you administer theEstate correctly. Everyone who receives a benefit from the Estate are known as Beneficiaries. If it later transpires that a Beneficiary suffered a loss by way of either the Assets being incorrectly divided and distributed or a short sight on a potential tax liability, you as the executor arepersonally liable to correct this.
Contact our Experienced team of Wills and Probate Solicitors on 0203 375 who will guide you through a very delicate period of ones’ life, while guiding you through the plethora of legal and Tax minefield.