Wills
What is a Will?
A will is a legal document that enables you to dictate how your assets are to be distributed after your passing.
Apart from the financial aspects of your estate, if you leave behind minors, you can appoint a guardian for your children, ensuring their future is in safe hands.
Furthermore, you can also express your wishes for your funeral arrangements. Whilst these are not legally binding on your executors, it can provide clear guidance to your executors.
What is an Executor?
An executor is someone who you appoint to carry out your instructions in your will. You may wish to appoint multiple executors. Executors must collect in the estate assets, whether it is cash, property, investments etc. They will also have to settle all estate liabilities and ensure the funeral costs have been settled. It is a personal responsibility for an executor so they must ensure they act in the best interest of the estate.
In some instances, there may be tax liabilities for the estate including inheritance tax, capital gains tax and income tax. All these issues must also be settled by the executor. The executor must also ensure the beneficiaries receive their entitlement in a timely manner.
You may wish for a professional to act as your executor such as a solicitor.
At Wildings, we offer professional executorship services and, in some cases, the partners can be appointed as executors of a Will. If you would like to discuss this further with us and explore if this option is suitable for you, do get in touch with us.
How can Wildings Solicitors help you?
- Expert Guidance in Writing Your Will: Our experienced solicitors will assist you in drafting a legally binding will that reflects your wishes accurately. Whether you have specific burial or cremation preferences, beneficiaries to name, or instructions for the care of minor children, we ensure that every detail is carefully documented to avoid ambiguity or disputes. We can also store your Will in our storage facility free of charge.
- Ensuring Legal Validity: We guide you through the legal requirements for a valid will, ensuring that you meet the criteria of being aged 18 or over, of sound mind, and making the will voluntarily. Our team oversees the signing and witnessing process to ensure compliance with legal formalities, providing you with peace of mind that your will is legally enforceable.
- Executor Guidance and Support: Selecting suitable executors is crucial to the proper execution of your will. Our solicitors offer guidance on choosing responsible individuals or professionals to carry out your wishes. Whether family members, friends, or solicitors, we ensure that your executors understand their responsibilities and obligations.
- Ongoing Will Maintenance and Updates: Life circumstances change, and your will should reflect these changes to remain relevant and effective. We advise on the importance of reviewing your will every five years and after significant life events such as marriage, divorce, birth of a child or purchase and sale of property. Our team assists in updating your will or creating codicils to ensure it accurately reflects your current intentions.
Departing without a Will can result in unintended consequences. For example, those who you would like to leave your assets to may be excluded under the laws of intestacy. Furthermore, your family may be left with an unexpected inheritance tax bill which could have been avoided with consideration of where you bequeath your estate and writing a Will.
Yes, you can write your own Will. However, there are many legal requirements to comply with which can be very particular. If these are not complied with, then your Will may not have the intended result and the Will could potentially even be deemed invalid by the Probate Registry. Your estate would therefore be distributed as if you did not leave a Will.
You can leave whatever you own to whomever you wish. Gifts can be categorised as the following:
- Pecuniary Legacy – A fixed sum of money (such as £2,000 to your friend)
- Specific Legacy – A specific item(s) (such as your wedding ring to your daughter)
- Residue – A share of your estate (such as 50% of your estate to your son)
You can name whoever you wish as a beneficiary. There are no limits to the number of people you wish to leave a gift to.
A beneficiary can also be an executor, provided they are over the age of 18.
Marriage and Civil Partnership will usually revoke your Will, meaning it is no longer valid. If you got married or entered a civil partnership after writing your Will, we recommend making a new Will.
Whilst it is important to ensure you write a Will, it is equally as important to regularly review and update your Will. This is because your circumstances can change, and a new Will may be required to account for these changes. This includes:
- Having a child
- Death of a loved one
- Marriage
- Divorce
- Purchasing or selling a property
- Changing family dynamics
- Changes in finances
Your executors will obtain your original Will so they can see exactly how you wish for your estate to be handled. They will send the original Will to The Probate Registry when applying for a grant of probate, who will keep the original as a public record. They will then issue your executor with a Grant of Probate to allow them to formally deal with your estate.
Our Wills start from £260.00 (inclusive of VAT and disbursements), for a basic Will. If a more complex Will is required like a shariah compliant will or consideration of your potential inheritance tax position, we can provide a bespoke price based on your individual circumstances.
Book your initial consultation with our Wills & Probate Solicitors in Birmingham. Freephone 0330 333 8797, request a callback or email info@wildings-solicitors.co.uk for specialist advice.
