Will writing and inheritance tax planning Will writing and inheritance tax planning Will writing and inheritance tax planning Will writing and inheritance tax planning

Making a will

Things to consider

The first step in making a will is to consider what would happen if you died without one. If a person dies without leaving a valid will the intestacy rules are applied to his or her estate to determine who is entitled to deal with the estate and to whom it should pass. A person’s estate is, generally, everything they own at the date of death minus everything they owe.

By making a will you can specify who should deal with your estate and enforce your will, i.e. your "executor", and to whom it should be distributed, i.e. your "beneficiaries".

We advise that your executor should be an adult that you trust, someone who is capable of being an executor and is willing to do it. It may be a relative or a friend or could be a professional, such as a solicitor. Your executor can be a beneficiary and benefit under the will.

For each of your beneficiaries you should be clear as to what you want to leave to him or her. You may wish to leave to a beneficiary a specific gift; for example your house, an item of jewellery or a specific amount of money, or a share of your overall estate. In any case, your will should distribute everything in your estate and this is done by making a gift of "residue", i.e. a gift of everything which has not been specified and already given away in your will.

Inheritance tax and estate planning

We will advise you as to the practical implications of your will, including the effect of inheritance tax. The rate of inheritance tax is 40% at present but there are certain exemptions from inheritance tax which are available for legacies to spouses and charities for the 'nil rate band' (currently £325,000) and in relation to your residence. We can advise you as to which exemptions are available and their effect.

Reviewing your will

We advise that you review your will regularly, especially if your family or financial circumstances change, to ensure that at any point in time it still meets your requirements.

Our fees

For a standard, straightforward will we charge £300 plus VAT. If you require a more complex document, for example a will involving trusts, our fees will be higher and we can provide an estimate to you once we have discussed your requirements. Similarly, if you require specific inheritance tax and estate planning advice, we can provide a costs estimate to you following our initial meeting. 

(updated 12.05.23)

 


You may also find the following pages helpful:

Property & Conveyancing - Buying and selling property, including shared ownership, right to buy, enfranchisement and lease extensions
Wills, Probate & Estate Planning - Will writing, the law when someone dies, avoiding inheritance tax and administering an estate

Please complete the form below and our staff will get back to you:

Name:
Email:
Telephone:
My enquiry needs immediate attention e.g. crime Yes No
Enquiry:
Please accept our Terms, Conditions and Privacy Policy
Law Society Solicitors Regulation Authority Conveyancing Quality Accredited Lexcel Accredited Staff Login
Percy Short & Cuthbert LLP are authorised and regulated by the Solicitors Regulatory Authority No: 00670328. We are solicitors based in Holloway Road, North London (N19) specialising in Crime, Conveyancing, Family Law, Housing Law, Litigation, Wills & Probate.

© 2024 Percy Short & Cuthbert LLP. All Rights Reserved. Terms, Conditions and Privacy Policy