Why is making a will important?

It’s easy to put off making a will. But if you die without one your assets may be distributed according to the law rather than your wishes. This could mean that your partner receives less, or that the money goes to family members who may not need it. It is also a good way to ensure that your family do not pay more inheritance tax than they need to.

What is inheritance tax (IHT)?

Many people wrongly believe that they won’t be affected by IHT. But, with property prices in the South East continuing to rise, what was once considered a ‘rich person’s tax’ is now the bane of middle England. You can leave up to £285,000 tax-free to anyone in your will, not just your husband and wife or civil partner (tax year 2006-2007). IHT is then payable at 40 per cent on any amount you leave above this, and, considering that the average price of a home is now more than £170,000, more people are likely to be caught. Our experienced professionals can help you reduce your IHT burden.

What is probate?

‘Probate’ is a mysterious word that causes confusion to many people. In simple terms, it is the legal process that deals with the transfer of property and possessions owned by someone who has died to their beneficiaries. For many people this will involve getting what is known as a ‘Grant of Probate’, which is a formal legal document issued by the Court authorising the personal representatives of the person who has died to deal with their assets, whether that be selling a house or dealing with bank or building society accounts or other investments.

Executors

If you are not familiar with the procedures involved, being an executor of an estate or a trustee can take up a lot of your time. At Robinsons, we act as executors as well as being instructed by executors to deal with estates on their behalf. It can be an extremely complicated process winding up an estate, particularly fulfilling your obligations to the Inland Revenue, so appointing someone who knows the complexities of dealing with estates can help reduce the burden, as well as taking out the emotional pressure attached to the situation. We have the expertise to deal with the most intricate estates.

Why come to us?

Our staff are very experienced when it comes to drawing up a will, dealing with probate or acting for, or as, excutors. Many people underestimate the importance of a will and look for the cheapest solution. But, like buying a property, choosing the right person to draw up your will and deal with your estate could help save thousands of pounds. Our professionals understand the intricacies of wills and IHT planning and can draw on many years experience to provide our clients with the best advice to suit their situation.

Enduring Power of Attorney

If you were to have an accident or suffer an illness that made it difficult for you to sign your name, this may cause difficulties with a number of daily tasks that we tend to take for granted. Alternatively, if you were to suffer a stroke or from Alzheimer's disease as a result of old age, you may find yourself with an impaired mental ability to deal with your financial affairs.

Generally speaking, many people assume their partner or family will simply be able to take over responsibility for dealing with these situations but unfortunately this is not the case. Unless you already have in place an Enduring Power of Attorney, it will often be necessary for an application to be made to the Public Guardianship Office in London for someone to be appointed as a receiver to deal with your affairs on your behalf. This is a lengthy and expensive administrative process.

It can be avoided by making an Enduring Power of Attorney which is a relatively straightforward document authorising one or more people to act on your behalf. The document is usually drawn up giving a general authority to the Attorney to carry out any transaction on your behalf or it can be restricted, for example to prevent the sale of a house. It is, of course, important you appoint someone in whom you have full trust and confidence. Usually this will be a relative, friend, or if appropriate, we can act for you. Without the right advice, it is an area open to abuse.