Vincent Oakley, Solicitor > Wills and Probate

Making a Will provides for the future.

Why make a Will?

• When you die your property and affairs must be dealt with.  Making a Will ensures that your intentions for the distribution of your property, money and any possessions after your death can be carried out efficiently.  Without a Will the general law of intestacy will decide who inherits.  Family members, friends and relatives may get nothing.

A Will is escpecially important if you need to:

• Prevent additional stress and worry to your friends and family at the time of bereavement.
• Minimize and tax liabilities
• Minimise the costs of winding up your affairs
• Make a gift to a charity
• Leave something to friends who are not family members
• Provide for a disabled relative or an elderly relative
• Provide for children.  This is particularly important if you are separated or unmarried or the children are young.
• Appoint guardians for any young children.

Why instruct a solicitor?

• Making a valid and effective will is not simple and many wills prepared by unqualified individuals or DIY wills fail. The law relating to signature and witnessing of a Will is very strict and if the strict legal requirements are not followed the Will may not be valid or may not work properly. Solicitors are trained and experienced in the preparation of wills.  A solicitor will ensure that your Will gives effect to your intentions and is legally valid.  In addition, your solicitor can cover issues such as planning for care home fees, inheritance law and tax law.  

What about Executors?

• You must have Executors.  Executors are the individuals who are in charge of administering your estate (making sure that the wishes expressed in the Will are properly carried) after your death.  You need to decide carefully who should be your Executors and they must be named in your Will.  If you wish we will be pleased to act as your Executors.

What gifts can I make?

• Children.  We can advise you on the best way to provide for children. You may wish them to reach a certain age before inheriting.
• Charities.  You may wish to give something to Charity.  This must be clearly stated in the Will.  Gifts to charity are free of Inheritance Tax and may reduce the overall Inheritance Tax liability of your estate.  When leaving a gift to a charity it is best to verify the correct name and registered charity number of the charity concerned and to specify these details in the Will.
• Personal Belongings.  You may wish to give specific items to specific individuals.  If so, it is important that this is clearly stated in your Will to avoid any misunderstanding which may, for example, lead to the items being sold incorrectly.
• Money.  You may whish to leave a specific sum to a particular person, for example, a grandchild.  It is important that your Will clearly states whether the person has to reach a certain age (18 or 21) before receiving money.
• Residue.  this means the remainder of your estate after payment of your inheritance tax, debts, funeral, executorship expenses and any other gifts you have made in the Will.  You may wish to leave the residue to one person or to divide it between a number of people in equal or unequal shares.  You may wish to give the residue outright (absolute) or you may wish it to be limited in time, for example, for life only.

Providing for children

• Guardians: you can suggest guardians to take care of young children in the event that they are left without parents.
• Disabled children:  you will be advised about the best way to make provision for them, both immediately and in the long term.  If a child is in receipt of means tested benefits or local authority assistance you may wish to set up a 'discretionary trust' so that decisions about inheritance can be taken by trustees after your death depending on circumstances in the future.
• Step - children or adopted chidlren.  We can advise you of the options to protect their interests after your death

Marriage and Separation

• Marriage - this usually invalidates an earlier Will entirely
• Divorce - can make part of a Will ineffective
• Separation - will not prevent a spouse or civil partner from benefiting from an earlier Will or under the laws of intestacy.
• All of the above circumstances normally require a new will to be prepared.

Taxation

• You can avoid burdening your estate with unnecessary tax liabilities by including the correct provisions in your Will.  You may pay less tax and thus leave more money to the beneficiaries by taking advice about ; tax exemptions, lifetime gifts, gifts to chidlren and grandchildren.

Trusts

• Trustees may be appointed to hold money or assets in trust for young children or others.  It is important that Trustees are given special powers to enable them to carry out your wishes and we usually advise clients to incorporate the Standard Provisions of the Society to Trust and Estate Practitioners. To download these provisions click here.

Signing and Safe Storage of the Will

• There are very strict rules to be followed when a Will is signed and witnesses.  We will ensure that they are followed.  Your Will should be kept in a safe place.  We advise that the original is deposited at the Probate Registry immediately after signing and the you and we both retain certified copies of the Will.

Changing your Will

• You may change your Will as often as you wish.  If you want to make changes this must make a new Will.  Small minor changes may be made by means of a 'Codicil'.  This is a legally binding amendment to the Will which makes the appropriate alteration but confirms that the rest of the Will remains valid.
• In no circumstances should you attempt to change your signed Will by crossing out anthing or simply writing in alterations.  A new will must be made.

Updating your Will

• Whether major changes occur in your life or not you may find that your Will needs to be updated from time to time so that its provisions accurately reflect your wishes and the circumstances of your executors and beneficiaries.
• There are certian circumstances in which you must update your Will:
  • Marriage (or re - marriage) - which usually cancel a previous Will
  • Divorce - where a former spouse will usually be treated as if omitted from your Will
  • Separation - which does not effect a Will or entitlement on intestacy.  However, you may want to ensure that gifts are not made.
• You should also ensure that your Will is up to date following the birth of children or grandchildren, inheritances, family deaths and other big changes in your circumstances or in your family
• You should ensure that your wishes are still appropriate if the circumstances of any Executors or Beneficiaries change.  What, for example, will be the position if one of your Executors has died or one of your beneficiaries is now in receipt of means tested benefits which may be lost if he inherits the gift under your Will?
• We recommend that we review your Will with you every year. Our Will - Making service includes a free review appointment every year.  Often no changes are needed but it is a good excuse to pop in to see us for a cup of coffee, a few biscuits and a chat and update us about your circumstances!

Home Visits

• We are happy to make home visits for people who are unable to travel to our office.  Home visits within a ten mile radius of our office are free.  Please ask about the cost if you are more than 10 miles away from our office.

What should I do next?

• Please telephone us and speak to Vincent Oakley or Claire Oakley.  We will be only too happy to help you. We provide a free initial consultation with no obligation.