Wills & Probate
WILLS & PROBATE
Bournemouth wills solicitors provide an effiecient and cost effective will writing servive, together with a range of services for executor and trustees in estate administration and probate. In relation to applying for probate, we recognise that with many estates, executors can deal with much of the administration themselves and may only want legal help and assiatance for more technical or difficult aspects. We tailor our services to the needs and requirements of clients rather than simply charging in the traditional way of a percentage of the value of the estate.
Tips for making a will
Consider carefully who the executors should be
The role of executor cannot be forced upon anyone and is a demanding, time consuming and technical role. It is always worth considering appointing more than one executor since if only one is appointed they may predecease you or be unwilling or unable to act and you may consider the role is best suited to several people who can work together well and share the duties. It is also worth considering appointing a professional executor if you know that your estate is complex or high value and you do not trust others to undertake the role.
If you have children always appoint guardians
Whilst highly unlikely and a situation which does not encourage consideration, there are situations where tragedy can befall both parents and if this leaves children under the age of 18 and no guardians are specified in a will, the court will appoint a guardian and this will not necessarily accord with your wishes. In addition, with unmarried couples with children it is important to note that an unmarried father will not automatically be the guardian of his children on the death of the unmarried mother, so it can be important for parents to appoint each other as guardians in wills to cover this eventuality.
Consider setting up a trust in your will
Inheritance tax should always be considered for any estate potentially over the threshold – nobody wants dependents to lose out by an estate being taxed when tax will already often have been paid on assets. Trusts are often a good method of tax planning.
Give careful consideration to appointing trustees for any will trust
Many will trusts are set up to continue for many years and involve a high degree of discretion for the trustees to invest and spend money, often for the benefit of children or grandchildren that may not be of age to inherit for many years . Good financial investment and management skills for trustees are generally vital and it is clearly very important also to appoint individuals you can trust and perhaps who you can hold legally responsible (and who may be professionally insured) in case of negligence, breach of duty or worse, theft.
Stay aware of the need to review any will made
There can be an understandable tendency to think that, once a will is made, this is an unwelcome job done and dusted. Life circumstances change and it is very important to reassess a will periodically and especially when certain situations such as divorce occur.
Make sure the will is kept in a safe place and that the executors know where it is
There are now many options for safe and secure storage of wills, either by law firms or professional storage companies, some of whom also create an online, safe storage facility. It is also vital that your executors know where the will is, and that if you alter your will or make a new one, you update records. There are many occasions where wishes are not complied with as wills cannot be found or there are disputes or confusion as to what is the “last” will and testament !