WHY MAKE A WILL?
There are many reasons why nearly two-thirds of Britons put off this seemingly arduous task. But designating a day for a little unpleasantness can help relieve many days of heartache for loved-ones in the future.
The benefits
If you die without a will you run the risk of leaving behind a trail of stress, professional fees and even family feuds.
For example, once all of your liabilities have been accounted for, such as outstanding loans or overdrafts, your remaining assets will not automatically go to your current spouse if you are without a will.
If you have no children, the law entitles your spouse to the first £450,000 of assets, and 50% of the remainder - the rest could end up with your parents, brothers and sisters and other relatives.
The worst-case scenario is if you die single with no children. In this instance, and in the absence of any other surviving relatives, your entire estate and possessions are likely to be passed to the Crown.
Tax
Depressingly, the two certainties in life sometimes come knocking together and this is when your beneficiaries (other than your spouse) are stung for Inheritance Tax (IHT). The threshold at which this tax is payable is now £325,000 (tax year 2009/2010) and is set at a hefty 40%.
Making a will
It is widely recommended that you pay a solicitor or Will Writer to draw up a will on your behalf, especially if you think it might be complex. For a typical fee of around £100-200, this will ensure your will is watertight and legally valid.
However, there is also the DIY option. You can buy a template of a will in a stationers and simply fill it in yourself. However, to ensure it is valid, you will need two independent witnesses – or just one if you live in Scotland – who will have to sign at the same time. A witness cannot be a beneficiary of the will, or be married to someone mentioned in the will.
You will also need to specify your choice of executor. This is the person who will deal with dividing up your estate and possessions when you die.
If you do not designate an executor, the state will appoint a solicitor to do this for you – and for a fee. By contrast, an executor can, and usually is, a beneficiary of your will. It is preferable to have more than one executor in the event of one of them dying before you.
You will then need to give precise details about all beneficiaries and what you are leaving to them. You should include their full name and their relationship to you as well as being very specific about any possessions you are leaving them. The clearer you are now the less likely it is that problems will arise in the future.
If in doubt seek advice from a Solicitor or Will Writer. To find a professsional Will Writer contact the Society of Will Writers who can put you in touch with one in your area.
If you live in the Oxfordshire area conatct me - Gail Church of Bicester Wills - and I will be happy to offer you a free review of your exisitng Will or discuss what you need to put in place.
Gail Church
Bicester Wills
01869 244329
www.bicesterwills.co.uk
Monday 28 February 2011
Friday 18 February 2011
Estranged Daughter contests her Mothers Will
An estranged daughter who eloped at 17 and was disinherited is challenging her mother’s will in the Court of Appeal.
The Court will be considering the difficult question of whether an able bodied adult should be entitled to expect any provision from the estate of a deceased parent.
It’s a case that challenges the long standing principle of English law which allows you to leave your money to whoever you like, however unreasonable or perverse your decision may be.
When Melita Jackson made a will in 2002, leaving the whole of her estate to three charities, the Blue Cross, the Royal Society for the Protection of Birds, and the Royal Society for the Prevention of Cruelty to Animals, she wrote to her daughter Heather Illot, explaining that she was leaving her nothing, because she had eloped at the age of 17 and there had been little contact since.
When Mrs Jackson died in 2004, Heather was aged 50 with five children, two of whom were still under 18. She had no earning capacity or prospects and no pension arrangements, and she applied to the Court for a payout from the estate under the Inheritance (Provision for Family and Dependants) Act 1975.
This Act allows certain people, for example widows, widowers and children, in certain circumstances to apply to the Courts for an order for “reasonable financial provision” if they can show that they do not have adequate provision through the will of the person who has died, or, if the person left no will, through the intestacy rules.
It has long been assumed that an adult child applying under the Inheritance Act will have to show some kind of dependency, disability, or other special circumstances if they are to succeed in their claim, but when the case went to the County Court, the judge awarded £50,000 to Mrs Ilott from the estate.
But the charities named in the will then appealed to the High Court, which over-ruled that decision. As a result, Heather Ilott is now appealing to the Court of Appeal.
At the heart of this case is the long standing principal that you can leave your money to whoever you like under English law, however unfair it may seem to some of your nearest and dearest.
Even though the Inheritance Act opened a door for dependent children or spouses who could show a will had been unreasonable, that principal of freedom of choice is still a core value in deciding who should inherit.
If Mrs Ilott’s award were allowed to stand, it would set a precedent that an able-bodied, adult child is entitled to provision under the Inheritance Act, and that could lead to a flood of wills being contested by disinherited children. Even though the sum involved in this case is relatively small, charities are going to be prepared to fight to prevent what would be a dangerous precedent for them, as they are very likely to be the beneficiaries where children are disinherited.
The Court will be considering the difficult question of whether an able bodied adult should be entitled to expect any provision from the estate of a deceased parent.
It’s a case that challenges the long standing principle of English law which allows you to leave your money to whoever you like, however unreasonable or perverse your decision may be.
When Melita Jackson made a will in 2002, leaving the whole of her estate to three charities, the Blue Cross, the Royal Society for the Protection of Birds, and the Royal Society for the Prevention of Cruelty to Animals, she wrote to her daughter Heather Illot, explaining that she was leaving her nothing, because she had eloped at the age of 17 and there had been little contact since.
When Mrs Jackson died in 2004, Heather was aged 50 with five children, two of whom were still under 18. She had no earning capacity or prospects and no pension arrangements, and she applied to the Court for a payout from the estate under the Inheritance (Provision for Family and Dependants) Act 1975.
This Act allows certain people, for example widows, widowers and children, in certain circumstances to apply to the Courts for an order for “reasonable financial provision” if they can show that they do not have adequate provision through the will of the person who has died, or, if the person left no will, through the intestacy rules.
It has long been assumed that an adult child applying under the Inheritance Act will have to show some kind of dependency, disability, or other special circumstances if they are to succeed in their claim, but when the case went to the County Court, the judge awarded £50,000 to Mrs Ilott from the estate.
But the charities named in the will then appealed to the High Court, which over-ruled that decision. As a result, Heather Ilott is now appealing to the Court of Appeal.
At the heart of this case is the long standing principal that you can leave your money to whoever you like under English law, however unfair it may seem to some of your nearest and dearest.
Even though the Inheritance Act opened a door for dependent children or spouses who could show a will had been unreasonable, that principal of freedom of choice is still a core value in deciding who should inherit.
If Mrs Ilott’s award were allowed to stand, it would set a precedent that an able-bodied, adult child is entitled to provision under the Inheritance Act, and that could lead to a flood of wills being contested by disinherited children. Even though the sum involved in this case is relatively small, charities are going to be prepared to fight to prevent what would be a dangerous precedent for them, as they are very likely to be the beneficiaries where children are disinherited.
Friday 11 February 2011
Bicester Business Biscotti 16th of Feb 9.30 -11.30
I am joint hosting the Bicester meeting on the 16th of Feb from 9.30 till 11.30. Why not join us?
At Biscotti you'll find
- It's free! - Just buy yourself a tea or coffee to support the venue
- Networking for all - There are no limits on who can attend: All professions and any number of the same. Men & women welcome.
- Informal networking - We feel that open networking allows you to forge the relationships you need to do business with each other. You make the contacts, we provide the environment.
- You can come and go when you like - Arrive at any time between 0930 and 1130 and leave at your leisure. Because there is no formal start, finish or set agenda you can make it work for you.
- It's all about relationships and trust - building both takes time and effort but the rewards are limitless. At Business Biscotti we are passionate about true networking. Not just making lots of contacts and filling up your business card box, anyone can do that. It's about communication, trust and building relationships that lead to lasting and mutually rewarding business.
So put the date in your diary - come along and bring anyone you think will benefit. Just dip in and out as you please. The meeting and the philosophy are simple; if you want to network, make contacts and forge business relationships in an informal environment try Business Biscotti. - We meet at: Trinity Chapel Street Bicester
- Between: 09:30 and 11:30
- Frequency: The third Wednesday of the month
- Next meeting: 16 February 2011
Tuesday 1 February 2011
Want to Know More About Wills?
I am hosting the next Berks, Bucks and Oxon regional meeting on February 11th from 10.00am till 12.00am at Trinity at Chapel Street Bicester Oxon http://www.trinity-uk.com/
This is for Will Writers, IFAs, Mortgage Brokers, Accountants and Solicitors who want to know more about our Profession, brush up on their own skills and meet other professionals.
We have a couple of speakers this time on two very different but equally fascinating subjects:
Speaker: Paul Warriner - Business Coach
Subject: 11 Top Marketing Tips
More info: www.paulfwarriner.com
Speaker: Owen Kyffin - Tax Director
Subject: Tax and Trusts
More info: http://www.whitleystimpson.co.uk/
Remember this is a free meeting and a chance to build on your existing knowledge, learn new skills and meet your fellow professionals.
Please let me know if you would like to attend gail@bicesterwills.co.uk
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