Wills and Probate FAQs

Do I need to make a Will?

Yes is the simple answer. Making a Will is vital to ensuring that your wishes are carried out and nothing and no one is missed.

Failure to make adequate provisions for the future can have unexpected and unwanted consequences.

Is a Will expensive?

A Will is a very personal document and so its complexity hugely depends on your situation. A very simple Will may be relatively straight forward and this would be reflected in the cost. However a more complex estate will require a more comprehensive Will but shall further need the security of a professionally drafted Will.

Who is an Executor?

An Executor is a person that has been elected by the Will to administer the estate of the deceased. It is a demanding job that requires a lot of work such as:-
• Calculating the size of the estate which in turn requires organising valuations of property and chattels
• Calculating the liability to Inheritance Tax
• Applying for a Grant of Probate
• Issuing copies of the grant to the various institutions.
• Settling any liability such as Income Tax and Capital Gains Tax
• Distributing the estate in accordance with a Will or by law.

Who to choose as an Executor?

It is important to select wisely about who you wish to empower with obligation. Often family and close friends are appointed but equally solicitors are also appointed either independently or in addition to family or friends. Selecting a solicitor is sensible certainly for situations which are a little more complicated or you wish for an important level of objectivity.

Who is a Beneficiary?

A beneficiary is a person that is entitled to a share in the estate. Whether a beneficiary is entitled to one specific small item, half of the estate, any who are entitled to any share is called a beneficiary. However there are different types of beneficiary depending on their level of entitlement and whether a trust in included within the Will.