Wills

The Will Drafting Process

We adopt a structured process and follow good practice guidelines by asking you to complete an initial questionnaire to discuss at our first appointment. At that appointment we will establish your personal and financial circumstances to determine your priorities in terms of Inheritance tax planning, the transferable nil rate band, residential nil rate band, the way any joint property is held, concerns about potential exposure to local authority care costs or excluding expectant beneficiaries.

We compile and retain records covering all relevant information including capacity and identification assessed in person or over video link. Our process is designed to resist any potential claims in respect of validity, duress, capacity, promissory estoppel and claims under the Inheritance (Provision for Family and Dependents) Act 1975.

We personally assist and wherever possible attend to execution of the Wills and retain attendance notes designed to provide a full response to the mandatory enquiries of a Will Writer set down in the established case of Larke v Nugus.

The notes that are compiled during this process are retained and stored with your Will both digitally and physically to provide comfort and security in its validity.

Time Estimate

We expect to have your Will signed and executed within 2 weeks from your appointment, subject to any further amendments and your availability.

Why make a Will and what you should consider

Essential reasons

• to avoid your assets being distributed in accordance with the intestacy rules which could mean, for instance, your spouse or partner not inheriting all your estate
• to ensure that those you wish to inherit your assets on your death get them
• to nominate executors of your choice to deal with the distribution of your estate in the certain knowledge that they will comply with your wishes
• to nominate your preferred guardians of your children to avoid disagreements or family upsets
• make small personal gifts
• to take advantage of tax saving strategies

Possible reasons (depending on individual circumstances)

• to explain why a possible beneficiary is being excluded
• to ensure the continuation of a family business
• to ensure that 'first' and 'second' families are treated fairly
• to reflect lifetime rearrangement of assets
• to give specific guidance to executors

Points to consider

Some thought needs to be given several issues that will come up during discussions about why you should make your will and why you should put particular provisions in it.

Funeral arrangements

You can specify whether you want your body buried or cremated. You can also state whether you are willing for your body to be used for medical research. You may have other particular wishes to be recorded here.

Executors

This is the person you appoint to safeguard your possessions, pay debts and ensure your instructions in the Will are carried out. An Executor can be anyone, even a beneficiary, over 18 years of age. If you are leaving everything to one person, it is usually convenient to make them the only Executor. With more complicated estates, and particularly where children are involved, it is advisable to have at least two Executors, but more can be unwieldy when decisions have to be made. In some cases (e.g. where matters are likely to be complicated or where there may be family difficulties) it is preferable to appoint professional executors such as the partners of Vaux Fletcher.

Guardian

This will generally only come into effect if the other parent dies before you. It will be necessary to appoint someone for the day-to-day care of your children under 18 years of age. It is possible to appoint more than one-person e.g. a sibling and their spouse, but this could be difficult if, say, they were to divorce. It would also be prudent to consider some form of fund being made available to the guardian(s) to defray increased expenditure.

Legacies

You can leave sums of money or specific gifts. You can leave them, if they belong solely to you, without difficulty. However, you may need to consider if they will be needed by a surviving spouse/civil partner. In such a situation you will need to make some provision, such as a life interest to the survivor, to cover this situation. This is complex and will require input from your solicitor so that the best method can be adopted. Remember that if you leave something to your surviving spouse in the belief that they will honour your wishes in respect of it they are not obliged to do so.

If the gift (particularly of money) is to children, you will have to decide at which age they will be able to fully enjoy it. They may be able to legally force the use of it at 18 but that is no reason to stipulate a later age.

If you are making gifts of specific items such as furniture, jewellery etc, it may be worth considering a ‘letter of wishes. In your Will you give all the items to one person but express the hope that he or she will distribute the items in accordance with any list of beneficiaries and items you may leave at your death. This is a very flexible arrangement. You can change the list at any time without the legal formalities and expense of a Will.

Residue

This is what is left of your estate (except any jointly owned assets), after payment of debts, legacies, any Inheritance Tax, and legal fees. Jointly owned assets usually pass automatically to the other joint owner(s). You must, however, specify who is to inherit the residue, and in what proportions. You should also cover what should happen to the residue if any of these people die before you. If children are to benefit, you can specify the age at which they become entitled Beware the age point referred to under Legacies above.

Things to remember

On marriage (or remarriage), your old Will is automatically revoked and has no effect. If you die without making a new Will your estate will pass to a list of your relatives specified by law (under the intestacy rules).

On divorce, any gift in your old Will to your ex-spouse is cancelled as is his/her appointment as Executor but the rest of the Will stands. This can create problems, and it is better to make a new Will.

If you are not making any provision for a spouse or partner, or a former spouse, or a child, it is possible that he/she could claim against your estate. If this applies to you, you should ask for extra advice about this.

Fixed Fees for Standard Wills

We offer fixed fees for Wills following a standard form of instructions. Please contact us at enquiries@vauxfletcher.co.uk or telephone us on 01642 222834 if you wish us to send you our current fixed fee structure for standard Wills.

Examples of Standard Wills are circumstances where:

• to explain why a possible beneficiary is being excluded
• to ensure the continuation of a family business
• to ensure that 'first' and 'second' families are treated fairly
• to reflect lifetime rearrangement of assets
• to give specific guidance to executors

If you are disinheriting a person or persons that would otherwise have a right to claim against your estate under the provisions of the Inheritance (Provisions for Family and Dependents) Act 1975 we will charge an additional fee to prepare a declaration to accompany your will.

Right of Residence Wills

These are Mirror Wills which create a right of residence in the principal home for the benefit of the surviving spouse or partner with powers of sale and reinvestment and a gift of the equitable interest in the divided share to children or other beneficiaries.

In addition to drafting the Wills we examine the legal title to property and advise on the current method of ownership, severance of the joint tenancy as necessary and registration of the appropriate restriction with the HM Land Registry in cases of Registered Land.

All other types of Will are likely to be considered non-standard and charged on the hourly rate set out below.

Family Wealth Planning

We can carry out a review of your family wealth position, with a view to identifying opportunities for further tax planning to take place. By looking at your business interests, investments and your broader family circumstances and assets, we may be able to identify ways of mitigating your exposure to income tax, corporation tax, capital gains tax and / or inheritance tax either now or in the future.