The importance of making a Will cannot be overstressed. Each Will is tailor made for the client taking into consideration his or her family commitments and personal financial circumstances and the possible incidence of taxation, in particular inheritance tax.
After a death it is important to those who are left behind that the Estate is administered with sympathy as well as with efficiency. It involves obtaining valuations of all the assets of the estate, agreeing the tax liabilities, applying for the Grant of Probate (or Letters of Administration in the event that there is no Will) and then, with the benefit of the Grant, gathering in the assets of the estate and administering them according to the Will or law as the case may be.
In some circumstances a trust may arise under the provisions of the Will or an intestacy and that trust could last for many years. It will normally require the advice and assistance of a solicitor and in may cases a skilled financial advisor.
In dealing with the personal affairs of clients it is appropriate to mention Powers of Attorney and Court of Protection Orders. These are normally granted to enable relatives, friends or professional advisers to administer the affairs of elderly or infirm persons who, for whatever reason, are unwilling or unable to manage their own affairs.
These are the people who will administer your estate, obtain Grant of Probate, gather in the various assets of the estate, discharge any debts, tax etc. and distribute the balance in accordance with your wishes. You should choose your executor(s) with care as they have a very responsible task and unfortunately you won’t be around to supervise them!
You can choose your spouse, next of kin, close friends and professionals, including the partners of this firm, or banks with appropriate trustee capacity or a mixture. We usually suggest two executors if a child is likely to benefit or trust fund needs to be created for the benefit of any beneficiary.