WILLS


	REGULATED BY THE SOLICITORS REGULATION AUTHORITY (SRA NUMBER 00267894)

ALL ABOUT WILLS

Although there is no legal requirement for you to have a Will it is a very sensible idea.

Dying without making a Will can make the process of sorting out your estate a very complicated and costly job for those left behind. Your assets may not be distributed as you had wished and, in the worst case scenario, your entire estate goes to the government.

A correctly signed and witnessed Will ensures that your home is protected against long term care home cost, it ensures that your children and pets are looked after in accordance with your wishes and can also reduce the Inheritance Tax Fee.

Often people believe that their estate will not be subject to Inheritance Tax. The truth is that anything over the sum of £300,000.00, the nil rate band (NRB), will be subject to a 40% tax regardless of the income of the beneficiaries at the time that the estate is distributed. Some of the terminology can be difficult to understand, we have given a summary of common word usage in Wills along with a plain English explanation below.

You do not need to pay more tax then you have to, you have paid enough - MAKE A WILL. We can help. All you need to do is follow the CONTACT link above and advice is just a phone call or e-mail away.

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THE A TO Z OF WILLS
ADMINISTRATOR	The person appointed by law to deal with your affairs should you die without a Will
ASSETS	Your Home, Bank/Building Society accounts, Savings, Life Insurance policies, Pensions or union benefits, Stocks and Shares, Trust Investments, Property and Bank accounts abroad, Furniture and Premium Bonds
BENEFICIARY	A person, or an organisation - for example a charity - you leave a gift to in your Will
CODICIL	To add a specific detail to a current Will, although it is normally more cost effective to make a new one
CROWN/TREASURY	The Government, who benefit from your estate should you die without a Will
ESTATE	The total value of everything you own upon your death, minus any outstanding commitments you might have
EXECUTOR/EXECUTRIX (male/female)	The person/people you choose to deal with your Will once you die
FUNERAL ARRANGEMENTS	Directions regarding your wishes, details of Burial and Funeral service
INHERITANCE TAX	To be paid on estates over £300,000.00
INTESTACY	Name of the position which arises if you die without a Will
LEGACY	A gift left in a Will Specific Legacy, a definite object or property Pecuniary Legacy, a specific sum of money Residual Legacy, the remainder of assets after all legacies and expenses have been paid. Life Interest Conditional Interest, dependant upon a specific event or task being met.
LIABILITIES	Debts of any kind ie. Mortgage, credit card bills outstanding loans
PROBATE	The process of appointing an administrator and the legal procedure to confirm that your Will is valid prior to distribution of the assets.
TESTATOR/TESTRATIX (male/female)	You
TRUST
WITNESS	There must be two witnesses present when you sign your Will and they must see you sign it. Also they must witness each other sign the Will. A witness cannot be a beneficiary of the Will, or their spouse as this invalidates any bequest to that person in the Will.