Wills & Probate: A Short Guide
One of the most important processes we can go through as an adult is to decide what we want to happen to our estate when we die. If you have loved ones, or not, it is important to put together a will to ensure that your estate, savings, and all belongings are looked after in the way that you wish, once you have passed away. Without clear terms for the distribution of your wealth and possessions confusion can reign, and family squabbles can take place, causing upset, anger, and frustration.
If you have savings and investments, own a property or run a business, as well as own sentimental belongings and items it is important that you draw up a will. This becomes especially important if you have close family members, loved ones, or other people in your life that you would like to leave specific parts of your estate to in the event of your death.
There are a few different types of will that you can legally put together, and your choice will depend on your personal circumstances, who you wish to leave you wealth and belongings to, and other factors. You could be looking for a single will, a mirror will, living will, or wills with donations, for example. There is a different importance and benefit attached to each type of will, so it is important that you talk to a solicitor that is a wills and probate specialist, as they can provide you with as much information and legal guidance as you require in order to make a fully informed decision about what type of will is best for your personal circumstances.
Probate is the term used to describe the process of obtaining a formal grant of probate from the court, allowing for the estate to be collected and divided between the beneficiaries of a will. It is granted to one of the executors who has been named in the will. This person is responsible for paying any due inheritance tax to the HMRC, as well as collecting the estate from the bank and/or building society, performing the process of selling any assets that must be sold, as well as dividing the remaining wealth between the listed beneficiaries.
The probate process can be confusing if you have no experience of going through it, so it is always best to access probate advice from a legal team with the experience of dealing with many different types of wills and probate scenarios. This will help to ensure the entire process runs as quickly and smoothly as possible, as there will be moments of detail and legal complexities that you just could not understand if you have not gone through the process before.
No one wants loved ones to be left in the dark in the event of his or her death. It is vital that you have carefully planned what is to happen with your wealth and belongings upon your death, ensuring that if there is specific items you want left to specific individuals, and wealth to be distributed in a specific way, that it is done so in a timely manner after you have passed. Work with wills and probate specialist solicitors to ensure everything is drawn up as you wish.