Wills and Probate
Wills
The importance of making a Will cannot be over stressed, particularly if you are a parent or have any substantial assets such as your own home. At Winder Taylor Fallows, each Will is individually drafted to ensure that it takes into consideration such matters as your own personal circumstances, your family and other commitments and the possible incidence of any relevant taxation, such as Inheritance Tax.
Probate and Estate Administration
When someone close to you dies somebody has to deal with their "estate". A person's estate is considered to be made up of the money, property and any possessions they had at the time of their death. The process of Probate involves collecting any money that is owed, settling any debts due (including outstanding taxes) and dividing the estate amongst the respective beneficiaries.
All assets (including property) in an estate will remain frozen, until the Probate Registry gives the authority (via a document know as a Grant of Representation) to the individual(s) nominated in your Will, the "Executor". If you have no Will, then it is up to the most appropriate member of the family member to act on behalf of the estate.
If there is a Will the estate will pass to the people named in the Will. If there is no Will certain rules known as the Rules of Intestacy will apply.
Whether you are an Executor or the next of kin, we can provide practical guidance to help you deal with the administration of someone's estate. We can help you determine the size of an estate for Probate and Inheritance Tax purposes. We can prepare an application for the Grant of Representation on your behalf and help you lodge the required forms with the relevant organisations to collect monies due to the estate and settle any outstanding debts.
We can arrange the transfer or sale of any shares and work with our residential property team to handle the sale of any property or land owned by the deceased.
Trusts
In some cases, a trust may arise under the provisions of a Will or an intestacy. Any such trust will normally require the advice and assistance from a Solicitor and in many cases a skilled financial adviser. We are able to help with both the creation and administration of trusts.
Powers of Attorney, Court of Protection work
It is often necessary for relatives, friends or professional advisers to administer the affairs of the elderly or infirm who, for whatever reason, are unwilling or unable to manage their own affairs. Our experienced Solicitors are able to offer advice and assistance in respect of the drafting and administering powers of attorney and the making of applications to the Court of Protection.
For more information please contact Elaine Holland, Anne Davies or Linda Keegan.
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