Question 1

Why do I need a will?

Accepted Answer

A will ensures your assets are distributed according to your wishes and can help minimize inheritance tax. Without a will, your estate will be distributed according to intestacy rules, which may not reflect your wishes. A will also allows you to appoint guardians for minor children and executors to manage your estate.

Question 2

How often should I update my will?

Accepted Answer

You should review your will every 3-5 years or whenever there are significant changes in your circumstances, such as marriage, divorce, birth of children, or changes in your financial situation. Major life events often require will updates to ensure your wishes are still accurately reflected.

Question 3

What is probate and when is it needed?

Accepted Answer

Probate is the legal process of proving a will and obtaining authority to administer an estate. It's typically needed when someone dies and leaves assets that need to be transferred to beneficiaries. The process involves applying to the court for a grant of probate and then using this authority to collect and distribute the deceased's assets.

Question 4

How long does probate take?

Accepted Answer

The probate process typically takes 6-12 months, depending on the complexity of the estate and any issues that arise. Simple estates with straightforward assets may be completed more quickly, while complex estates with multiple properties or business interests may take longer.

Question 5

What is inheritance tax and how can it be minimized?

Accepted Answer

Inheritance tax is a tax on the value of an estate above the nil-rate band (currently £325,000). There are various strategies to minimize inheritance tax, including making gifts during your lifetime, using trusts, and taking advantage of reliefs and exemptions. We can help you develop a tax-efficient estate planning strategy.

Question 6

What happens if someone dies without a will?

Accepted Answer

When someone dies without a will (called 'intestacy'), their estate is distributed according to fixed legal rules. The spouse/civil partner and children inherit in set proportions, but unmarried partners, stepchildren, and other relatives may receive nothing. The distribution may not reflect the deceased's wishes, and the process can be more complicated and expensive. This is why making a will is so important for protecting your loved ones.

Question 7

Can I write my own will or do I need a solicitor?

Accepted Answer

While you can write your own will, this is often risky and can lead to expensive problems later. DIY wills frequently contain errors, ambiguities, or fail to comply with legal requirements, potentially making them invalid. Complex family situations, significant assets, business interests, or tax planning needs require professional expertise. The cost of professional will drafting is minimal compared to the potential costs of rectifying problems with a defective will.

Question 8

How much does it cost to make a will?

Accepted Answer

Will writing costs vary depending on complexity. Simple wills for straightforward situations start from a few hundred pounds, while complex wills involving tax planning, trusts, or business interests cost more. We provide fixed-fee quotes upfront with no hidden costs. The cost of professional will writing is small compared to the potential savings in inheritance tax and the peace of mind it provides.

Question 9

What is a lasting power of attorney and do I need one?

Accepted Answer

A lasting power of attorney (LPA) allows you to appoint someone to make decisions on your behalf if you lose mental capacity. There are two types: property and financial affairs LPA, and health and welfare LPA. Without an LPA, your family would need to apply to the Court of Protection to manage your affairs, which is expensive and time-consuming. We recommend everyone over 18 should have LPAs in place.

Question 10

Can family members challenge a will?

Accepted Answer

Yes, wills can be challenged on various grounds including lack of testamentary capacity, undue influence, fraud, or improper execution. Family members or dependants may also bring inheritance claims under the Inheritance (Provision for Family and Dependants) Act if they believe they haven't been adequately provided for. Proper will drafting and keeping detailed records of your intentions can help prevent successful challenges.

Question 11

What is a trust and when should I consider using one?

Accepted Answer

A trust is a legal arrangement where assets are held by trustees for the benefit of beneficiaries. Trusts can provide tax advantages, protect assets from creditors, maintain family control over assets, and provide for vulnerable beneficiaries. Common uses include inheritance tax planning, protecting assets for children, and caring for disabled family members. We can advise whether a trust structure would benefit your circumstances.

Question 12

How much inheritance tax will my estate pay?

Accepted Answer

Inheritance tax is charged at 40% on estate values above £325,000 (the nil-rate band). Additional allowances may apply, such as the residence nil-rate band (£175,000 for qualifying main residences left to direct descendants). Spouses and civil partners can inherit tax-free and transfer unused allowances. Various reliefs apply to business and agricultural assets. We can calculate your potential liability and suggest tax-efficient strategies.

Question 13

What should I do immediately after someone dies?

Accepted Answer

First, register the death and obtain death certificates (you'll need multiple copies). Contact the deceased's bank, employer, pension providers, and insurance companies. Secure their property and valuable items. Look for their will and any funeral instructions. Contact their solicitor if known. Don't distribute any assets until probate is granted. We can guide you through this difficult time and handle all legal requirements with sensitivity and efficiency.

Question 14

Can I change or revoke my will?

Accepted Answer

Yes, you can change or revoke your will at any time while you have mental capacity. Changes can be made through a codicil (amendment) for minor alterations or by making a completely new will for major changes. Marriage automatically revokes an existing will unless it was made in contemplation of that marriage. Divorce doesn't revoke a will but cancels appointments of the ex-spouse as executor or beneficiary. We can help you update your will when circumstances change.

Question 15

What fees are involved in probate?

Accepted Answer

Probate fees include court application fees (currently £273 for estates over £5,000), solicitor's fees for handling the administration, and potential inheritance tax payments. Additional costs may include valuations, property sales, and accountancy fees. Solicitor's fees are typically charged as a percentage of the estate value or hourly rates. We provide transparent fee estimates upfront and work efficiently to minimize administration time and costs.

Wills, Trust & Probate Solicitors in Lowestoft

Wills, Trust & Probate in Lowestoft

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