Avoid probate disputes
Everyone knows that it is a good idea to have a will in place, long before the prospects of it having to be used. No one would like their beneficiaries, having to sort out their estate without any instructions. Who needs Probate?
If you have a spouse or civil partner and have jointly owned assets, these will usually transfer to the surviving partner. Applying for Probate should not be necessary. If there is no remaining partner someone has to act as the Executor of your will. It can be more than one person. It is important to name the Executor/s when drawing up your will. On your passing, they can immediately commence the business of applying for Probate. Only one Executor needs to apply, completing form PA1 and another form for Inheritance Tax.
If an executor is not named in the will, a spouse, partner or relative will have to apply for ‘Letters of Administration’.There is a set order as to who has priority to apply.
Whether or not you have left a will, whoever is managing your Estate will have to enter the process often referred to as Probate. They will need to apply for a ‘Grant of Representation’. ‘Either a Grant of Probate’ or ‘Letters of Administration’. For the process to be smooth, as well as the more obvious stating of who will receive what, taking the simple step of naming your executor/s can avoid potential disputes in the future.
The last thing you want is your beneficiaries having to decide amongst themselves who should administer your estate around the world, be it condos for sale in Madison WI by Madison realtor or right here in London. Find the time to discuss all aspects of your will, involve as many of the beneficiaries as you can. Discuss and decide who will act as Executor/s. A Valid Will.
Once you have decided on the content of your will, make sure that it is legal. Have you had it signed by two witnesses? Remember you cannot leave anything in your will to the witnesses.
Have your will in safekeeping, a solicitor or bank can offer this service.
Don’t just forget about it. Periodically, every five years or so review your will. Some things may need changing, for example, the named Executor/s may no longer be able to perform in this capacity.
Making changes to the will is called a Codicil. It must be formally witnessed and signed. You can add a Codicil as often as you like. If all parties involved are aware of the provisions in your will the, less likely is the chance of Contentious Probate when you are no longer here. Act Now.
To see that your beneficiaries receive what you leave with the minimum of fuss and legal wrangling, it pays dividends to inform yourself of the legality of making a will and its’ execution.
Don’t delay in discussing your will with those close to you. Proper preparation of your will can save the stress, time and expense of a contentious probate in the future.