Wills, Trusts & Estate Planning

A Will ensures your assets are distributed according to your wishes, protects loved ones, and can reduce inheritance tax.

If you die without a valid Will or it cannot be located, you become ‘intestate’. The estate will be administered under ‘Intestacy Rules’ which lay down which relatives can inherit and what their entitlement will be. There is no provision for cohabitees to receive any benefit at all under these Rules and spouses do not necessarily inherit the whole of the estate. For an estate to be administered as an Intestate estate, additional costs and expenses may be incurred as it may necessitate research of the family tree to ascertain who the legal beneficiaries are.

We recommend that you update your Will every 5 years, or earlier if your marital status changes for example by marriage, divorce, separation or any other significant change in your circumstances.

A Testator is the person making the Will. For a Will to be valid, it must obey the following principles:

• The Testator must be over the age of 18.
• The Testator must have mental capacity.
• The Testator must understand the nature and effect of the document.
• The Will must be made voluntarily and the Testator must not be under duress.
• The Will must be in writing and be signed by the Testator in the presence of two witnesses.

When making your Will, you decide who to appoint as executors and trustees. They will be responsible for administering your estate and any trusts arising under the terms of your Will. The same people can be appointed for both roles but in certain circumstances it can be beneficial to name different people for the two roles.

Your executor(s) must always act in the best interests of your beneficiaries whilst ensuring they follow the law, including taxation, and the provisions in your Will. It can be a very demanding role and you may wish to consider the appointment of professional executors and trustees.

You may come across the term ‘Executrix’. This is a female executor of a Will. Nowadays the term ‘Executor’ is used for both male and female.

Inheritance Tax Planning can help you minimise the amount of inheritance tax due and consider ways to mitigate this form of taxation.

Gifting money and property whilst you are still alive is one option but is subject to various restrictions which we can explain.

Your unused inheritance tax allowances can be passed on to your surviving spouse or civil partner. They may have this in addition to their own Nil Rate Band (unused inheritance tax allowances) so potentially doubling for them the amount they can bequeath tax free. We can also explore the availability of other exemptions and reliefs such as the Residential Nil Rate Band and regular gifting of income.

Your pension after retirement can also be used as a tax-efficient way to pass on wealth.

Trusts can also reduce an IHT bill as you can keep lump sums outside of an estate, protecting future generations.

In the UK, there is a threshold tax allowance of £325,000* (the ‘Nil Rate Band’) and your estate can collectively add up to this amount before it is taxed; anything over that sum could be taxed by up to 40%. This means that if you own an estate worth £500,000 the tax bill could be up to £70,000. Depending on your circumstances, your estate may qualify for additional allowances including the residence Nil Rate Band and / or the transferable Nil Rate Band.

Unfortunately, many people are unaware of how inheritance tax can adversely affect their direct descendants; seeking advice from a solicitor when making your Will can help to manage this.

*(tax year 2024/2025)

Yes, if you believe a Will is unfair or invalid, you may challenge it through the courts. For more information regarding contesting a Will, please visit our contentious probate services page.

A Will and any Codicils (a document which amends your Will) should be stored somewhere that is accessible to your executors – it is important that you tell them where to find your Will. If a valid Will cannot be found in the event of your death, you will be intestate.  We advise our clients to store Wills securely with us. Storing your Will with Coole Bevis means that your Will is safe and secure.

Gifting to your favourite charity in a Will can have positive, lasting impact and can help reduce the Inheritance Tax bill. There are three different types of legacies:

• Pecuniary; a gift of a fixed cash sum.
• Specific; a gift of a particular item or asset.
• Residuary; a gift of the whole, or a share, of your estate after debts and expenses have been paid.

Grant of Probate is the legal document issued by the High Court confirming the validity of the Will and that the appointed executors have the authority to administer the deceased’s estate. The executors will collect in the assets, pay liabilities and expenses and distribute what remains to the beneficiaries. This process is called ‘administering an estate’.

People often assume that if there is a Will, probate will not be required. However, depending on the nature and value of the assets within the estate, it is likely that probate will be necessary for the administration of the estate.

When creating any legally binding document, it is important to have the assistance of an expert. The creation of a Will is not always simple and straightforward.

Coole Bevis can provide a valuable and cost-effective service if you decide to create a Will with us. We will always deliver confidential advice with your best interests at heart, handling every arrangement for your estate with care. If at the end of the transaction you need your Will to be stored, we can do so for you

By drawing up a Will with a solicitor, you could save your family unnecessary time and stress which could arise due to complications of a poorly drafted Will. It is particularly important to use a solicitor to write your Will if:

• You have assets overseas –  Even if a Will has been made under UK law, it is not guaranteed your assets overseas will be passed straight to the beneficiaries. There may be a conflict of laws or rules in the country where your assets are located, therefore you will need to discuss your circumstances with a solicitor so it can be decided which country’s law is governing and who will inherit your assets.
• You run a business – If you are a business owner, it is essential that you create a Will to secure your assets and avoid them being disbursed in contradiction of your wishes. Succession planning with our team ensures your business will end up in safe hands and that your beneficiaries receive what has been specifically outlined in your Will.
• You have to pay Inheritance Tax –  Making a Will is a large part of estate planning because you can plan how your estate is distributed in line with your wishes.
• Your family position is complicated –  In complex family situations, it is sensible to make a Will to avoid a time-consuming and stressful process, which sometimes ends in legal disputes.

The cost varies based on complexity. Click here to see our fee structure or contact us today for a tailored quote.