Contents Acknowledgements x Preface xiii Introduction 1 1. Why Do You Need a Will? 9 Who can make a will? 13; Decide on your aims 14; How much will my estate be worth in, say, 20 years' time? 15; Civil Partnership Bill 16 2. What Happens if You Die without a Valid Will? 18 Present rules 19 3. What You Should Know before Writing a Will 24 What is termed as 'property'? 25; Financial matters 26; What is an executor? Who can be appointed? 30; Where should a will be kept? 32; What is a trust? 33; Small estates in England and Wales 34; 'Excepted estates' 35; What is a life interest? 37 4. What Can Affect Your Will? 39 Marriage 39; Divorce 40; Revocation of a will 40; Attestation clause 41; A 'wish of intent' 42; Disputes and unknown factors 42; Claiming against an estate 44; Making a gift void 45; Rules to follow 46 5. How to Write a Will 49 Checklist for your will 50; Case study 51; Example of a will 56; Notes 59; What is a codicil? 63 6. A Question of Tax 65 Equalisation of estates 67; Settlements 69; Transfers between husband and wife 71; Domicile 72; Gifts 73; When is inheritance tax applied? 74; What can be achieved if no prior planning has been done? 76; Business property relief 78; Relief for succession charges 79; Related property rules 80; Disposing of an asset 81; Interest in possession trusts 83; Children: accumulation and maintenance settlements 84; Discretionary trusts 85; Jointly owned property 86; Inheritance tax wartime compensation payments 87; How is tax paid? 87; Insurance against inheritance tax 89 7. Dealing with Personal Tax Matters after Death 91 Allowable expenses before inheritance tax 93; How does this affect the surviving partner's tax position? 93; Self-assessment 95; What is a tax code? 96; Executor's duties 96; The distribution of income to a beneficiary 99 8. Who Can You Go to for Help? 102 When will you need assistance? 103; Where do you start? 104; Solicitors 104; The Probate Registry 107; Proposed changes to the Probate Registry 108; Where else can advice be sought? 110 9. Documentation 112 Death certificate 112; What is a grant and why is it necessary? 113; What are all these forms for? 114; What happens next? 115 10. Valuing and Administering the Estate 116 How to start 118; Property 118; National Savings certificates 123; Premium Bonds 124; Insurance 124; Bank and building society accounts 125; Shares and other investments 126; Other income 130; Hire purchase 130; Listing the valuations 131; Administering a trust 132 11. What Happens in Scotland? 134 What is a 'small estate'? 134; Rights 137; Estate checklist 137; What does it all mean? 139; Children 140; Heritable property 140; Intestate estate 141; Does divorce alter a will? 143; Debts 143 12. Winding Up an Estate 144 Property 144; Bookkeeping 148; Tax returns 150; Accounts 151; Distributing legacies 151; Final accounts 152; Capital accounts 153; The closing stages 154 Appendix 1 Probate Checklist 157 Appendix 2 Glossary of Terms 160 Appendix 3 Frequently Asked Questions 165 Appendix 4 Useful Addresses 167 Index 171 Index of Advertisers 178
Contents
Acknowledgements x
Preface xiii
Introduction 1
1. Why Do You Need a Will? 9
Who can make a will? 13; Decide on your aims 14; How much will my estate be worth in, say, 20 years' time? 15; Civil Partnership Bill 16
2. What Happens if You Die without a Valid Will? 18 Present rules 19
3. What You Should Know before Writing a Will 24
What is termed as 'property'? 25; Financial
matters 26; What is an executor? Who can be appointed? 30; Where should a will be kept? 32; What is a trust? 33; Small estates in England and Wales 34; 'Excepted estates' 35; What is a life
interest? 37
4. What Can Affect Your Will? 39
Marriage 39; Divorce 40; Revocation of a will 40; Attestation clause 41; A 'wish of intent' 42; Disputes and unknown factors 42; Claiming
against an estate 44; Making a gift void 45;
Rules to follow 46
5. How to Write a Will 49
Checklist for your will 50; Case study 51;
Example of a will 56; Notes 59; What is a
codicil? 63
6. A Question of Tax 65
Equalisation of estates 67; Settlements 69; Transfers between husband and wife 71;
Domicile 72; Gifts 73; When is inheritance tax applied? 74; What can be achieved if no prior
planning has been done? 76; Business property relief 78; Relief for succession charges 79; Related property rules 80; Disposing of an asset 81; Interest in possession trusts 83; Children: accumulation and maintenance settlements 84; Discretionary trusts 85; Jointly owned property 86; Inheritance tax wartime compensation payments 87; How is tax paid? 87; Insurance against inheritance tax 89
7. Dealing with Personal Tax Matters after Death 91
Allowable expenses before inheritance tax 93; How does this affect the surviving partner's tax position? 93; Self-assessment 95; What is a tax code? 96; Executor's duties 96; The distribution
of income to a beneficiary 99
8. Who Can You Go to for Help? 102
When will you need assistance? 103; Where do
you start? 104; Solicitors 104; The Probate Registry 107; Proposed changes to the Probate Registry 108; Where else can advice be
sought? 110
9. Documentation 112
Death certificate 112; What is a grant and why is it necessary? 113; What are all these forms for? 114; What happens next? 115
10. Valuing and Administering the Estate 116
How to start 118; Property 118; National
Savings certificates 123; Premium Bonds 124; Insurance 124; Bank and building society
accounts 125; Shares and other investments 126; Other income 130; Hire purchase 130; Listing the valuations 131; Administering a trust 132
11. What Happens in Scotland? 134
What is a 'small estate'? 134; Rights 137; Estate checklist 137; What does it all mean? 139; Children 140; Heritable property 140; Intestate estate 141; Does divorce alter a will? 143;
Debts 143
12. Winding Up an Estate 144
Property 144; Bookkeeping 148; Tax returns 150; Accounts 151; Distributing legacies 151; Final accounts 152; Capital accounts 153; The closing stages 154
Appendix 1 Probate Checklist 157
Appendix 2 Glossary of Terms 160
Appendix 3 Frequently Asked Questions 165
Appendix 4 Useful Addresses 167
Index 171 Index of Advertisers 178
