Solicitors Sheffield

WILLS & PROBATE FAQS FROM SHEFFIELD SOLICITORS

What’s the best way to select executors ?

The role of executor is absolutely critical to ensure not only that your estate is administered properly and professionally but also executors should be people you trust. Depending on the value and complexity of your estate, you may choose family members or friends or may feel it is better to choose a solicitor or accountant. We always recommend notifying the executors that you would like them to undertake this role. Be aware that they are not duty bound to accept. Also, be sure to advise the executors where the will is located.

What does it mean when a gift is stated to be “free of tax”?

This relates a situation where the person making the will believes that on his or her death, Inheritance Tax (IHT) is likely to be payable. That person consequently may opt to divide the assets into pots where one pot is used to pay the tax, and any financial gifts from that pot are paid from what is left after paying IHT, whereas another pot is intended to be divided free from payment of the tax and therefore gross.

What is a “life interest” in an Estate ?

This often relates to property. If, for inheritance tax or other reasons, you do not wish to make an outright gift of, typically the property you live in, but you wish to ensure that your spouse or partner cannot be removed from the property or forced to sell it, you can provide that he/she/they have a life interest in the particular asset, so that during their lifetime, their interest is protected but such interest is not saleable, therefore, preserving the asset for ultimate distribution or sale on death of the person with the life interest. A common use of this type of gift is when there may be children of an earlier marriage. Keep in mind that unless your Estate is fairly large, any income generated with a life interest may be insufficient to support your partner. The duties of the Executors and Trustees will also be more onerous.

Is there a right time to make a will ?

In short, no. Life is full of unexpected twists and turns and sadly many people die early than expected. Many people start thinking of wills when they are in a long term committed partnership, have children or buy a property.

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