Tenerife Solicitors

Wills & Probate


Everybody who owns property or holds money or assets in England & Wales should have a valid Will.

Have you neglected to make a Will? Perhaps you have made one in the past, but your circumstances have changed (marriage, divorce, children etc).

Many people naturally shy away from thinking about what will happen after their death. However, it is worth sparing a thought for the loved ones who are left behind to handle your affairs.

When a loved one dies, dealing with their affairs can often be distressing and confusing. The last thing they need is additional administrative hassle, bureaucracy or tax to pay.

Without a Will, the assets of the estate must be distributed in accordance with inflexible statutory rules (Intestacy Rules), leading to increased uncertainty, often contrary to what the deceased would actually have wanted. In some cases, the deceased’s property can actually be transferred to the Crown!

Making a Will can greatly simplify matters for surviving relatives and friends. A properly drafted Will can also remove uncertainty regarding funeral arrangements, caring for children, making arrangements for pets, distribution of personal possessions and keepsafes and in many cases, avoidance or minimising of inheritance tax. A well drafted Will can also help to avoid potential disputes between family members or beneficiaries. A Will can also make it easier for your Executor to invest money, insure your property or otherwise deal with your assets.

Anyone over 18 years old can make a Will (or younger if in active military service).

An Executor must be appointed within the Will. This is the person (or persons) that you wish to administer your Will and carry out your wishes. The Executor(s) may or may not receive any gift under your Will at your discretion (Beneficiaries). Hatrick & Co are happy to be named as Executor or Co-Executor under your Will.

A Guardian should also be appointed to take responsibility for any children who are minors at the date of death.

Inheritance tax will be charged at 40% on all assets in excess of the £300,000 limit (2007-2008 tax year). However, tax can be minimised by careful planning, or by gifts to relatives and spouse etc.

The following link to the Community Legal Service Website contains a helpful explanatory leaflet (PDF file) providing more information regarding making a Will and the procedure for probate.

www.clsdirect.org.uk/documents/leaflet10e.pdf

PLEASE NOTE THAT A WILL SHOULD BE PREPARED IN EACH COUNTRY THAT ONE HOLD’S ASSETS, e.g. If you have property in Spain and a property or bank account in England or Wales, then it is strongly recommended that you prepare a Will in both countries. For more information please contact us.

To make an English Will, or to discuss arrangements following the death of a relative or loved one, please contact us on 922 717 845 (0871 218 0063 from the UK) or by email at the above CONTACT US link.

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