McCormick & Nicholson - Solicitors

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Bladnoch Distillery

McCormick & Nicholson - Wills - FAQs...

Why should I make a Will?

If you die without making a Will (Intestate) the administration of your estate will take longer and cost more, two very convincing arguments.  The third argument in favour of making a Will is that the law lays down who will succeed to your estate.  It may not be the people you would want to succeed.  A Will is one way to make sure that your wishes are clearly stated.   If there is a Will it removes the delay which is involved in having to petition the court for appointment of an executor and the cost of obtaining an insurance company guarantee bond for the administration.  Both likely to add to the stress of those you leave behind you.
 
Can I cut out any members of my immediate family from my Will?

Your Will is an expression of your wishes but the law provides both your spouse and your children with statutory rights to your estate which can to some extent override your Will.

If there is a legal rights claim against my estate is my whole Will void?

No. Once the statutory claims are paid your Will will be implemented as per your directions though the amount to be distributed in terms of the Will will be reduced by the legal rights claim.

Do legal rights claims affect the whole of my estate?

No. Legal rights claims only affect what is called the moveable estate not the heritable estate.  Heritable estate is land and buildings and moveable estate is everything else. 

What is the current Inheritance Tax Nil-Rate Band Threshold?

For the tax year 2008-2009, the Inheritance Tax Nil Rate Band Threshold is £312,000. It will further rise to £350,000 in 2010. Since October 2007 the nil rate band has been transferable between spouses or civil partners (which is extended to all widows, widowers and bereaved civil partners). Therefore couples can now pass on assets of up to £624,000 without IHT becoming payable.

Is it expensive to make a Will?

We think not. Having a solicitor make a Will is your guarantee that your wishes will be clearly spelt out and given effect to. Whilst Will forms can be bought we have seen many situations where complications have been made by a failure to clearly express the makers' wishes. In our experience the high proportion of "home made Wills" are ineffective. Our charges for Wills vary from £75.00 plus VAT for a simple Will up to £125.00 for a much more complex Will. If the Will involves the estate being held for a lengthy period of time (a Trust) then please ask for a quote.

Once I have made a Will do I need to review it?

We would certainly always recommend that from time to time you look at your Will and consider whether it still represents your wishes.   It probably does need to be reviewed regularly especially where circumstances change eg if you get married, divorced or have children or grandchildren.