Wills & Probate Law
Bank Solicitors have many years of experience of advising and completing wills for clients of all ages and circumstances. We deal with grants of Probate and administration of estates of all sizes and can help minimise Inheritance Tax in some cases. We also advise about and prepare Powers of Attorney and Lasting Powers of Attorney. All of these legal matters start with a free initial consultation.
Making a Will
Our will service is not overly expensive and we will give a fixed price for our work in advance.
We can advise you about appointing executors, and guardians for the children and trustees.
You haven't made a will and keep putting it off, we understand, but it's easy to make a will if you have proper guidance and we can send you a printed questionnaire to help you ask yourself the right questions about your situation and who needs to benefit from your will before we start drafting.
If you have children or are in a step-family situation your will needs special consideration.
Choose Bank Solicitors to prepare your will, it will be a bespoke product tailored to your needs by an experienced solicitor.
What is a will?
A will is a legal document that specifies how a person's assets and possessions should be distributed after their death.
Everybody should have a will. People often feel that because they are not leaving much they don’t need to make a Will, but making a Will is important because:
A Will makes it much easier for your family or friends to sort everything out when you die, it provides clarity so there is no uncertainty as to who gets what.
Without a Will, no one knows your wishes
If your estate is worth more than £325,000, a Will can help to reduce the amount of inheritance tax that may be payable
Writing a Will is especially important if you have children or other family who depend on you financially
It’s very important to use a reputable lawyer to make your will. This way you know you are dealing with someone who is regulated and insured.
Lawyers can act as your executors to remove that stress and burden from your loved ones at a difficult time after a bereavement.
Lawyers have the expertise to protect your estate, for example from insurance issues or squatters refusing to leave a property. This prevents family needing to get involved with these worrying issues.
If the estate is complex, a lawyer is best equipped to make arrangements on your behalf, for example if it involves individuals who are vulnerable, disabled, elderly etc. This removes any pressure from family.
Lawyers are equipped to handle guardianship issues involving children.
Lawyers can offer tax advice to avoid unnecessary or excessive deductions.
Probate
When Someone Dies: Dealing with the estate
Once you have registered the death and arranged the funeral, when that is all over the estate of the deceased will have to be administered. This involves finding out what the deceased owned and also any debts and mortgages etc. to be repaid. There may be tax to pay.
Applying for probate
If you are an executor, you need to find out if you will require a grant of probate to deal with the estate. If the deceased owned a house or land, or if an institution such as a bank will not allow the executor access to accounts without a grant of probate, an application will need to be made. If the estate is modest in value, an application may not always be necessary.
Following a successful application, the executor receives a grant of probate which is the document that legally entitles them to manage the estate.
We can do this on your behalf.
After a grant of probate is received
Once a grant of probate has been received, assets must be gathered in, debts and taxes must be paid and all beneficiaries and creditors must be contacted. Final accounts must be prepared and assets must be distributed in accordance with the will.
Bank Solicitors offers a caring and sympathetic service for administering estates.
To get help from us simply contact the office (Tel: 01527 892949) and talk to an experienced solicitor who can guide and advise you. This initial advice is completely free and is to help you decide what to do and whether you wish to instruct us to deal with the administration of the estate, for which we will be pleased to give a quotation for costs.
We can also help when there are disputes about estates.
FAQ's - Probate
What is a grant of probate? A grant of probate or letters of administration are essential documents needed to handle the deceased's assets. If there is a will, it is called ‘probate’; without one, it will be ‘letters of administration’. These grants allow the next of kin or executor of the will to manage the estate and distribute assets according to the will or law.
How long does probate take? Probate usually takes 9 to 12 months, but sometimes longer in complex cases involving property sales, tax matters, or intricate beneficiary issues.
How long does it take after probate is granted for me to receive inheritance? It can take between 6 to 12 months for beneficiaries to begin receiving their inheritance. This timeline can vary based on the estate's complexity and potential delays at the Probate Registry.
Lasting Power of Attorney (LPA)
Lasting Power of Attorney is the most common form of Power of Attorney. It is an ongoing arrangement with no expiry date that will allow another person to make decisions on your behalf.
Once the document is registered, it can be used immediately, with your permission while you still have the capacity, or it can take effect from when you lose mental capacity.
An LPA has to be registered with the government, through the Office of the Public Guardian.
Types of Lasting Power of Attorney
There are two types of Lasting Power of Attorney.
We would recommend setting both up at the same time. Many people do this while reviewing or revising their will.
Property and financial affairs LPA
This gives your attorney the power to make decisions about your money and property, including:
managing bank or building society accounts.
paying bills.
collecting a pension or benefits.
if necessary, selling your home.
Once registered with the Office of the Public Guardian, it can be used immediately or held in readiness until you lose capacity.
Health and Welfare LPA
This gives your attorney the power to make decisions about:
your daily routine (washing, dressing, eating).
medical care.
moving into a care home.
life-sustaining medical treatment.
It can only be used once you are unable to make your own decisions, though you will need to agree to it while you still have the capacity.
