Wills
Do I need to make a Will?

A Will is one of the most important documents you are ever likely to make regardless of how much property you have.

Many people mistakenly believe that they do not need to make a Will if they wish to leave everything to their surviving spouse.  In fact, the reality is that if you die without a Will then the Intestacy Rules will apply and your surviving husband or wife could only receive the first £250,000 of your Estate and the rest of your Estate would pass to your children (if any).  If you do not have any children at the time of your death, then your spouse would only inherit the first £450,000.

Another argument for not making a Will is that everything you own is in joint names.  It is true that property held in joint names will pass automatically to the surviving joint owner but some property may be held as tenants in common and, if so, this would not pass automatically to the joint owner but would pass in accordance with the Intestacy Rules.

Who will act in administering my Estate?
Your Executors will ensure that your wishes are carried out.  You can name up to four Executors in your Will.  The most common appointment of Executors is the surviving spouse together with a son or daughter.  If you wish you could appoint a close friend or a professional (e.g. Solicitors or Accountants).  It isn't a problem for an Executor to be a beneficiary under your Will.

Who will look after my young children?
You will need to appoint guardians to look after your children.  The guardians will only be appointed if your children are under 18 at the time of your death. The guardians must be willing to act and will be appointed if both you and your spouse have died.

Who should benefit from my Estate?
Any relative, friend, charity or other organisation that you support can be a beneficiary under your Will.  The Estate can be divided into as many portions as you wish and any specific gifts such as sums of money or jewellery etc. can be left to any named individuals, charities or other organisations.

Do I need to consider Inheritance Tax Planning?
The nil rate band for Inheritance Tax at the present time is £312,000 (correct as of 6 April 2008).  Anything over and above this amount will be charged at the rate of 40%.  Some tax saving schemes are available but would need to be discussed with individual clients according to their circumstances.

Can I change my Will once it has been executed?
Yes, you can make a complete new Will, or under some circumstances, execute a Codicil to add the changes that you require.  Such alterations can be made so long as you have mental capacity to do so.  A Will can only be altered after your death if all your named beneficiaries agree and those beneficiaries have to be adults.  There could be a challenge to your Will if, for example, your mental capacity was in question when you executed the Will or if somebody felt that you were pressured into making the Will.

How much does it cost to make a Will?
Lennon & Co has a basic fee structure for the preparation of Wills.  A single basic Will is £125.00 plus VAT; a pair of basic Wills i.e. husband and wife is £225.00 plus VAT; a single Discretionary Trust Will is £300.00 plus VAT and a pair of Discretionary Trust Wills is £450.00 plus VAT.

What do I do if I want to make a Will?
You will find a Will Questionnaire below in PDF format.  You should complete the questionnaire by filling in the full names and addresses of the persons concerned and your requirements and posting the completed Questionnaire to Karen Quilter at our office.  From the answers given we can draft your Will and send it to you at your home address for your consideration.  If you would prefer to meet to discuss complicated issues or inheritance tax planning, contact our specialist Karen Quilter.

Click to download Wills Questionnaire - please print and return to Karen Quilter at our Chesham Office.

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If a person has left a valid Will then the Executors named in the Will need to obtain a Grant of Probate to carry out the deceased's wishes.  If, however, a deceased has not left a Will then the Estate has to be dealt with as per the Intestacy Rules and the nearest next of kin will need to obtain a Grant of Letters of Administration to deal with the administration of the Estate.

In all cases, the value as at the date of death, of all the assets and liabilities of the deceased will need to be ascertained so that the gross and net value of the Estate can be calculated.  The Inland Revenue require certain forms to be completed and sent to the Capital Taxes Office.  In all cases where a Grant is needed, an Oath would need to be sworn by the Executors/Administrators and a Solicitor can help with the application for the Grant by preparing the Inland Revenue Account and Oath for you.

How much would it cost?
This firm charges on a time spent basis.  The Law Society Regulations allow a percentage of the value of the Estate to be charged.  This Firm considers it to be fair to the client to charge only for the time spent in dealing with the file unless the matter is complicated in which case we may charge 0.5% of the value of the Estate on top of the time spent.  If the firm is acting as Executors and Trustees of the estate, there may be a 1% charge of the value of the estate.

The person responsible for dealing with the Administrations of Estates is Karen Quilter and she can be contacted at the office during the hours of 9:00am and 3:20pm on Tuesdays, Wednesdays and Thursdays.  Outside of these hours, Karen's secretary, Leanne May, can offer assistance or take a message for you.

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Lasting Powers of Attorney
Lasting Powers of Attorney replaced Enduring Powers of Attorney in October 2007.  There are two types of Lasting Powers of Attorney. One for Property and Affairs and the other for Personal Welfare.

Lennon & Co has a set fee structure for Lasting Powers of Attorney.  For one LPA, our charges are £450.00 plus VAT.  For both types of LPAs, it is £600.00 plus VAT.  If a husband a wife require both types of LPAs each, our charges are £900.00 plus VAT.

Please note that the Public Guardianship Office charge £150.00 per LPA for registration.  An LPA cannot be used until it is registered with the Court.  The Court fee is in addition to our charges quoted above.

Our specialist in this field is Karen Quilter.  For further help or information you may contact Karen at the office during the hours of 9:00am and 3:20pm on Tuesdays, Wednesdays and Thursdays.  Outside of these hours, Karen's secretary, Leanne May, can offer assistance or take a message for you.

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