For Individuals

Q. Why make a will?

A. To ensure that your spouse, partner or relative inherits what you intend.

Q. What if I do not make a will?

A. If you do not make a will you will die ‘intestate’ and your estate will be allocated in an arbitrary manner which could be inconvenient for your spouse and children.

Q. What if I am not married but I live with someone?

A. The intestacy rules do not recognise cohabitees, apart from same sex couples who are registered as civil partners.

Q. Who should I appoint as executors?

A. You may appoint executors of your choice to deal with your estate and to hold assets in trust.

Q. What about Inheritance Tax?

A. This is a subject that will be discussed in our fact find to see if opportunities are available to reduce tax liabilities. Such opportunities may involve Will and lifetime tax planning.

Q. What is the Nil Rate Band?

A. £285,000 for the tax year 2006/07 for each individual. It rises annually.

Q. What is the cost of Wills and associated advice?

A. We will provide you with details of our charge for basic Wills on request. Costs for more complicated matters depend on the amount of time spent on them. However, proper planning can be cost effective and reduction of tax is possible. This can be as much as a six-figure sum for couples who can each utilise the nil rate band.

Please note: The Freqently Asked Questions on the Finn Gledhill website provide answers which briefly summarise complex areas of the law. Our solicitors are happy to discuss any of the issues covered in further detail. Contact details: Email enquiries@finngledhill.co.uk 
Tel. 01422 330 000.