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Wills & Probate
Wills & Probate
L.A.R.K offers these Wills and Probate Services:
- Will Writing
- Grants of Letters of Administration
- Administration of Estates
- Lasting Power of Attorney
Will Writing
Why do I need to make a Will?
- To ensure that your wishes are legally binding
- To enable you to choose & appoint the people to be your ‘Executors’ & who will carry out your wishes
- To appoint guardians for your children
- To protect your family
- To save Inheritance Tax
When do I need to make a new Will?
Your Will should really be reviewed at least every 5 years and also upon major life changes as detailed below.
- When you move house
- When you acquire more assets & you wish to make specific provision for a particular beneficiary
- If you have children
- If you get divorced
- If you wish to change your beneficiaries & what is left to them
Administration of Estates
Grants Probate
A Grant of Probate is always needed if the person who has died has left a Will, and owns any of the following:
- Any land or property in their name, or, which is co-owned by them as Tenants in Common
- Stocks, shares and policies
- Bank & Building Society Accounts (especially if savings total upwards of £5,000.00)
A Grant of Probate will not be issued by the Probate Registry until such time as all Inheritance Tax, due under the Estate, has been paid.
Letters of Administration
When a person dies without leaving a Will, it can create a very complicated situation.
We can assist you with gathering details of the assets owned by the person that has died and with making the application to the Probate Registry for A Grant of Letters of Administration. Usually, a close relative or friend applies to become the “Administrator”.
Administration of Estates
We are able to assist you with making application to the Probate Registry on the death of your loved one, irrespective of whether they died with, or without making a Will. We will help determine the exact value of all assets owned by the person who has died, as at the date of their death, and then complete the relevant Probate and Inheritance Tax Forms depending on whether Inheritance Tax is due on the Estate.
Currently, Inheritance Tax is only due on Estates exceeding the sum of £325,000.00. Estates exceeding this amount are liable to tax at a rate of 40% on the amount that exceeds that sum.
Upon receipt of the Grant of Probate / Letters of Administration, we shall then attend to the transfer of assets into the beneficiaries names in accordance with the terms of the Will / Intestacy Rules.
Lasting Power of Attorney
What is a Lasting Power of Attorney?
A Lasting Power of Attorney is a document by which you authorise someone of your choosing, who can either be a relative or friend, or even a professional, who is then able to deal with your affairs (both personal and financial) if you were not able to do so.
It is obviously extremely important to make a Lasting Power of Attorney whilst you are still capable of doing so and that will enable you to appoint the Attorney of your choosing to carry out your wishes.
