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STEP is the global professional association for practitioners who specialise in family inheritance and succession planning. STEP work to improve public understanding of the issues families face in this area and promote education and high professional standards among our members.
A Model Will

Dated                                 2019

 

WILL

 

-of-

 

[  NAME   ]                                                 ]

 

THIS IS THE LAST WILL of me [NAME}

 

  1.  I REVOKE all earlier Wills

  2. I APPOINT as my executors and Trustees (“my Trustees”) [        }

  3. FREE of taxes and duties I GIVE (a) [£ ] to [  ] (b) [£] to [ ]

  4. SUBJECT to the foregoing my Trustees shall hold the rest of my estate on trust either to retain or sell it on the following terms:-

  1. to pay debts executorship expenses and any inheritance tax in respect of property passing under this Will

  2. to pay the residue in equal shares to such of my children [ ] [ ] as shall be living at my death and attain the age of Twenty-one years BUT IF any of them dies before me or before attaining a vested interest leaving children then such children shall on attaining Twenty-one years take equally the share their parent would otherwise have taken

  1. THE Standard Provisions and all of the Special Provisions of the Society of Trust and Estate Practitioners (2nd Edition) shall apply with the deletion of Special Provision 17

 

IN WITNESS whereof I have hereunto set my hand this day of [] Two thousand and nineteen

SIGNED by the Testator in our )

presence and then by us in his:-)                        .....................

Signature              ..........                                        ..........

Name                  ..........                                        ..........

Address                ..........                                       ..........

                          ..........                                        ..........

                          ..........                                        ..........

Occupation           ..........                                        ..........

You live life to the full.
If you have an estate which may be subject to inheritance tax you are well advised to seek professional advice. 
 
This will help avoid upsetting mistakes and delay during the probate administration for your heirs.
What does probate cost? A useful explanation is on the Co-op probate website who quote a fixed fee of £1,603 to £36,085.  Find out more
Peter on "business"

What is involved?

 

Legal

  • Preparing the necessary documentation for the Grant of Probate application

  • Carrying out all necessary checks to ensure the validity of any Will in existence

  • When there is no valid Will, applying the Rules of Intestacy to the Estate of the deceased to identify the Personal Representatives and beneficiaries and to establish the entitlement of the beneficiaries

  • Applying to the Probate Registry and obtaining the Grant of Probate

  • Ensuring the accurate distribution of the Estate

  • Placing all statutory adverts to establish whether there are any claims against the Estate

  • Assessing variations to the distribution of the Estate (but not drafting the Deed of Variation)

Tax

  • Completing the following tax forms for HMRC: 
    - The Income Tax return from 6th April to the date of death
    - The appropriate Inheritance Tax form, either an IHT 205 or IHT 400
    - The Capital Gains Tax return, if required

  • Conducting all correspondence with HMRC relevant to completing the above tax forms

  • Taking any corrective action required by HMRC during the Estate administration process

  • Claiming any relevant tax reliefs or exemptions applicable to the Estate

  • Calculating any Inheritance Tax, Income Tax and Capital Gains Tax that is owed.

  • Ensuring payment of any outstanding tax from the Estate

  • Calculating and arranging for the transfer of any Nil Rate Band allowance if available, in order to reduce Inheritance Tax

Estate Administration

  • Identifying and corresponding with the Personal Representatives and beneficiaries of the Estate throughout the Estate administration process

  • Identifying and corresponding with all financial institutions and organisations relevant to the Estate throughout the Estate administration process

  • Identifying, verifying and valuing all assets based in England and Wales

  • Gathering all the assets of the Estate

  • Transferring all jointly held assets into sole name, including property held as joint tenants

  • Paying any debts and liabilities from the Estate

  • Preparing the accounts of the Estate

  • Distributing the Estate to the beneficiaries and the Trustess of any Trusts created by the Will or intestacy

Property

If there is a property in the Estate, our Fixed Fee Probate Service includes where necessary:

  • Ensuring that any existing buildings and contents insurer is fully aware of the change in circumstances and making sure that appropriate insurance is in place (where insurance is not in place we can arrange cover at an additional cost)

  • Appointing the Royal Mail to re-direct post to us during the period of administration in order to manage all the affairs of the Estate

  • Appointing a specialist Conveyancer to register any unregistered land at HM Land Registry, if required

If there is a property to be sold our Fixed Fee Probate Service also includes:

  • Appointing an Estate Agent for the marketing and sale of the property

  • Appointing and managing a specialist Energy Performance Certificate (EPC) provider in obtaining an EPC for the property where appropriate. An EPC is a legal requirement for the marketing and sale of a property

  • Appointing and managing a specialist Conveyancer for the transfer of ownership of the property

There are additional services and disbursements you might need during the administration of the Estate, which are not included in the fixed fee quotation, in particular:

  • Transferring ownership of registered property from the deceased to the beneficiaries is at an additional cost

  • Where there is a property to be sold, we will appoint an Estate Agent, EPC provider and Conveyancer on your behalf, but the provider will charge an additional fee for their services

 

Inheritance Tax rates and allowances

IHT may be payable when an individual's estate is worth more than the IHT nil rate band when they die.

Lifetime and death transfers between UK domiciled spouses are exempt from IHT.

For 2019/20, a further nil rate band of £150,000 (2018/19 - £125,000) may be available in relation to current or former residences.

The IHT threshold available on death may be increased for surviving spouses as there may have been a nil rate band not used, or not fully used, on the previous death.

There are reliefs for some business and farming assets which reduce their value for IHT purposes.

IHT may also be payable on gifts made in an individual's lifetime but within seven years of death.

Some lifetime gifts are exempt.

Transfers of assets into trust made in an individual's lifetime may be subject to an immediate charge but at lifetime rates.

There are also charges on some trusts.

Threshold

Standard nil rate band: £325,000

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