How do I make a will during lockdown?

During these uncertain times, we have been contacted by an increasing number of people to draft wills and prepare powers of attorney as word has spread about the safe method that we have devised to administer these documents.

Naturally we all have to be mindful of official advice on self-isolation and social distancing, which are particularly important for the elderly, ill and vulnerable, but here at Parry Law we have perfected a flexible system to ensure that your wishes are legally executed.

Our initial meeting is via telephone or email so we handle any enquiries that you may have without the need for you to put you or your family at any unnecessary risk. 

Once it is time to sign and witness your documents, if you do not wish your friends or neighbours to assist in this task, we have a tried and tested plan that keeps us all safe!

As always, you will receive sympathetic, timely and practical advice and assistance from our specialist team based at our Whitstable and Herne Bay offices.

Call us now on 01227 276276 – we’re here to help you.

Government Increases Statutory Legacy Entitlement

Research conducted in 2018 found that more than half of adults (54%) living in the UK did not have a Will in place and 59% of UK parents either did not have a Will, or had one that was out of date.

A valid Will ensures that your important decisions such as the distribution of your assets and the guardianship of minor children are implemented.

What happens if you die without a valid Will?
Under the laws of England and Wales, the “intestacy rules” govern how a person’s estate is distributed on death in the absence of a valid Will. When a person is married with no children, their spouse will inherit the entire estate. However, if the deceased had children, the rules dictate that the surviving spouse will receive (i) a legacy, known as the “statutory legacy” (of currently £250,000), (ii) all the deceased’s personal chattels and (iii) half of the remainder of the deceased’s estate, with the remaining half passing to the deceased’s children.

With effect from February 2020, the statutory legacy has increased to £270,000, which is in line with the Government’s promise to raise it in line with the Consumer Prices Index (CPI) at least every five years.

Although on the face of it this appears to be a positive move, based on the experience of the Wills, Trust and Probate team here at Parry Law in dealing with intestate estates, it still falls short of ensuring that those closest to you receive the protection you may believe they will get under the law.

The risks of not having a valid Will:

  • Unmarried cohabitees still do not receive anything from a deceased’s estate under the intestacy rules. Therefore, if you wish to provide for a cohabitee, a close friend or anyone else for that matter, you would need to make such provision in a valid Will.
  • A common misconception, and often an incorrect justification for not having a Will, is that a spouse will automatically inherit everything. As you will have seen above, where the deceased dies leaving children, the deceased’s spouse will not necessarily inherit the entire estate. This could be problematic for a surviving spouse and could lead to important assets, such as the family home, being divided or co-owned by the surviving spouse and the children.
  • Under the intestacy rules, the children inherit at 18. For many parents this may seem too young to receive a potentially large sum of money. Therefore, it is essential to have a Will in place to provide mechanisms to protect a child’s inheritance.

So, despite the welcome recent legislative change, it is still our advice that it is of vital importance to take appropriate advice and to get a valid Will in place.

Banded Fees to be introduced for Probate Applications

From May 2017, the way fees are charged for probate applications will change. The current flat fees (£155 if the application is made by a solicitor, or £215 if made by an individual) are to be replaced with a banded fee structure.

This means that small estates (of less than £50,000) will be able to proceed without any application charge being payable, but the probate application fee will otherwise be dependent on the size of the estate.

It is expected that for estates with a value between £50,000 and £300,000 the probate fee will be £300, estates up to £500,000 will pay £1,000, and those up to £1,000,000 will pay £4,000.  This will be a significant change from the previous structure for some applicants, but a solicitor can help guide you through the process.

If you would like to discuss the changes or any other probate related matter, please get in touch with our private client department.