Without a will, your estate (assets) would be divided according to the provisions of the law applicable on intestacy, which might not match your own wishes.
A person who dies and has made a valid will is said to have died testate. If you die testate then your property, money etc. will be distributed in accordance with the terms of your will but there are certain limitations which are set out in legislation.
We provide a full service for clients who wish to make a Will to include providing succession and taxation planning in relation to their estate.
A will ensures that your estate will be divided according to your personal wishes as therein expressed.
Having made your Will it is a necessary precaution to review it from time to time to ensure that it reflects your changing circumstances and those of your family and friends.
This involves the extraction of a Grant of Probate where there is a Will and the taking out a Grant of Administration where someone dies without a Will.
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When a Grant of Probate or Administration issues we then take up all the assets of the estate. We always prepare an estate account so that the client can see exactly what the assets are, what funds have been taken up, what the liabilities of the estate are and what the balance is for distribution.
It is important that while your will is being drafted the possible tax exemptions and reliefs that may be appropriate are considered. Bowler Geraghty & Co is available to advise clients on this sometimes overlooked area of wills and probate law.