Katie Gotrel, Associate

Keeping a record of any assets or liabilities in your estate, and of any significant gifts you’ve made, is really helpful and will make life much easier for your executors.

Be aware of the annual exemption with regards to gifting, as this can change – it’s currently at £3,000 per year.

If your circumstances change, review your will, and any powers of attorney, as soon as possible to make sure it’s in keeping with your wishes.

Why should I make a will?

If you don’t write a will, everything you own will be shared out as defined by law (the intestacy rules), which may not always be what you want. A will can also help reduce the amount of inheritance tax payable on your estate.

Do I need to obtain a Grant of Probate/Representation?

Probate is required when the deceased were the sole owner of property, such as houses, buildings or land. Depending on the bank/financial institution, probate may also be required if the asset is over a specific value.