Our Wills, Probate, Tax and Trusts Legal Hour is hosted by Sarah Browne, Associate Solicitor in our Wills, Probate, Tax and Trusts department.
If you require further help regarding Wills, probate, tax and trusts, please phone us on 01279 755777 or contact Sarah Browne directly.
Our Wills, Probate, Tax and Trusts Team will be hosting the Nockolds Legal Hour on the following dates:
|Wednesday 17th May 2017 ||12pm - 1pm |
|Wednesday 28th June 2017 ||12pm - 1pm |
|Wednesday 9th August 2017 ||12pm - 1pm |
|Wednesday 20th September 2017 ||12pm - 1pm |
|Wednesday 1st November 2017 ||12pm - 1pm |
|Wednesday 13th December 2017 ||12pm - 1pm |
Our Latest Legal Hour Questions (17.05.17) Read your previously answered questions here
My partner and I have two young children aged 5 and 7. We are looking at preparing our first Wills and would want everything to go to our children if something should happen to both of us. Please can you explain how this would work?
The youngest that anybody can legally inherit property is 18, although people often state in their Wills that this should be older, say 21 or 25 where money is left to children. In your Will, you would choose who you would like to act as your Executors and Trustees and they would be in control of the money and look after it on your children’s behalf until they reached whatever age you chose for them to inherit.
The money can be advanced to the children before that age or spent on their maintenance, but this would be at the discretion of your Trustees.
It is important to choose as your Trustees, someone who you would trust to have this responsibility when writing your Will. The maximum number of Executors and Trustees you can choose is four and this can be any combination of relatives, friends or a professional such as your solicitor, if appropriate.
The Trustees would not necessarily have responsibility for the welfare of your children as this would be the job of the guardians that you choose in your Will. It is important that you consider the Guardians and the Trustees can work together if required, and they can be the same people, although do not necessarily need to be. If you would like further information on how a Trust for children would work, please contact us.
My grandmother has recently died. She did not have many assets. How do I know if I need to get a Grant of Probate or not?
If your grandmother owned significant assets in her sole name, such as a property or savings, then her Executors will need to obtain a Grant of Probate if she had a Will or if she did not have a Will, then the person who is legally entitled to her estate would need to obtain Letters of Administration. If her assets were bank accounts or investments then the first step would be to contact them and ask whether they require a Grant in order for the accounts to be closed. Where the only assets are bank accounts or savings, there is no fixed sum at which a Grant is required, this varies from bank to bank, but it is usually if savings are over £10,000 or £20,000. A Grant will certainly be required if your Grandmother owned a house or flat in her sole name. If this is something you would like to discuss further, please let us know.