How to Write Your Will

Marlene Garsia is a professional writer and editor, based in Kenilworth.

Contents Acknowledgementsx Prefacexiii Introduction1 1.Why Do You Need a Will?9 Who can make a will? 13; Decide on your aims 14; How much will my estate be worth in, say, 20 years' time? 15; Civil Partnership Bill 16 2.What Happens if You Die without a Valid Will?18Present rules 19 3.What You Should Know before Writing a Will24 What is termed as 'property'? 25; Financial matters 26; What is an executor? Who can be appointed? 30; Where should a will be kept? 32; What is a trust? 33; Small estates in England and Wales 34; 'Excepted estates' 35; What is a life interest? 37 4.What Can Affect Your Will?39 Marriage 39; Divorce 40; Revocation of a will 40; Attestation clause 41; A 'wish of intent' 42; Disputes and unknown factors 42; Claiming against an estate 44; Making a gift void 45; Rules to follow 46 5.How to Write a Will49 Checklist for your will 50; Case study 51; Example of a will 56; Notes 59; What is a codicil? 63 6.A Question of Tax65 Equalisation of estates 67; Settlements 69; Transfers between husband and wife 71; Domicile 72; Gifts 73; When is inheritance tax applied? 74; What can be achieved if no prior planning has been done? 76; Business property relief 78; Relief for succession charges 79; Related property rules 80; Disposing of an asset 81; Interest in possession trusts 83; Children: accumulation and maintenance settlements 84; Discretionary trusts 85; Jointly owned property 86; Inheritance tax wartime compensation payments 87; How is tax paid? 87; Insurance against inheritance tax 89 7.Dealing with Personal Tax Matters after Death91 Allowable expenses before inheritance tax 93; How does this affect the surviving partner's tax position? 93; Self-assessment 95; What is a tax code? 96; Executor's duties 96; The distribution of income to a beneficiary 99 8.Who Can You Go to for Help?102 When will you need assistance? 103; Where do you start? 104; Solicitors 104; The Probate Registry 107; Proposed changes to the Probate Registry 108; Where else can advice be sought? 110 9.Documentation112 Death certificate 112; What is a grant and why is it necessary? 113; What are all these forms for? 114; What happens next? 115 10.Valuing and Administering the Estate116 How to start 118; Property 118; National Savings certificates 123; Premium Bonds 124; Insurance 124; Bank and building society accounts 125; Shares and other investments 126; Other income 130; Hire purchase 130; Listing the valuations 131; Administering a trust 132 11.What Happens in Scotland?134 What is a 'small estate'? 134; Rights 137; Estate checklist 137; What does it all mean? 139; Children 140; Heritable property 140; Intestate estate 141; Does divorce alter a will? 143; Debts 143 12.Winding Up an Estate144 Property 144; Bookkeeping 148; Tax returns 150; Accounts 151; Distributing legacies 151; Final accounts 152; Capital accounts 153; The closing stages 154 Appendix 1 Probate Checklist157 Appendix 2 Glossary of Terms160 Appendix 3 Frequently Asked Questions165 Appendix 4 Useful Addresses167 Index171Index of Advertisers178