Will & Tax Planning

Making your Will

We wish to give you peace of mind about what will happen after you die and reassurance of knowing that you have made appropriate provision through a legally valid and properly drafted Will.

Your Will is a legal document in which you state what you would like to happen to your Estate.  Your Estate consists of your house (less any outstanding mortgage or other loans secured on it), cash and savings, your car, household and personal items, proceeds from any life assurance policies and pensions where there isn't a named beneficiary or the plans are not written in trust less any outstanding loans, credit card balances, household bills, funeral expenses etc

We can offer you expertise and experience in Will drafting and, when needed, a full Probate service.  Our service is friendly, approachable, affordable and sensitive to your individual needs.  We are happy to see you at our office or at your home if you live locally. 

It is important that you make a Will to ensure that your relatives and friends know your wishes.

Provisions to reduce death duties (Inheritance Tax)

If the value of your Estate after payment of your debts and gifts to exempt beneficiaries (such as spouses, civil partners and charities) exceeds the Inheritance Tax Threshold which changes annually (eg: £312,000 for the tax year April 2008-April 2009), then the Inheritance Tax will be payable at 40% on the value of your Estate over this amount.  However, if when you die you are a widow/widower or bereaved civil partner your available Threshold could be increased and in some cases doubled.  Please speak to us with regard to tax saving provisions that may assist in your particular case, as the availability of tax saving devices will depend on your individual position.

The cost of making a will with us

We believe that we can offer you a service which is value for money.  We charge £90.00 plus VAT (£15.75 a total of £105.75) for a single Will and £150.00 plus VAT (£26.25 a total of £176.25) for a Husband and Wife, Partner or Civil Partner Will. If you require Inheritance Tax advice we will charge you in addition for such advice. It is our practice to let you know the cost of our advice at our initial meeting and to confirm the same in writing. 

Inheritance Tax

Please see ‘provisions to reduce death duties' (Inheritance Tax) above for some basic details on how the Deceased may have given consideration to Inheritance Tax in their Will. 

Personal Representatives are responsible for finding out if Inheritance Tax is due as a result of a person's death.  If it is, the Personal Representative has to make sure that it is paid to the Inland Revenue (Capital Taxes Office).  Personal Representatives are required by law to file an Inheritance Tax Return to the Inland Revenue in all Estates prior to applying for Grant of Representation (whether or not tax is payable)

Whether Inheritance Tax needs to be paid can depend on (amongst other factors): 

• how much the property and belongings of the Deceased were worth when they died
•  the value of any gifts that they gave before they died, when the gifts were made, and to whom they gave these gifts
• the value of certain trusts from which the Deceased benefited or
• which people benefit under the Will or under the rules of intestacy (the Beneficiaries)
• We would like to use our expertise and experience to help you deal with the above.  In some cases, simple adjustments to how an Estate is administered can result in significant savings which can run into thousands of pounds.

Our costs

Our costs may vary depending on the nature of the work undertaken.  Basic Tax Planning and Advice would be included in the costs above for Will drafting.  If your Tax Planning needs are more complex then further costs would be incurred, usually at an hourly rate.  We would let you know our likely costs at our initial meeting and confirm the same in writing. 

Contact us on 01803 313656 or email stephanie@darbylaw.co.uk