Homeowner options for the over 70s

We do not charge clients to draft a Will or provide inheritance tax advice on your estate. 

Our commitment is to provide individual solutions to our clients depending on their particular circumstances and requirements. A Will is the single most important thing you can do to protect your wealth after your death. 

A properly drafted Will ensures that you decide who receives your estate when you die and that your personal wishes are carried out. Making a Will is not an expensive or complex process but many people put it off, sometimes resulting in unforeseen and difficult circumstances after their death. 

Many of our clients choose to appoint us in their Will as the professional Executors of their estate after they die for peace of mind in knowing that their financial affairs will be dealt with efficiently and effectively without their family having the additional burden of having to decipher the law and work out what needs to be done. 

We have been providing free advice for over thirty years, and we can assist with reducing or even eliminating your liability for inheritance tax. We can advise on the best way to retain your wealth with the use of trusts and careful tax planning. The use of trusts, either set up during a person's lifetime or after death, is a complex area that requires careful consideration of trust law and the way that trusts are taxed.

The importance of making a Will cannot be overstressed. Each Will is tailor made for the client, taking into consideration his or her personal circumstances and tax implications. 

Many people believe that their spouse would automatically receive their whole estate on their death whether they make a will or not. This is not the case, and, in addition, "partners" are not recognised by the Rules of Intestacy. 

After a death, the estate is dealt with by obtaining a Grant of Probate (if there is a will) or Letters of Administration (if there is no will). The administration of the estate involves obtaining valuations of all the assets of the estate and dealing with payment of Inheritance Tax (if appropriate), applying for the Grant of Probate or Letters of Administration and then gathering in the assets of the estate, paying debts and distributing them and administrating them according to the Will or Rules of Intestacy as the case may be. 

Not making a Will can leave your estate with many complications, including demands from HMRC for incorrect amounts of inheritance tax. Disputes with relatives or others as to what they believe they are entitled to, and the Courts deciding on the eventual outcome. Let us draft your Will today and you can avoid all of these potential pitfalls. 

What happens if there is no WILL: My dad runs a successful small business with substantial savings and other valuable assets including a couple of classic collector’s motorcycles. He insists that since I am his only heir, everything will automatically pass to me. I am worried that it is not that simple. 

If you are worried that your dad’s lack of a will could complicate your life after he passes, your concern is justified. Without a Will or trust, UK law not your dad decides how his assets will be handled. That can bring delays, extra costs, and avoidable conflict. 

Even if you are an only child and the sole heir, the court will not just hand over the keys to the estate. Probate, the legal process of validating and distributing an estate, can take months or even years to resolve. Until then, you cannot sell, transfer, or even maintain property without the court’s approval. 

Probate is not free: legal fees, court costs, appraisals, and executor compensation all add up. Even if you inherit everything, a hefty portion of the estate could end up being ground up in the gears of bureaucracy. Even if you are an only child, other parties, such as creditors, estranged relatives, or business partners are free to file claims. 

The Hidden Rules of Ownership: You plan what is yours, which will always be yours. However, in the blink of an eye, the world can take back what you thought was permanent. The fine print, the rules you never read, highlight that not everything is secured by your will. 

Mortgaged Homes Without A Will or Trust: AA home is often your biggest investment, but without clear instructions in your Will or trust, inheriting it can get complicated. Lenders have the right to demand repayment before your heirs see a penny. If no one steps in to assume the loan, repossession means the home and its value could be lost. 

Rental Properties: A rental property should be a lasting asset, not a legal roadblock. If it is not in a trust or assigned a transfer on death deed, heirs may face probate, unexpected taxes, and ownership disputes. Without the right paperwork, your investment's true value could be tied up in legal complications for years.

Digital Financial Accounts: Unlike traditional bank accounts, many digital financial platforms do not allow account transfers after demise. If you have not named a beneficiary or included these assets in estate planning, the balance could be frozen or absorbed. Some services may release funds if proper documentation is provided, but it is not guaranteed.

Life Insurance Without A Named Beneficiary: You have life insurance to protect your loved ones but without a named beneficiary, they might never see it. If left to probate, payouts can be delayed or worse, claimed by creditors. Do not let your family face this uncertainty. 

Bank Accounts: You worked hard for your savings should not they go to the people you love? Without a POD designation, your bank account could be frozen, forcing your heirs to take legal action against red tape. Do not let your family struggle to access what is rightfully theirs. 

Retirement Accounts: Retirement funds do not automatically transfer through a Will. If no beneficiary is named, the funds may be distributed according to UK probate laws, which may not align with your wishes. Proper planning ensures your heirs receive the full benefit without unnecessary taxation or delays.

Loans With A Guarantor: If you take out a loan with a guarantor, they do not just co-sign for your lifetime they become fully responsible for any remaining debt when you pass away. Private loans, mortgages, and car loans do not disappear, leaving the guarantors to cover the unpaid balance.

Jewellery, Art, and Collectibles Without Documentation: That antique watch or your grandmother's ring are not just things; they are stories. Without a Will or trust, they could be sold off to cover debts or spark family disputes. A simple inventory ensures your treasured pieces stay with the people who cherish them most.

Farm Or Agricultural Land With Easements: An heir inherits farmland, yet they cannot build, sell, or use it as they wish. Hidden restrictions conservation easements or government rules can limit control. Some properties even carry obligations to preserve the land forever. Without understanding these legal ties, your legacy may come with unexpected burdens instead of opportunity.

Trust-Owned Property: If a home or asset is placed in an irrevocable trust, it no longer legally belongs to you it belongs to the trust. It cannot be passed down in a Will, as its future ownership is predetermined. While this protects assets from probate and creditors, heirs must follow the trust's terms.

Inheritance Itself: Even if you own something outright, it does not mean heirs will receive it in full. Estate taxes, creditor claims, and legal disputes can significantly reduce an inheritance. In some cases, assets must be liquidated to cover outstanding debts before anything is distributed to beneficiaries. 

Incorrect Payment to beneficiaries: I inherited £60,000 from my dad before his debts were paid. I have to return the money, but I already spent it to pay my credit card debt. Now what? 

Why Estate Debts Come First: In probate law, an estate’s debts and taxes have to be paid before heirs receive anything. Creditors have legal priority over distributions. If assets are issued too early, heirs can be required to give back the money. This guarantees the estate satisfies obligations fairly, even if it feels unfair to beneficiaries.

The Executor’s Role And Mistakes: The executor is responsible for managing debts before giving out payments to beneficiaries. If they issued your share prematurely, they may share some liability. Though, courts hold heirs accountable for returning funds, regardless of the executor’s blunder.