Will Guide


What Is A Will? What Happens If I Die?
A Will is the only legally binding document which allows you to name the people that you’d like to look after your affairs, it also sets out who is to benefit from your property and possessions (your estate) after your death. Without a Will your wishes will not be respected and your estate will be distrubuted in accordance with the Law.

A Will can be incredibly straightforward, yet a staggering 70% of people in the UK do not have a Will which accurately reflects their personal and financial circumstances. When someone dies without a Will, they are said to have died ‘intestate’. In these cases, there are laws that govern the way in which the affairs of the deceased should be dealt, and the way in which their assets should be distributed.

The intestacy Law will be inoked and appoint an individual under the process, there is naturally a danger that someone you do not want dealing with your affairs becomes appointed, and your wished aren’t respected in the way you had hoped.

Why Should I Make A Will? What About Taxes?
It is vitally important to establish a Will which reflects your wishes and personal circumstances, especially if you are married, divorced or have children.

Within your will you can include:

  • How your assets should be shared
  • You can make arrangements to ensure you spouse/partner is looked after
  • Make provisions to ensure you are not paying more IHT than you should be. Inheritance Tax (IHT) is usually paid on an estate (if valued at £325,000 or more 2010/12) when somebody dies.
  • It’s also sometimes payable on trusts or gifts made during someone’s lifetime. Many estates don’t oay IHT as they are not valued at the £325,000 threshold
  • During your lifetime, it is possible to give away ‘Gifts’ and other such monetary sums that are exempt from IHT. Exempt parties include: Your husband, wife or civil partner, UK charities, some national institutions and UK Political Parties
  • If you’re in a second or later marriage you can make provision to balance interests between your spouse and your children from a previous marriage

What If I Have Children? How Long Will It Take?
If you have a lawful spouse and children, the circumstances vary slightly. If your estate is worth less than £250,000 then your spouse gets everything. If your estate is worth more thatn £250,000 then your spouse would get £250,000 and a life interest in half of anything over this sum if you have children.

If you have no children, your spouse is entitled to the first £450,000 of the estate before the Law intervenes.

Solomons Soliciotrs can help you draft a Will in a matter of hours. Once your draft has been approved and your approved copy properly signed you will have created a legally binding Will.

If you would like a free initial consultation to discuss the creation of you and/ or your partners Will, please feel free to contact us.

Remember All Wills at Solomons Solicitors include:

  • Preparation and advice by a specialist Solicitor at an agreed Fixed Cost
    Inheritance Tax advice where applicable
  • Free Registration with Certainty, the secure Will Registrar (www.certainty.co.uk)
  • A free paper of scanned copy of your Will to keep
  • Free retention of your Original Will in safe storage at our offices
  • The right to a free intitial independent financial assessment by a Chartered Financial Planner associated with Solomons Solicitors**

** Solomons Solicitors is not authorised by the FSA to give investment advice

Free Initial Consultation

Paul Solomons – Head of Private Client Services
We are expert solicitors and can advise you in matters such as Wills, Probate, Trusts, Lasting Powers of Attorney and more. Contact us on 01202 802 807 to book a free consultation at our Bournemouth or Christchurch office to discuss with a Private Client Service specialist the process and outcome of your matter.