P564ORACLE 564 Mon27 Jan C4 1711:16
1/6
Where there's a will
there's a way
No-one looks forward to dying, but a
bit of forward planning can mean a
little less heartache for your loved
ones, says Sue Gorska.
Have you ever worked out how much you
are worth? Die without making a will,
and there's no guarantee that your
estate will be divided up in the way
you want. One of your beneficiaries may
very well be the taxman and worse, your
family could be faced with the problem
of sorting out your affairs. The best
way to avoid this is to make a will.
more follows >
Your Money ...560 Tax Rates ...565
RECRUITMENT ADVERTISING ON 496
P564ORACLE 564 Mon27 Jan C4 1711:55
2/6
Where there's a will
there's a way
If you die intestate, without making a
will, the Administration of Estates Act
lays down rules on how your estate is
to be distributed.
If you're married, the first £40,000
plus your personal effects (eg car) go
to your spouse. Anything more is split
into 2 halves. The first half is divid-
ed equally between the children. The
income on the second half goes to your
spouse during his or her life and is
then divided between the children. If
the deceased wasn't married the estate
goes to his or her parents.
more follows >
Your Money ...560 Tax Rates ...565
Barclaycard Theatre Guide see p231
P564ORACLE 564 Mon27 Jan C4 1704:18
3/6
Where there's a will
there's a way
Anyone aged 18 or over can make a will
and, if your affairs aren't complicated
you can do-it-yourself. Post offices
have pre-printed forms available, but
an ordinary piece of paper, properly
signed and witnessed, would do as well.
Take care, though. An incorrectly made
will can cause more problems than no
will at all!
You can leave your money to whoever you
like, but you can't specify what they
must do with it. Don't assume you can
cut a relative out of your will. Even
if you miss them out, a spouse, child,
or anyone who was maintained by you may
have a claim on your estate.
more follows >
Your Money ...560 Tax Rates ...565
P564ORACLE 564 Mon27 Jan C4 1702:05
4/6
Where there's a will
there's a way
Sign your will in front of 2 witnesses
who may not be beneficiaries (in Scot-
land they may benefit). Make sure your
witnesses actually watch you sign ─ or
the will can be declared invalid. Rem-
ember to date the will and say in it
that you revoke any previous wills you
have made.
You'll need to appoint at least one
executor to administer your estate ─ 2
is better because it spreads the work
and avoids the problem of the executor
dying before you do. Store your will in
a safe place ─ your bank, say, ─ and
make sure your family knows where it is
more follows >
Your Money ...560 Tax Rates ...565
P564ORACLE 564 Mon27 Jan C4 1710:14
5/6
Where there's a will
there's a way
Although you can make a will yourself,
it's often a good idea to get some pro-
fessional advice. Better to pay a soli-
citor around £30-100 to help prepare
your will than £500 or more to sort out
the mess after your death. Solicitors'
charges for acting as an executor vary
according to the value of the estate
and the amount of paperwork.
Banks are often prepared to act as exe-
cutors ─ at a price. Their charges are
usually on a fixed scale of perhaps 5%
on the first £50,000, 3% on the next
£50,000. Some banks may have a minimum
charge of, say, £250.
more follows >
Your Money ...560 Tax Rates ...565
P564ORACLE 564 Mon27 Jan C4 1705:43
6/6
Where there's a will
there's a way
If you're thinking of making a will,
the Law Society publishes a leaflet on
the legal details. 'Making a will won't
kill you' is free from the Law Society,
113 Chancery Lane, London WC2.
You should be able to get leaflets from
the main clearing banks listing their
charges. Phone round local solicitors
for the best quote ─ they won't all
charge the same. D-I-Y enthusiasts can
avoid the pitfalls by reading up on the
subject. 'Wills and Probate' published
by Consumers' Association is available
in bookshops, price £5.95.
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Your Money ...560 Tax Rates ...565
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P564ORACLE 564 Mon27 Jan C4 1713:24
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