What Is a Trust and Probate? A Beginners Guide to Trusts and Probate
Probate is the legal process of a person gaining the legal rights to manage and control a deceased person’s estate. The procedure is called probate if the person died with a will and our team are on hand when you need us most in these difficult times.
As no one knows what the future holds, our team believe that everyone should leave behind a will in their passing to ensure that their loved ones, family and important people in their life get management and control over the right areas of your estate and possessions. Learn more about wills, trusts and probate below or call us on 01865 721 451 for personalised advice on your situation.
What Is a Will/ Trust/ Probate?
A will is a legally binding document that becomes valid once the owner of the will has died. By outlining in the will where the beholder wants their assets to go once they are deceased, the will is used to distribute the owner’s possessions and finances.
Probate is a certificate provided by the court to prove that a will is correct and it clearly outlines the executor named in the will, giving them the authority to act upon it.
Learn more about wills and probate direct from Gov.Uk.
A trust is also another way of managing your assets, including money and is usually set up to control family assets when someone is too young to have the responsibility or when they are incapable of handling their affairs. Trusts can come into action while the beholder is still alive and can class as rules of inheritance if someone passes without a will.
Learn more about trusts direct from Gov.Uk. Why Do I Need Assistance with A Will/ Trust/ Probate?
A lot of adults are passing away without leaving a will, trusts or probate for their families and their chances of their possessions going to the right owners is slim. Without a will, trust or probate you won’t get to choose what of your fortune goes where and to whom and it can also effect who your estate goes to.
A will, trust or probate is an essential part of planning for when you are not here with your family or business which all of the team here at Challenor Gardiner can assist with.
How Will My Children Benefit?
Your children will benefit from you having a will or a probate because they will naturally inherit what you would desire them to do so. Having this all organised before you pass will also avoid sideways disinheritance and your assets going to somewhere they shouldn’t by default.
It can also solve disputes that may arise when the distribution of assets begins as they will have to follow the legally binding document rather than argue amongst themselves as to who gets what.
Taxes on Wills
On all assets included in a will, inheritance tax will be applied if the value of the state is above £325,000 or if you are distributing your possessions around more than just your spouse or civil partner.
If you choose to give your home and possessions to your children this threshold increases to £435,000 with more information found here directly from
Gov.Uk. With the standard rate being 40% after the threshold, learning more about inheritance tax can be really important while writing your will. The Downside of Not Writing a Will?
If you are one of the few who doesn’t have a will when you pass, the legal system will provide the basic rules and dividing of your estate and finances. One downside to this is that you won’t get to choose who in your family or friends will receive what and sometimes the legal system can often give allocation to those who you wouldn’t want due to their notion of being a relative.
If there is a dispute against where the assets are distributed, you have more chance of a resolution with a will in place than without.
How Will a Solicitor Help with Wills?
As established solicitors in the Oxford area, we can assist you throughout the whole process of creating and signing your will as well as:
Drafting your will Contesting and defending your will when requested Creating your lasting power of attorneys Arranging probate and estate administration Creating specialist wills and trusts Arranging the correct tax planning
We offer emotional support at a time that can often be difficult to deal with and take care of all documentation on your behalf so that you can focus on grieving of your loved ones. Dealing with all clients sympathetically and confidentially, you can trust us to handle your situation professionally from the start to finish.
Get in Touch
To find out more about wills, trusts and probate with Challenor Gardiner call us on
01865 721 451.