In part one, we looked at who gets what and why. Dealing with the smaller things makes the bigger things flow smoothly. Once you have dealt with your belongings and drafted a will, it is time to register a will so it can be easily found. But before you do that, let’s ensure you have done everything you can to avoid family feuds after you pass away.
Letter of Wishes
Open communication is key, particularly when wanting to avoid potential family drama and spats. A letter of wish is essentially a ‘I want you to have this’ list. Much like we discussed in part one, this is a fantastic way of adding a personal touch to your will. A letter of wishes is independent of your will and has a more sentimental rather than legal and factual tone. It is there to offer guidance and is a non-binding document for your executor, highlighting your wishes regarding items you wish to go to certain people and your funeral wishes. This can help guide the executor and your loved ones to ensure everyone knows your wishes are being honoured.
The Probate Process
Now to the serious stuff. The probate process can seem daunting, but if you have done a good job of writing and storing your will, your loved ones should have a smooth probate process. In simple terms, this is where the will is read and followed, and all assets are distributed, and all debts and taxes are paid from the estate if there are any.
Usually, the executor will need to inform relevant companies and bodies of the death, such as the council, utility companies, insurance companies, pension providers, and the tax office. If there is property, then it may be liable for inheritance tax, depending on its value and who will inherit it. Any outstanding debts or mortgages must be paid off before the remaining money is given to beneficiaries.
Your executor will also need to list all assets of monetary value, such as vehicles, jewellery, crypto accounts, etc. If you have detailed these things in your will, this makes their job much less complex.
Can I Ask to See a Will If I am a Beneficiary?
If you are the person set ot inherit but you are worried that the will isn’t being followed as you would expect, it is natural to want to see the will itself. The answer to the above question is yes, but at the executor’s discretion. However, after the probate process has been completed, you can request a copy of the will. You are also within your rights to dispute a will if you disagree with it.
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