…………..there’s
often an argument!
A
person making a will can change it at any time. Nobody else has an entitlement
to see this private document, even if he or she thinks they may be named in it.
A
will usually names ‘executors’ – the people responsible for identifying all the
assets and liabilities, paying any taxes, obtaining a ‘grant of probate’ –
basically getting permission from the court - if required, and then
administering the estate in accordance with the deceased’s wishes. In many
cases, an application for a ‘grant of probate’ is not needed.[i]
Once
a ‘grant of probate’ (or ‘letter of administration’, if the executors are
unable or choose not to act) is granted, the will becomes a public document and
anyone can apply to have a copy of it.[ii]
However,
if no ‘grant of probate’ is made, the will remains a private document. Although
the executors are entitled to share the contents with others, including residuary
beneficiaries – those entitled to some part of the inheritance after all the
obligations have been met, there is no obligation to do so.
There
is good, free advice available on these issues.[iii]
Taking it could both help your executors and stop a lot of arguments.
And,
remember, whenever you hear someone suggest that cutting Inheritance Tax is a
priority, such tax is paid on less than 1 in 25 estates.
A
friend of mine has solved the problem by telling his children that he doesn’t
believe in inherited wealth. However, if they insist, he’ll be more than happy
to leave his overdraft to them!
[iii]
http://www.adviceguide.org.uk/england/relationships_e/relationships_death_and_wills_e/wills.htm
