Everything proved to be straightforward because we had wills in place. Having the spouse as executor was also good. It’s easier for the executor if there is just one executor, but then that executor must be totally trustworthy and up for doing everything. I found things pretty time-consuming for the first few weeks but then the last few items took almost six months to complete. Long ago we got mirror wills from a solicitor during a “Will Week” promotion shortly after we were married, and then updated them ourselves every few years. About five years ago I used free will templates from Compact Law to start from scratch again with mirror wills, which worked well, and I see they are still available online.
I should have used a low-adhesive label to be absolutely sure which will was the original (as opposed to photocopies that the executors might hold). The Probate Office only accepts wills with “wet” (original) signatures. I spent too much time holding copies up to the window deciding which was a photocopy and which was black biro. It is possible to print two or three identical wills and get them all signed and witnessed together, which helps avoid loss of a “wet signed” original but adds to the risk of discrepancies if there are any codicils or changes to expressions of wishes later.
Consider that a person can leave everything to their spouse who then can distribute some sums to relatives without this distribution needing to be in the will. As long as the surviving spouse lives for enough subsequent years, those sums are not within the scope of IHT. This is handy for preserving IHT allowances, but requires trust by spouses and relatives and therefore might prove very messy, especially if the survivor’s circumstances change radically after bereavement. On the other hand it allows the spouse to be sure that they are in a financially sensible situation before sharing surplus money.
If someone is left a particularly valuable item (car, house, etc.) does this form part of their share of the residual, or is it a bonus for that person on top of their share of the residual? If you have promised each child a sum when they marry or buy a house, is it clear who has received it and who is still owed it before the residual estate is split equally? I had to work this out at the reading of the will.
With the will, I will now need to keep evidence of inherited IHT allowances. I always included a page listing a snapshot of our finances so executors could easily track down the money.
I will put a copy of this guide (or something like it) with the will. I was careful to make sure that every pension has an expression of wish on file, so the trustees can distribute the pension assets correctly. This is often the same distribution as the estate, and might seem to cause unfairness if it doesn’t match.
