How is a Statutory Will arranged?
A statutory will is a will which contains all the required information and documents needed in order to be accepted as a valid will by the probate registry. It includes mandatory elements such as, for example: full name(s) of the deceased, the place (county) where they live, their date of birth and occupation (or some other description).
These details are used by the registrar who then writes the formal document using these details. Without this key information you cannot make a statutory will. A statutory will is often prepared by Court of Protection solicitors.
How do you make statutory will application?
A statutory will application is a legal document that can be used to transfer your property and savings when you die. It allows you to choose who receives your estate under intestacy rules.
Making a statutory will is easier than making a normal one, but there are still red tape issues. You must follow the correct procedure for making this type of will and giving beneficiaries their gifts within six months of making the statutory will application. If this isn’t done, then the assets in the statutory will go into an ‘administration fund’ which can only be taken out with permission from the Court of Protection (CoP). If someone dies without using a statutory will, they are said to have died intestate or not to have made a valid will.
What are statutory will rules?
A statutory will must be made in accordance with the following rules
– There should be evidence that it is necessary to make a statutory will for the assets concerned. This is usually because those assets are likely to need managing by a third party, or would otherwise not go where the deceased wanted them to go
– There must be evidence that there isn’t another way of arranging this management without having to make a statutory will. In other words, that there can’t be another way of doing it which doesn’t involve an application under section 15 of MCA 2005.
– There must be evidence that it is necessary for the application to be made while the person lacks capacity. In other words, there must be an assessment, by at least one medical professional (for example a doctor) that this condition exists.
– The assets concerned should not have already been dealt with under an earlier statutory will. If they have, then another statutory will cannot usually be made unless certain limited conditions are met.
How much does making a statutory will cost?
At present, statutory wills can only normally be made if the applicant’s intentions can’t reasonably be carried out without needing to make such a will. For example, a relative may need caring for by someone else term and needs their belongings going to that person. However, statutory wills are expensive and time consuming to carry out.
If you have any questions or would like more information about statutory wills, contact your local solicitor.
Making a statutory will
A statutory will is a document that ensures your wishes re assets are carried out, even if you die without making a valid will. Although there are several reasons why someone might benefit from having a statutory will made, it is only necessary to make one when all other ways of expressing your wishes have been exhausted or proved impossible. This means that sometimes, writing a statutory last will and testament can become necessary: this can be for a number of reasons including
– The existing will or intestacy position does not reflect (or no longer reflects) what the individual may have wanted;
– There has been a significant change in circumstances (for instance original beneficiaries no longer alive, assets already gifted away);
– The individual’s estate has either reduced or increased greatly in value.
Many people believe that making a statutory will costs almost nothing. This is not true, since the law firms which provide these services often charge well over £500 for the privilege of completing the forms and documentation necessary for drawing up a statutory last will and testament.
How much does it cost to complete a Statutory Will and COP3 Mental Capacity form?
This will depend on the background reading, complexity of the case and interview time. Please contact us for a quote.