Do you remember when you last updated your will and testament, and were left confused by the legal terms the solicitor used? Your head was spinning with words like probate, laws of succession, chattels and letters of wishes. Many followers of our blog write back and ask, ‘please run the letters and chattels past me again’. And we are delighted to oblige.
Where Do Chattels and Wishes Come From?
Both of these terms are quite straightforward, once we get our minds around them. Although you may be feeling right now that they belong in the recycling bin. Both the chattels and letters have an interesting history, that explains how they came down to us:
- All the land in England belonged to royalty in ancient times. Cattle were the only possessions that peasants owned. Chattels is the Old English word for cattle and other loose gear.
- Successions and bequests were automatic in past times. The eldest child inherited the lot. Unless the deceased wrote a letter confirming who got their portable chattels.
How Are These Terms Still Relevant Nowadays?
If chattels were loose gear, including other personal possessions in mediaeval times, then the concept also applies to our motorcars, laptops and phones today. It’s the task of our deceased estate executor to unravel them, and track them down,
The British government updated the definition of personal chattels from carriages, cattle and horses, to a more modern version in 2014. Although some traditionally-minded solicitors may still balk at the following:
A chattel is defined as anything which is tangible moveable property. A tangible object is one that you can touch. The asset has to be a physical asset such as a piece of machinery or a painting. In some cases, you may come across a combination of tangible and intangible assets, for example cherished car number plates.
Listing Chattels in a Letter of Wishes
If you are updating your last will and testament, then share a thought for the executor. After you pass on, and we all do some day, they may find themselves in a virtual battle ground:
- On the one side, your heirs could be squabbling over who gets what, among your more desirable chattels.
- At the other end, His Majesty’s revenue collectors may be pressing your executor hard for their inheritance tax.
Listing chattels and letters of wishes evolved down the centuries, to help prevent disagreements between heirs. They help executors track down significant possessions, and dispose of them as the deceased would have wanted.
A surprising number of people in England are unaware that these legal terms exist, and may leave chaos behind them. We write and publish this post as a public service, and invite you to share it with your friends.
How to List Chattels in a Letter of Wishes
Create a list of all your tangible moveable property, that you can touch and has meaningful monetary value. This excludes buildings on property, and the land itself. Although it includes movable goods in and on these immovable assets. List your financial investments on a separate piece of paper.
Make a note opposite each item, if you have strong feelings of what you would like to happen to them. Remember to note where to find these items, if this is not obvious, and any special thoughts. Bringing chattels and letters of wishes together in this way, simplifies things for everybody.
Is There Hidden Value In This Study (Avery Associates)
How These Simple Steps Assist Executors
It makes sense to help an executor implement your wishes after you have passed on. Theirs is not always an easy task, as they strive to obtain an accurate list, and value of the property, investments, and chattels.
An executor must do the following before distributing the assets:
- They must declare their total value, and pay any inheritance tax due before proceeding.
- If they must share this value to the heirs in proportions, they must know the total value first.
Executors must cross these two bridges, before they may distribute your assets in accordance with your wishes. If you did not write up your chattels and letters of wishes, then they may have to sell them, and share their value proportionately between your heirs.
Uncertainty over this can lead to endless squabbles, over who gets which items of sentimental and family value. If you feel a need to absolutely avoid this, then you may wish to refer to certain items in your will itself.
How To Know What Your Chattels Are Worth
The monetary value of your movable possessions can play an important role in sharing them through your will. Avery Associates has a panel of professional valuers, who regularly assess the value of land, buildings and other assets for tax and inheritance purposes.
Please contact us when convenient, if you believe we are able to assist. You should find no better service in Greater London, especially offering such friendly and objective advice.
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