Types of will records and what they mean

[Ambersand]

Hi

I have found the full Probate version of a will and also one of these. "Bank Of England Wills Extracts 1717-1845"

Do all wills have these?

What are they?

When and why are extracts done?

Is there some connection to Tax?

Could that above will have more than one extract?

How would I know?

My extract had a figure of 579 pounds sterling. Could a wife and 5 year old child live off the interest on that back in 1832?

The funds were to be kept in trust until the child turned 21. If he was orphaned before then, would the executor become the guardian?

[Megan Roberts]

The simple answer is that not all Wills have both Probate and a Bank of England Will Extract.

Below is a link to an explanation of the Bank of England Will Extracts:
https://www.genuki.org.uk/big/eng/DE...lsProject/BANK


In terms of whether or not a widow could live off the interest of £579 per annum it depends what the rate of interest was, and what her living costs were.

Would the executor become the guardian? That depends upon the terms of possible his late father's will, or maybe his mother's will. The issue of financial guardianship and physical guardianship can be different.

[wimsey]

the currency converter on National Archives says that £579 in 1830 would be worth £39,256 in 2017. But I think there are different methods of calculating this which give different results.

[Ambersand]

the currency converter on National Archives says that £579 in 1830 would be worth £39,256 in 2017. But I think there are different methods of calculating this which give different results.

Thank you for that, it's hard to get a feel for relative worth back then

[Ambersand]

Hi, thanks so much for that link. What it boiled down to is that an employee of the Bank of England used to check each will and made copies of those that had funds invested in the Bank of England. He'd transcribe the relevant parts only and then file these. As circumstances changed they would access these and make notations. I've contacted the Bank of England archives and am keeping my fingers crossed. I may have to pay someone to go in and do the search on site once lockdown ceases. Theoretically they should note a few facts we're missing.