What happens if I die without a will?
If you do not have a Will and have no known next of kin, the Crown receives your estate. In legal terms, this situation is known as Intestacy. At this stage the laws of intestacy apply to your estate which means that your estate is divided between your lawful spouse and your surviving blood relatives, according to specific rules laid down by Parliament. If there are no living relatives, once an extensive search has been undertaken, your money goes to the Crown. Many people erroneously think that their Estate will go to their partner when they die. This isn't necessarily the case. For Example, an unmarried partner will be entitled to nothing. Even a spouse may not receive the entire Estate and worryingly, may not receive enough to maintain their current lifestyle. Please contact us for detailed information in this regard.
Who will prepare my Will?
Recently numerous Will writing companies and websites have surfaced claiming that they will provide Will at very cheap rates. Before you entrust them with the preparation of your Will, please make sure whether they have the relevant qualifications and legal requirements to prepare your Will. Otherwise, when the need comes, your last Will and Testament will not become operative.
Using an unqualified will writing company or internet website based service to write your Will has great risks. Many people think it is ok to write a Will using these unqualified Companies services and that their wishes will be carried out exactly. However, this is not the case. Those companies may not understand how to translate your complex requests into your wishes. It is just not worth risking your family’s inheritance!!
Another important aspect while selecting your Will Writer is their reputation, reliability and storage facilities offered. You may also wish to change your Will at a later stage, but your chosen Will Writing Company might have closed their business and you will have to create a new Will again.
If your last Will and Testament is to be written professionally by a legally qualified person, you will have to instruct a Solicitor. Instruct us to prepare your Will and you can relax.
Where should I store my Will?
You can store your Will in a safe and secure place anywhere you like. We do offer our clients a whole of life secure vault storage facility at a very reasonable fee and we strongly recommend you to take up this offer. E.g. If you die in a house fire and your will is destroyed in the same fire, all of your efforts in preparing the Will would be in vain.
Who can be my Executors?
Most people want to make sure that control of their assets stays within their family or group of close friends so these same people can also be your Executors. You need a minimum of 1 and maximum of 4, if there's anything complex in your Will, you should consider using a Professional to act as the Executor.
Can an executor be a beneficiary?
Yes. Often the main beneficiary is one of the executors.
Do I need a solicitor to act as executor?
No, but it is wise to appoint one alongside a friend or relative. This enables the burden of the work to be shared with a professional who can advise. It also ensures that, if the executor is unable to carry out their duties for any reason, there is the support that is needed. A Solicitor will charge for their advice and work and their fees will come out of your Estate.
Do I need to nominate guardians in my will?
You do not have to, but a Will can be a convenient place to name a guardian if you have any children under the age of 18. Without nominated guardians, the courts will decide who will look after your children. Ideal choices are your parents if they’re able to cope with your young family or your brothers/sisters or close friends, usually someone your children are already comfortable with.
Do married couples need two Wills?
Both of you need to make a Will. A pair of similar Wills are created for this purpose and these are called Mirror Wills. Getting married or remarried cancels a previous Will unless the Will expressly states otherwise.
When does my Will become Legal?
After taking your instructions we will write your Will and send you a copy for you to check. If anything needs correcting, we do it at this stage and keep sending you drafts until the latest version is as the instruction form you completed. You confirm that the latest one is ok and we print the original, bind it and send it to you by first class post, it comes with full signing instructions. Once it has been signed, dated and witnessed correctly then your Will becomes a legal document and it needs to be stored safely.
What are the Limitations?
Wills prepared by us are valid under the laws of England & Wales. If you are not a resident in England or Wales, our Wills may not be suitable for you.
Whether property in another country will be covered by my Will?
No. If you own property in another country, you would also have to make a Will in that country.
Who can be my witnesses?
Anyone can witness the signing of a Will as long as they’re not mentioned in the Will themselves, not related by blood or marriage to anyone in the Will, over 18 and not blind. Often next door neighbors, work colleagues or Solicitors are ideal.
Can I change my Will?
Yes. You can change your Will at any time, once you become a customer of ours changing your will is easy, you can e-mail changes to us and, provided there is no Trust change in the amendments that you want, we keep the fee to a very low level. If you require an upgrade to a different type of Will (e.g. one with a Protective Property Trust in) then we only charge you the difference between the Will you have and the Will you want, please call us for details.
Can Children under 18 Inherit?
Children cannot inherit until they reach the age of 18. If they are below this age, the funds are held in Trust. If you think 18 is too young for your children to inherit a large sum of money, within a Will, you can specify that they not receive the capital sum until a later age. They will, however, be entitled to receive any income from the trust fund as soon as they reach 18. Apart from this, the Trustees decide what income or capital can be used for the benefit of the children e.g. school fees etc.
Getting Divorced?
If you are getting divorced, it does not cancel a Will. However, a gift to a divorced spouse lapses, unless a contrary intention appears in the Will.
Whether my Will become invalid?
Yes. If:
- a Will is not made under the correct procedures.
- you subsequently get married or remarried, unless the Will itself states that it is made in contemplation of that marriage and that it will be effective afterwards.
Please also note the following relevant points:-
- a Will that is not clear under the law is open to challenge and your wishes may be overruled.
- getting divorced does not cancel a Will, but a gift to a divorced spouse will lapse unless a contrary intention is expressed.
Can I make my own will?
Yes, you can. But there are significant risks in doing so. You should consider:-
- A Will that is not clear under the law is open to challenge and your wishes may be overruled.
- A Will not made under the correct procedures can be rendered invalid.
- When making your own Will you may overlook some possibilities and unforeseen changes in circumstances.
Can I mention my funeral arrangements in my Will?
Yes you can. But it may not have the legal validity. It will just be your preferences or requests. However, your family and friends may consider your wishes if you have mentioned it in your Will.
Is Estate Planning important while preparing my Will?
Before making Wills, it is important to consider the value of your estate both now and in the future. Estate planning is straightforward and will help you plan what you wish to include in your Wills.
Completion of the process will enable you to calculate the estimated Inheritance Tax liability arising when each of you dies. This knowledge will enable both of you to plan the terms of your wills so that you achieve a sensible balance between the practical needs and tax saving. You will have to add up the value of your assets and liabilities.
Will I incur Inheritance Tax?
If your estate is worth more than £300,000.00 (£600,000.00 for couples) it will be subject to the rules governing Inheritance Tax.
The first £300,000.00 of a single person's estate will pass free of Inheritance Tax. This is known as the Nil Rate Band personal tax allowance. The remainder will be taxed at 40% (e.g. if you have an estate worth £400,000.00, you will pay tax on £100,000.00 (£40,000.00 tax)).
A married couple with assets over £600,000.00 can save tax by both setting up, in their Wills a Discretionary Trust of a sum of money equivalent to the Nil Rate Band personal tax allowance, in favour of their spouse and children. This is explained in more detail in Help Notes within the Will Questionnaire itself.
Importantly, gifts to a registered charity are also tax free.
There are other tax allowances for gifts of agricultural or business interests, but they are beyond the scope of these notes. If you have such interests and would like to find out if you can take advantage of these allowances, you should consult a solicitor or an accountant.
My Spouse & I own a house that is worth more than £600,000 on its own, are there still ways that I can avoid Inheritance Tax?
Yes, there are but we need to assess your personal situation to give the best advice. So please e-mail or telephone us to discuss your situation.
Is it necessary to Up-date my Will?
It is very important to ensure your Will is up-to-date. The following are some major points to consider:
- An existing Will can be updated using a Codicil, or by re-making your Will. It is usually better to re-make your Will.
- An existing Will may contain a legacy that has been distorted by inflation.
- Your circumstances may have changed.
- An existing Will may refer to an executor who may have died. Nominating a firm of solicitors as joint executors is a safeguard.
What happens after I have filled in the instruction form?
You send us the instruction form together with the payment. We will then prepare your Will according to your instructions.
Tips
Instruct a qualified professional, Solicitor, to prepare your Will. This is the most important and useful tip we can give.
There are many online and unqualified companies who may offer to prepare your Will for a low cost. Quite often there may be hidden costs and your final bill will be enormous. They will not be able to offer you storage facilities and may not be in operation when you require further services. Moreover, the Wills prepared by them may not be suitable for your circumstances and will not become operative when you need it and you will not be there to rectify it. A Solicitor will be able to prepare a tailor made Will for you which will be legally valid and enforceable.
Update your Will regularly
It is advisable to get out your Last Will and Testament to check it occasionally because there may be changes in your circumstances or the beneficiaries.
Appointing Executors
You should be careful when you chose your Executor. Most people pick close family members whom they trust and this works fine. If they don’t want to act in the event of your death then they have the option of handing the Executors role over to someone else then, e.g. a Solicitor. If you really don’t have anyone to appoint as your Executor, you can appoint a Professional like a Solicitor to do this job.
Appointing Guardians
If you have children under 18 it is vital that you nominate a Guardian for them in your Will. You should first check with them and find out whether they are willing to take that responsibility.
Names of persons mentioned in Wills
In your Will, please use the relevant people’s correct full names, including middle names. You should not abbreviate the names.
Relationships may be mentioned
As there might be many persons in the world with same name, you need to specify the particular person and the relationship to you, e.g. mother, brother etc. Also, if a person’s relationship to you is remote you can refer them as a friend. Eg: Your cousin’s spouse’s brother etc.
Gifts
While preparing the Wills many people will want some items of sentimental value to go to certain individuals. They may also leave a gift in the Will to a Charity, however large or small to help that charities cause. The items provided as gift may change according to the circumstances of the person preparing the Will. This will require the Will to be changed often. However, if a Gift List is included in your will, the Will itself doesn’t have to be changed if you change a gift. All you have to do is write out a list of items and who is to inherit them and incorporate the Gift List with your Will.
Allocate Residue
This is everything you own that has not been previously gifted and is usually given to your spouse or shared between close family members. You may consider this as units of money rather than individual items. The Executors may eventually turn it into cash and distribute it to the persons you have mentioned.
Funeral Arrangements
The funeral arrangements you describe in your Will is not legally binding. It is just your preferences or requests.
DISCLAIMER: The information on this brief guide is written as a general guide only and it is strongly recommended that specific legal advice is sought before action is taken.
Please contact us for further information.