Wills Frequently Asked Questions
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Writing Your Will
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Executor Services Trustee Services |
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| Books on How to Reduce Tax Bills | ||
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Frequently Asked Questions This section of our site will give you some answers to many of the more commonly asked questions. If you cannot find the answer you need please give us a call and we will see if we can help further. 3. What is a testator or Testatrix? 4. How long is a Will valid for? 5. I have just got married again. Is my previous Will still valid? 6. What should I include when making my Will? 7. Can I appoint guardians for my children in my Will? 8. Can I leave money to my children so they get it at a certain age? 9. What happens if I die without making a Will? 10. How many witnesses do I need for my Will? 11. What is the Nil Rate Band? 12. Who Should I get to Witness my Will? 13. Can my executor witness my Will? 14. Can an executor be a beneficiary of my Will? 15. Can a Will be Used to Reduce Our Family Inheritance Tax liability? 16. How is a person assessed for long term care? 17. Can A Will be used to prevent care costs be incurred? 18. Can you use a Will to protect against both care costs and inheritance tax? 19. Can a Will be changed or made after someone has already died? 20. I have assets and property abroad what should I do? 21. Can I state what kind of funeral I want in my Will? 22. How long does it take to get my Will produced? 23. Can a Will be written quickly in urgent circumstances 24. Where should I store my Will 25. My spouse already has Will should we make a joint Will? 26. My partner and I are unmarried should we make Wills? 28. How many trustees are required to operate a discretionary trust?
1. Who can make a Will?Every adult can and should make a Will. You need to be of legal age, which is 18 in England and Wales and 12 in Scotland. You must also be of sound mind - understanding what you are giving away, how you are giving it away, and who you are giving it to. If you have a history of mental disorder or if an illness may be affecting your judgment in any way, consult a qualified doctor before writing your Will. This helps establish your competence and will be useful should your Will be contested later on the grounds of mental incapacity. 2. Why should I make a Will?Making a Will is the only way to be 100% sure that your assets go to the people you love. 3. What is a testator or Testatrix?A testator is a male person making a will and a testatrix is a female person making a will 4. How long is a Will valid for?A Will is valid until revoked, which can happen in a number of ways. It can be revoked by destroying it as long as it was your intention to cancel it. Physically destroying your Will usually revokes it. Accidental destruction of a Will doesn't cancel it but there might be difficulty in proving that it applies. A Will can be destroyed by another person, but it must be at the request of the testator. A Will must be physically destroyed - simply crossing out the Will or writing 'revoked' across may not be sufficient. Rubbing out or cutting off the signature of the testator or witnesses may be enough to revoke the Will. If part of a Will is destroyed, only that part of the Will is revoked. If an entire Will is to be revoked, any codicils attached to it may have to be revoked separately. If a Will is known to have been kept in your possession, but can't be found when you die, it will be presumed that it was destroyed by you unless there is proof that that wasn't what you intended. A will can be revoked by making a new Will that revokes your old Will. To make sure of this, the new will must contain the phrase, 'I revoke all previous Wills and codicils'. This gives you the opportunity to reconsider all of the terms of the old Will and make all the changes at one time rather than separately using codicils. If you don't destroy your old Will, it might come back into force if your new one is revoked. In England and Wales (but not in Scotland) by marriage unless your Will states that it is made with your forthcoming marriage in mind. Your Will is automatically revoked by marriage unless: You were planning to marry when your Will was made; Your Will names the specific person you married; You state that you want the Will to be effective during your marriage to that person. Except for the situations just mentioned, a Will remains valid for an unlimited period of time. It is a common misconception that getting divorces automatically revoke your Will, it does not. 5. I have just got married again. Is my previous Will still valid?No. Your marriage revokes any previous Wills. A new Will is required to distribute your estate 6. What should I include when making my Will?You should define exactly who you want to inherit your assets, and what in particular each person will inherit. You should also nominate the person or people you want to be responsible for carrying out your wishes and who will act as a guardian to your children if they have no other parent. You can also use your Will to say whether you would prefer burial or cremation. Lastly, you might be able use it to reduce the amount of tax to be paid by people inheriting from you. 7. Can I appoint guardians for my children in my Will?You can express your wishes in relation to whom you would like to be guardian or guardians for your children. By making a Will you can ensure that the Courts are aware of who you wish to care for your children in the event of your death. 8. Can I leave money to my children so they get it at a certain age?You can define the age at which you wish your children to inherit your money. If they are under age you can express a wish that a child’s trust be established and nominate what age the children should get the money from the trust fund. If using any form of child trust you must nominate at least two trustees to run the trust fund. 9. What happens if I die without making a Will?If you die without making a Will, or if you’re Will are invalid, you die intestate. The management of your estate, which is your house (if you have one) and any other assets minus all your debts, is then done by administrators appointed by the court, who will probably be your close relatives... In some cases, your possessions may go to the Crown, but generally the bulk will go to your spouse or if you don't have one, your children. If you have no children, other blood relatives are next in line. One in two people in the UK currently dies without making a Will and if you haven't done so already, it's a really good idea to prepare one. 10. How many witnesses do I need for my Will?In England & Wales, you need two adults to witness your signature and to sign your Will. The witnesses can not be a spouse of the testator or testatrix or a relative of any beneficiary named in the Will 11. What is the Nil Rate Band?The Nil Rate Band is the amount of money you can pass on at death whilst paying zero percent inheritance tax. In the 2007/8 tax year the threshold for the Nil Rate Band is set a £312,000. 12. Who Should I get to Witness my Will?Anyone over the age of 18 who is not your spouse or a direct beneficiary of your Will or not related to anyone who is ever likely to benefit from your Will can be a witness. You need two witnesses to witness your signing of your will. 13. Can my executor witness my Will?An executor (or a spouse of an executor) can safely act as a witness unless he or she is also a beneficiary, or a professional adviser who may wish to charge for his or her services, in which case another witness must be found. 14. Can an executor be a beneficiary of my Will?Yes, and you can have up to four executors. Remember, though, that whoever witnesses your Will can't be a beneficiary of it. 15. Can a Will be Used to Reduce Our Family Inheritance Tax liability?If you are a married couple or couple living in a civil partnership Wills can be used to make sure you make the most efficient use of both of your nil rate band tax entitlements. In the 2007/8 fiscal year this can achieve an inheritance tax saving of up to £124,800. 16. How is a person assessed for long term care funding?When a person needs to go into care they are assessed by their Local Authority to decide what kind of care they need and whether they should pay for it. There is a means test of your income and capital - currently individuals with over £22,250 are expected to meet the full cost of their care. If you have capital between £13,500 and £22,250 you will be expected to make some contribution, and if you have capital below £13,500 then you will not be expected to make a contribution from this capital but may contribute from your income. 17. Can A Will be used to prevent care costs be incurred?No, you cannot prevent care cost being incurred and it is illegal to deliberately attempt to avoid care costs. However a Will could be used to protect a significant portion of the home or wealth of a couple after one partner has died. 18. Can you use a Will to protect against both care costs and inheritance tax?In some circumstances where you have two individuals making joint Wills you can both reduce the family inheritance tax liability and protect some of the assets from care costs 19. Can a Will be changed or made after someone has already died?Yes with the agreement of all beneficiaries a Will can be changed after someone has died within two years of the persons death. This is often useful for achieving inheritance tax saving or protecting against some of the impact of care costs 20. I have assets and property abroad what should I do?Any property you own abroad should be disposed of through a Will in the country where the property is located. You should however note that the value of the property will be taken into account when working out the value of your UK estate for Inheritance Tax purposes. 21. Can I state what kind of funeral I want in my Will?Yes. 22. How long does it take to get my Will produced?The initial free in home consultation takes about 30 minutes. If you wish to proceed we require about a further hour to complete the instruction form. We endeavour to have a draft of your will back to you with three weeks and arrange for supervised signing of your documentation within a week of completing any minor corrects or alterations. 23. Can a Will be written quickly in urgent circumstancesYes if the need is urgent we will fast track your request and shorten the overall time. 24. Where should I store my WillIt is imperative your get your Will stored in a safe and fire proof place and that your executors and family know where your Will is stored. We can arrange safe storage of your Will for as little as £30 per year. 25. My spouse already has Will should we make a joint Will?This is no such thing as a joint Will, ever person should have their own Will. You can have mirror Wills created. A mirror Will allows the same instructions to be carried out regardless of which of you dies 26. My partner and I are unmarried should we make Wills?If you are unmarried you have little if any rights to your partners estate. It is imperative you make Wills to ensure your wishes are understood. You also have no spousal exemption from inheritance tax, so your wills need to optimise you inheritance tax position to protect the family home. 27. What is probate?Probate is a procedure that has to be followed after a person has died (if their total assets exceed £5,000). A grant is required on death which gives a Personal Representative / Executor the right to administer the deceased estate. The Executors or Personal Representatives have two years to administer a deceased’s estate. After obtaining the Grant, Executors will then collect the deceased assets, pay all debts on the estate and, if the estate is a solvent estate, distribute the remaining estate as per the Will or as per the intestacy rules. 28. How many trustees are required to operate a discretionary trust?You must have at least two trustees for a discretionary trust. 29. Can I give someone the right to live in my property after I die without the right to own or sell it?Yes you can grant either a right to reside or grant a lifetime interest in the property. This will ensure they have use of the property without being able to gain access to the capital in the property.
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