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Wills - Frequently asked questions

• Why do I need to make a Will?
• What is an Executor and who should I appoint?
• What happens if I don't make a Will?
• How flexible is a Will - my circumstances are likely to change?
• How can a Will protect the interests of my dependants?
• How can I ensure my Will is tax efficient?
• What other provisions might I include in my Will?
• Is a Lasting Power of Attorney relevant to Will making?
• What information is needed to prepare my Will?
• What does it cost to make a Will?
• What do I do with my Will once I have made it?

Why do I need to make a Will?

You need to make a Will to ensure that your wishes are carried out in the event of your death, rather than the distribution of your estate being dictated by the law.

There are many misconceptions about Wills. For married couples, it is often assumed that the surviving wife or husband will receive the entire estate automatically, whether or not there is a Will in place. This is not always the case, particularly where there are children, and it depends upon the value of assets held in the estate of the deceased spouse whether or not the surviving spouse will be the sole beneficiary. Also 'common law' wives or husbands, however long they have been living together, have no automatic rights to the assets owned by their partner when he or she dies.

It is sometimes thought that the eldest child has priority over other children and that legitimate children have preferential rights over illegitimate children, but this is not so. In the absence of a Will all children, legitimate and illegitimate, of all ages and sex, rank equally.

A Will enables you, and not the law, to decide who will be responsible for administering your estate and any ongoing trust, by appointing executors and trustees, and who should benefit from your estate, by specifying the beneficiaries.

A Will can also be a very effective means of inheritance tax planning. It is also essential to make a Will if, for example, you are divorcing. If you marry or re-marry you need to make a new Will, as marriage automatically cancels any existing Will.

What is an Executor and who should I appoint?

An executor is the person or body responsible for administering your estate on your death to include the duty of quantifying your assets and liabilities, ensuring that any inheritance tax liability is accurately declared and paid, gathering in your assets, discharging your liabilities and distributing your estate to the beneficiaries as set out in the will. Executors may also be trustees in appropriate cases for example where there are children or where trusts need to be created on death for inheritance tax or other reasons. In many cases it would be appropriate to nominate a husband, wife or child of full age, but in other cases it is advisable to have a professional executor or executors. We can advise you on your choice and the firm is willing, where appropriate, to act as executor.

What happens if I don't make a Will?

If a person dies without leaving a valid Will, which is called 'intestacy', there are statutory provisions setting down who will benefit from his or her estate. These statutory provisions specify which beneficiaries receive the estate and in what amounts or proportions. More often than not these statutory provisions are unlikely to reflect your wishes for the distribution of your estate and are unlikely to be tax efficient.

How flexible is a Will - my circumstances are likely to change?

A Will only operates from death and therefore you can change it at any time, and you should keep it under regular review. However we will discuss with you and cover in your Will the foreseeable changes or events. Simple changes can be made by a Codicil to your Will; more substantial changes are best made in a new Will.

How can a Will protect the interests of my dependants?

By your Will you can appoint guardians to look after your children until they reach 18, and your Will can include provisions to allow your executors and trustees to provide any necessary funds for their support and education.

If you do not want your children to inherit your estate outright at the age of 18, your Will can incorporate appropriate trust provisions for your children to receive the capital at a later age that you specify, or as beneficiaries under more long-lasting trusts. It is important to take advice on whether it would be appropriate to incorporate trust provisions in your Will and, if so, what type of trust would be best suited to achieve your wishes.

You may need to make provision for other dependants, whether by your Will or otherwise, such as children from a previous marriage, a former spouse or elderly parents.

How can I ensure my Will is tax efficient?

As already mentioned, Wills carry out and reflect the wishes of an individual for the distribution of his or her estate on death. In addition, Wills can also be used to help reduce Inheritance Tax, particularly for married couples. There are various methods available for this purpose including discretionary trusts of the inheritance tax nil rate band. and loan trusts, which under current legislation can have the effect of saving £114,000 in Inheritance Tax. Further details of these tax efficient Will Trust arrangements can be provided on request. Remember that inheritance tax is payable on estates over £285,000 at 40% and there is much to gain for your successors in effective tax planning.

What other provisions might I include in my Will?

You may want to make gifts of specific cash sums to relatives, friends or charities. Also you can provide for the distribution of specific items, such as jewellery, to particular beneficiaries, which can be done by reference to a letter of wishes to avoid regular changes to your Will.

If you have an interest in a business, either in your sole ownership or as a partner or shareholder, you may need to make provision in your Will for the management and continuation of the business following your death, or for its effective disposal.

You may also have property abroad for which advice will be required on the action needed to deal with the distribution of that property, as many other legal jurisdictions do not allow free disposal of houses and land and give family members specific rights of inheritance.

You may also have specific wishes regarding the use of your body for medical purposes (for which the carrying of a donor card is advisable), and your cremation or burial, which you can include in your Will to avoid any doubt.

Is a Lasting Power of Attorney relevant to Will making?

Although a separate matter, at the same time that you are making your Will it is sensible to address the issue of the administration of your finances and affairs generally, in case for any reason you became unable to manage them yourself. This can be dealt with by a Lasting Power of Attorney. In appropriate cases you rather than the law can choose who will manage your affairs whist you are incapable of doing so.

What information is needed to prepare my Will?

Please call us or email us by clicking on "Get in Touch".

What does it cost to make a Will?

The costs of a Will can vary enormously, depending on the level of expertise and service provided. A Will is one of the most important documents you will ever sign, as it deals with everything you own, and it is worth peace of mind to you and your family to make sure that it is done properly and that it does exactly what you want. We base our charges on the hourly rate of the person dealing with your matter, and will be able to give you an estimate of our charges at the outset.

What do I do with my Will once I have made it?

When you have signed your will, we can hold it for you for safe keeping free of charge, and will let you have a photocopy of it for future reference. It is advisable to keep it under review as your personal and financial circumstances change, as well as those of your beneficiaries, and any changes can be made by a Codicil or new Will.