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It is never pleasant to consider what will happen after your death, but a little thought now could save your family a lot of problems if you are suddenly taken from them.
Often people decide to make their will after problems have arisen when a relative or friend has died. Even the happiest of families can be reduced to arguments when a loved one dies without leaving a will.
Below are a list of frequently asked questions relating to wills.
exactly what is a will?
isn't making a will morbid?
what if I don't make a Will?
what can I say in a will?
what if I change my mind after I have made my will?
since making my will I have married/divorced, do I need to make a new one?
what if I don't want to include one of my close relatives in my will?
who are the executors and trustees?
what about my children?
we own our house in joint names, will it automatically pass to my wife/husband?
will my estate be liable for Inheritance Tax?
I'm always losing things - where should I store my will?
exactly what is a Will?
Put simply, a will is a list of instructions telling your Executors what to do with your property when you die.
isn't making a will morbid?
Because making a will is basically talking about what will happen after your death, many people probably put off making one. No one likes to think about death, but there is no doubt that most people like to think that their close relatives will be looked after when they have gone. Many people have a mortgage and often people take out life assurance to pay off the mortgage should they die. A will is no more morbid than life assurance - it's simply good planning.
There are even those who believe that making a will will hasten your death. We're happy to report that there's no evidence for this and most of our clients who make wills go on to live for many years!
what if I don't make a Will?
Many people think that they don't have to make a Will because they are not rich. However nothing could be further from the truth. If you die without making a Will, certain rules come in to force, known as the 'intestacy rules'. These rules set out what happens to your estate. Some of the rules may actually surprise you:
If you are single, with no children or grandchildren:
your property will go to your parents, or whichever one is living. If both your parents are dead, your property will go to your brothers and sisters. If any of your brothers or sisters are dead, their share will go to their children. If both your parents are dead and you have no brothers or sisters, nieces or nephews, then your property would go to any half-brothers or sisters (or their children if they are dead). If none of the above are alive, then your property would go to your grandparents and then to any aunts or uncles and then to more distant relatives. If you have no relatives whatsoever your property would go to the Crown i.e. the Government.
If you are single, but have children or grandchildren:
Your property will go in equal shares to your children. If your children have died, their share will be divided between any of their children.
If you are married with no children or grandchildren:
The first £200,000 of your property will go to your husband or wife, together with one half of the remainder. The other half goes to your parents or whichever one is living. If both parents are dead, the other half will go to your brothers or sisters or to the children of any who have die before you. If none of the above survives you, then your husband or wife gets everything.
If you are married with children or grandchildren:
The first £125,000 of your property goes to your husband or wife plus a life interest in one half of the remainder. The other half goes directly to your children or, as above, to the children of any who have died before you.
It is important to note that under the intestacy rules, no allowance is made for children who are illegitimate or adopted, so these children will have exactly the same rights as any natural children. The same is true for any children whose mother is not your wife or whose father is not your husband.
Most importantly of course, if you have young children, it is imperative that you make a will so that they can be cared for in the way you wish should the worst happen. You can provide for their financial future as well as ensure that they are looked after by someone you trust and know will look after them.
what can I say in a Will?
As your will is a record of your personal instructions, you can say what you would like to happen to your estate after your death. for example, you could:
- say whether you wish to be buried or cremated
- give 'thank you' gifts to friends and family - these gifts could be money, or they could be personal belongings which, for example, you wanted to keep in the family
- if you have a large estate, you can give gifts in such a way as to minimize Inheritance Tax
- you can give money to your favourite charities
- you can appoint guardians to look after your children
- you can choose who you want to look after your estate
- you can specify any special request for your funeral e.g. what music you would like played etc.
- back to the top of the page
what if I change my mind after I've made my will?
No problem. the terms of your will can be changed at any time up until your death. However, for the changes to become effective they must be made with a Codicil, which is a document that must be drafted and executed in a particular way. People generally use codicils for small changes to wills. If you want to make major changes, it's probably worthwhile to make a whole fresh will.
If you make a new will, any previous wills become invalid -it is always the latest version which will be used. This is why it is important that people know where your most up to date will is kept.
since making my will I have married/divorced, do I need to make a new one?
Usually yes. Almost always when somebody marries, and will they wrote before is automatically cancelled. If you get divorced after you have made a will, any provisions for your former wife/husband will be automatically cancelled unless the Will says otherwise. For the avoidance of any doubt we would always advise you to make a new will when you divorce or marry.
what if I don't want to include one of my close relatives in my will?
There may be very important reasons why you would not want to include one of your close relatives in your will. If you decide to do this, and not provide for any of your dependents who are unable to maintain themselves, or if you haven't been fair to your wife or husband, the Courts can alter your Will. It is vitally important therefore that if you do wish to exclude someone who would otherwise have a claim on your estate that you clearly state the reasons for doing so in you will or in a separate letter referred to in your Will. The Court will then be able to consider your reasons, but, importantly, will not be bound by them.
who are the executors and trustees?
Executors are the people you appoint in your will to carry out your instructions. They should be people you can trust. Often people choose more than one executor - you can appoint up to four. You can also appoint substitute executors should any of those you have chose die before you. Sometimes people choose their solicitor as one of their executors so that they know the legal side of their estate will be handled correctly. Solicitors will charge for this, but at least you know your estate is in safe hands.
what about my children?
What happens to your children in the event of your death can be one of the hardest decisions. If your children are over 18 years of age, the problem will be probably be less difficult as they may already be able to maintain themselves. If your children are younger, you need to appoint Guardians, who will be charged with looking after them until they are 18. Once you have chosen your guardians, you can make provision for your children's upkeep in your will so that your Guardians will not be financially disadvantaged by looking after them.
we own our house in joint names, will it automatically pass to my wife/husband?
When people say they co-own a house, it could mean one of two things. They are either 'joint tenants' or 'tenants in common'.
Usually, a husband and wife will own a property as joint tenants. This means that when one of them dies, the other automatically becomes the owner of the property.
Business partners on the other hand are usually 'tenants in common' meaning that when one partner dies, his or her share in the property forms part of their estate and dealt with in accordance with instructions in the Will.
If you are not sure whether your property is held as joint tenants or tenants in common, ask the solicitor who did your conveyancing.
will my estate be liable for Inheritance Tax?
Inheritance tax is only payable on the value of your estate which exceeds £234,000 after the payment of your debts and any gifts to your husband or wife or charities. Inheritance Tax is set at a level of 40% of the amount over this level. There are ways of minimizing Inheritance Tax in your will and your solicitor will be happy to discuss these with you.
I'm always losing things, where should I keep my will?
As you will have seen, your will is a very important document. It is vitally important therefore that it is stored in a safe place where your relatives know where to find it. You can store it at home, but a better place would be in the strong-room of your solicitor. Most solicitors should store your will for free or for a very small charge. Ask your solicitor when you see them.
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