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Common Questions
and Answers
Children and wills
Divorce and wills
DIY Wills
Executors
Guardians
Inheritance tax
Intestacy
Marriage
Probate - Will administration
Updating wills
Finding a local solicitor
Children
Q:
Can children under 18 inherit?
A: Children cannot inherit until they reach
the age of 18; 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 and/or capital can be used for the benefit of the children e.g. school
fees.
Divorce
Q:
I'm divorced -- what will happen with my existing will?
A: Getting divorced does not cancel a Will,
but a gift to a divorced spouse lapses, unless a contrary intention appears
in the Will.
DIY wills
Q:
Can I make my own will?
A: Yes, you can. But there are significant
risks in doing so -- which you will not be around to sort out. It could
mean substantial legal fees to put things right -- quite apart from the
upset and confusion it could cause those you leave behind. 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.
Executors
Q:
Can an executor be a beneficiary?
A: Yes. Often the main beneficiary is one of
the executors.
Q:
Do I need a solicitor to act as executor.
A: No, but it is wise to appoint a professional (a Solicitor, Trust Company, or Bank) 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.
Q:
Aren't Solicitors Fees expensive?
A: Any Professional will charge for their advice and work and their fees
will come out of your Estate. Fees vary but the rule is that usually Banks are the most expensive, and Solicitors next. Trust Companies - such as Kings Court offer the same service. The advantage of nominating Kings Court as executors in your will is their fixed fee structure for Probate will ensure you receive an excellent service at low cost. For any Probate questions, we have a special free helpline. Call now on 0845 126 0891 and quote "The Will Site".
Guardians
Q:
Do I need to nominate guardians in my will?
A: You do not have to, but a Will can be a
convenient place to name a guardian. Without nominated Guardians, the courts
will decide who will look after your children.
Intestacy
Q:
What happens if I die with no will?
A: 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.
Follow this link to find out what will happen to an estate if there is no will.
Inheritance Tax
Q:
Will I incur Inheritance Tax (IHT)?
A: If your estate is worth more than £312,000 (twice this for couples)
it will be subject to the rules governing IHT.
The first £312,000
of a single person's estate estate will pass free of IHT. 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 £412,000, you will pay tax on £100,000 (£40,000 tax).
A married couple with
assets over £624,000 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 accountant.
Click
here to find your local solicitor.
Marriage
Q:
Do married couples need two Wills?
A: Both of you need to make a Will. A pair
of similar Wills are called 'mirror Wills' Getting married or remarried
cancels a previous Will unless the Will expressly states otherwise.
Updating a will
It is important to ensure
your Will is up-to-date. Here are some 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.
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