|
| |
|
|
| |
FAQ's |
|
| |
|
|
| |
Will I automatically inherit my partner's estate when they die?
|
|
| |
No, so you should both be making a will immediately.
If your partner dies without making a will their estate will be distributed among their blood relatives in accordance with the rules of intestacy. If you are not married (cohabiting) you may well not be entitled to any of their estate. It can also create further complications if their blood relatives are in another country.
|
|
| |
What about children? |
|
| |
If you have children, you can appoint a guardian to them in your will. Likewise, if you do not wish to appoint a guardian then your will should reflect this, along with detailed reasons for both why and why not. However, when it comes to witnesses signing the will, one of these witnesses cannot be the proposed guardian; this creates a conflict of interest and the will can then be contested. |
|
| |
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 over the age of 18 in Northern Ireland, although there are exceptions if you are under 18 and married or you have been married.
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. |
|
| |
I am acting as an executor for someone who died recently and I find the inheritance tax issues complicated. How do I calculate the tax due? |
|
| |
Up to a certain value, the estate is exempt from inheritance tax, but once you reach that threshold, there are quite considerable amounts of tax to be paid. The rates to be paid vary from time to time but you can find the latest figures at the HM Revenue & Custom's website. |
|
| |
What is a trust? |
|
| |
A trust is brought into existence when a person (called the 'settlor') transfers some of his assets to trustees (who become the legal owners) for the benefit of third parties, called 'beneficiaries' (the beneficial owners). A trust is a legal entity in itself. Another word for a trust is a settlement. Sometimes trusts are created under a will and sometimes they are created during the lifetime of the settlor. Sometimes trusts are created to save tax, sometimes to protect assets; there are many and various reasons for setting up a trust. |
|
| |
What is probate? |
|
| |
Probate is a process that gives the people carrying out your will the right to deal with your assets and property. It acts as proof that your executors have the authority they need to administer your estate. |
|
| |
I have recently made my will and am in a bit of a dilemma about where it is best to keep my will. Is it OK to store my will at home or should I use a solicitor for will storage? |
|
| |
You should arrange for your will to be kept securely off your premises. Allied Will services can arrange this for you. We charge £10 per year for secure storage and 1 amendment per year to be made to a will. |
|
| |
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. |
|
| |
How long is a will valid for? |
|
| |
A will is valid until revoked, which can happen in a number of ways.
By destroying it, combined with 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.
By making a new will that revokes your old will.
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.
|
|
| |
In Scotland by the birth of a child if the will doesn't provide for the child and you haven't shown your intention that the will, will not be cancelled.
Except for the situations just mentioned, a will remains valid for an unlimited period of time |
|
| |
Note that divorce doesn't automatically revoke your will. |
|
| |
|
|
| |
Allied Will Services is a recognised member of the Society of Will Writers
|
|
| |
|
|
| |
|
|
| |
|
|
| |
 |
 |
|
|
