Common questions about making a will
Why should I make a will?
It is important to make a will even if you feel that you do not have much in the way of assets or savings. If you die without a Will your estate will be subject to certain rules called the Laws of Intestacy, which dictate how your money, property or assets are distributed. This may not be how you would have wished your possessions to be distributed.
I’m married. Surely my spouse will inherit everything?
Not necessarily. The Laws of Intestacy are complicated. Indeed, even if you are married, your spouse may not necessarily inherit all of your estate. For instance, if you die leaving a surviving spouse with children, your spouse will only receive the first £250,000 of your personal estate.
Married couples with children under 18 should also consider what arrangements they want to make for the care of their children if both of them were to die at the same time or within a short time of one another. Appointing guardians for your children in your Will is legally binding.
What if we are living together but not married?
The term Common Law Husband and Wife has no legal status.
Unmarried couples cannot inherit from each other unless there is a valid Will in place. The death of one partner may create financial problems for the survivor, and he or she may not even be granted guardianship of their children.
Can I do it myself?
If you wish to make a will yourself, you can do so. However, you should only consider doing this if it is going to be straightforward and you really know what you are doing. Making a Will can be a complex matter, and as with any financial or legal process, it is generally advisable to seek the help of a suitably qualified professional.
With our Will writing service, we will arrange for a qualified Estate Planning Consultant to visit you in the comfort and privacy of your own home to take your Will instructions at a time to suit you. Your Will is then produced for you by a leading firm of Solicitors, which ensures you receive the best possible advice and a correctly drafted Will.
What should be included in my will?
A will can do many things for you and your family. You should consider:
- How much money, property and other assets you have. For example, property, savings, pensions, life insurance, bank and building society accounts, and stocks and shares.
- Who you want to benefit from your will. You should prepare a list of all the people you would like to leave money or assets to. These people will be your beneficiaries.
- Who you would want to look after any of your children who might be under 18 at the time of your death. These people will be the Guardians of your children.
- Who you want to administer your estate and carry out your wishes as set out in the will. These people will be your executors.
Who should be my executors?
Executors have a demanding and often difficult job. They will have to collect together all the assets of the estate, deal with all the paperwork and pay all the debts, taxes, funeral costs, and general administration costs. They will also need to track down your beneficiaries and distribute any legacies to them in accordance with your stated wishes.
It is advisable to appoint more than one executor in case one of them dies before you or is unable or unwilling to act. It is common to appoint two, but up to four executors can be appointed. Executors can be relatives or friends, a solicitor, an accountant, a financial adviser, or even a bank.
What happens if my circumstances change?
When a Will has been made, it is important to keep it up to date to take account of any changes in your circumstances. If you marry or divorce, this will almost certainly invalidate your original Will.
How do I change my Will?
The only way you can change a will is by making a codicil or by making completely new will. A codicil is an addendum to a will which makes some minor changes but leaves the main body of the will unchanged. This might be done for example, to change the recipient of a legacy or to change one of your executors or guardians.
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