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Frequently Asked QuestionsAny person in England or Wales who dies
without executing a valid Will is known as dying INTESTATE. In that event the
deceased's estate is distributed according to the Law on Intestacy. It is to
complex an issue to go into here in great detail, but by simply making a Will
you would avoid any problems that arise from intestacy. You the reader should
have realized already the importance of making a Will, so that your true wishes
will be made known in the event of your death. It is important to be aware that the spouse
of a deceased person, who dies intestate DOES NOT automatically, inherit the
whole of the estate if the total value of the free estate passing on the death
is of substantial value. The Law prescribes what a surviving spouse can
automatically receive, this is known as the Statutory legacy and the amount is
dependent on whether or not the deceased was also survived by issue and certain
other relatives, again in order of strict priority. If you do not make a Will and die
intestate, then in England or Wales your estate will be distributed as follows:
- (1) If you have no children, brothers,
sisters, nephews and nieces, then your Spouse will inherit everything. (2) If there are children, then your Spouse
will inherit your personal chattels and £125,000 and income only in half of
whatever else is left. Children are entitled to half of what is left when they
reach the age of eighteen or if they marry whilst under the age of eighteen and
they also have half of whatever else is left on the death of the surviving
parent. (3) If there are no children but there are
parents, brothers, sisters, nephews and nieces, then the Spouse will receive
personal chattels and £200,000.00 and half of the residue. The other half of
the residue will go to parents or if they have pre-deceased then to brothers and
sisters but if they have also pre-deceased, then to nephews and nieces. (4) If you do not have a surviving Spouse
then everything is taken, first, by children but if there are none then
everything passes to your parents but if they have pre-deceased you then to your
brothers, sisters, nephews and nieces but if you do not have any then to
grandparents but if there are none alive then to Aunties, Uncles and Cousins. If
there are no members of the family indicated above then everything you have
would be forfeited to the state. Can a husband and wife have a joint Will ? No, but “Mirror Wills” are common, two
matching Wills, which are nearly the same.
One Will is for you; the other is for your spouse or partner when you
both intend to provide for the same people. When you make a Will you are able to say
exactly how you want your affairs to be dealt with. You can add any personal
comment, and you can specify whether you wish to be buried or cremated. If you are over the age of eighteen years
and are of sound mind and a UK National or a United Kingdom Resident you are
able to make a Will. What
does the term "Executor mean ? An
executor is a person named in a will to manage the testator’s estate. The
function of an executor is to look after the administration of your Will
(putting it into effect) and to ensure that your wishes expressed in it are
carried out as far as possible. It is usual to appoint at least two such persons
but not more than four. It is desirable that executors be persons who are known
to the Testator to be reliable, trustworthy and diligent. For married couples or
people with partners you can appoint each other as sole executor and sole
beneficiary. Naming at least one other alternate executor and beneficiary should
he or she pre-decease you. They
must be over 18 years of age. Do I need to give my Executors any special powers ? It is essential that you give to your
executors all of the powers possible to enable them to administer your estate.
You need, for example, to give your Executors special powers to invest cash,
insure property and manage money for any children under eighteen. Is it possible to appoint a member of the family as an Executor or a company ? You may appoint a professional company or a
member of your family to be the Executors of your Will. You are also able to
appoint a member of your family and a professional company to be your Executors
if you so wish. In deciding to appoint a professional company or Solicitor to be
your Executor you should consider the charge, which is likely to be made. This
is usually a percentage of the value of your estate. You should make enquiries
as to the amount of this charge before you decide to make a professional
appointment of an Executor. If you choose a member of the family to be an
Executor, please remember that the Executor may need to instruct professionals
in any event, for example Solicitors Accountants or Stockbrokers and, if this is
the case, you will need to ensure that your Will does provide for your Executors
to obtain and pay for expert advice if they require this. What does the term "Trustee" mean ? A Trustee is a person who is usually your
Executor and is a person who holds your property on behalf of others while your
estate is being administered. Frequently, Trustees are appointed to hold your
estate for the benefit of infant children while they are under the age of
eighteen. Am
I able to change my Will after I have signed it ? You can make alterations by adding a
Codicil to your Will but if the alterations were extensive then it would be
advisable for you to prepare a new Will. Do not, under any circumstances,
attempt to write any additions or alteration to your Will after it has been
prepared and do not pin, staple or clip any papers to your Will. In case there
is any ambiguity in the wording of any Codicil, it is recommended that you
should always re-write your Will if there are changes to be made. Once your will is written and witnessed it needs to be kept up to date. ? You have three options here. You can either
pay to get new wills written, add a codicil, or take out our retainer service
where for £5 per year, per will, you can add, alter or re-write your will as
often as you like. We can arrange this facility only if you pay by an annual
standing order. Does a change in my circumstances affect my Will ? You can deal with minor amendments by way
of a Codicil to your Will but it is not recommended. Under no circumstances
should a Codicil be used if you wish to substantially change your Will. If your
circumstances change, for example, if you are divorced, marry or re-marry, then
you should make a new Will. Marriage will automatically revoke your Will unless
you made your Will in contemplation of being married. You can revoke your Will at any time by canceling
it, This is automatically done by destroying it or by making a new Will. A new Will
automatically revokes or cancels any earlier Will made by you. Can My Will be changed after I have died ? In certain circumstances, your Will may be
changed after you have died. There may be problems in the interpretation of your
Will, which may cause ambiguity, or the Will may be contested. A Will may be
contested if there are members of your family who are of the view that they are
entitled to a part of your estate but have been omitted from your Will. It is
for this reason that you should have your Will prepared
by a professional. Frequently, DIY or homemade wills fail because basic
wording has been used and, in cases of interpretation, it is not possible for
your Executors to understand exactly how they should administer your estate. Am I able to appoint Guardians for my children ? Did you know that if you die without naming
a guardian, the state would, name one for you? They will also make the decision
about who gets shares in your estate.... AFTER THE COSTS incurred administering
your will. If at the time of executing (making) the
Will, the Testator has any infants, or indeed any children who are under the age
of 18 years, then he or she should, in his, or her will, appoint someone to act
as a guardian for the child or children if both parents die prematurely. Consideration must be given to appoint
someone appropriate who can possibly exercise the same love and care for the
child, as you would have done yourself. Or at least give someone OF YOUR CHOICE
a parental voice in the decisions of your child or children's future. If a guardian is not appointed in your will
the state steps in and decides who will have parental responsibility for your
child. You could perhaps ask a close relative or
Godparent to fill this important and responsible role. A suitable executor can also act as
guardian and vice versa. Great care and serious consideration should be given to
whom this important role falls upon Is Inheritance Tax likely to affect me or my family ? Inheritance Tax may be payable on your
estate. No Inheritance Tax is paid on assets passing between husband and wife.
Inheritance Tax is payable if your estate is more than the Inheritance Tax
Exemption Band applicable at the date of your death. The Band level for the tax
is set by the Government and intends to be changed each year. No Inheritance Tax
is payable provided that the total value of your estate is less than the
relevant Band. Inheritance Tax is paid on any part of your estate above the
Exemption Band referred to. When valuing your estate, you should take into
account the value of all of your assets including your property, savings,
stocks, shares, premium bonds, Building Society accounts, Bank accounts,
antiques, in fact everything that you have. If you are in doubt as to your
financial position and if in doubt as to whether Inheritance Tax is payable and
it's effect on your estate you should seek advice. Do I need to sign my Will in the presence of Witnesses ? A will only become legally valid after it
has been signed correctly. Two persons must be present when you sign your Will
and they must not be beneficiaries. A witness must not in any way benefit from
the terms of your Will. If a person does witness your signature to your Will and
if that person is a beneficiary of your Will then that beneficiary will not be
entitled under the terms of your Will. A witness must also be over eighteen
years of age and be of sound mind. The witness is confirming your signature and
does not need to be aware as to the contents of your Will. If you are suffering
from a disability and are unable to write your name, special clauses need to be
inserted into your Will. To be legally binding, your Will must be
signed by two witnesses. The witnesses must be totally independent, over 18 and
cannot be a beneficiary or executor of your Will, or the spouse of a beneficiary
or executor. A witness does not need to see
the content of your will only your signature. They should clearly write their
full name, address and occupation. Witnesses
to your Will can be married to each other. Provided they are not beneficiaries
or executors or any of the other stipulated exemptions as mentioned above.
No. A very important point to be aware of
is that you must not alter an existing valid Will in any way. You must not cross
portions out or add other words or blocks of text to it. You should not
attaching extra pages with staples. It is far better to prepare a new Will
altogether and then destroy the old one. A will is valid until the Testator revokes
it by making a new one or the Testator destroys it because he or she has changed
his or her mind because circumstances have changed for them.
Divorce can also affect the validity of some parts of a Will.
Keeping your will up to date ? Your will, once written and witnessed,
needs to be kept up to date. You have three options here. You can either get new wills written, add a codicil, or take out
our retainer service where for £5 per year, per will, you can add, alter or
re-write your will as often as you like. We can arrange this facility only if
you pay by an annual standing order. It is always sensible to review the
provisions contained in a Will, to consider if any change in your circumstances
has altered the contents of your will. Changes can be in the form of a variety
of events, such as: the death of an executor or beneficiary that has been named:
a material increase or decrease in financial wealth, or the acquisition or
disposal of any other assets which may or may not have been provided for in the
existing Will. On re-marriage or divorce. A change of guardian for your child or
children. Changes in Tax legislation, most particularly the levels set for the
Inheritance Tax exemption ceiling. It may be that a Testator can save
Inheritance Tax liability from his or her estate by careful inheritance tax
planning. These are just some of the reasons why a
new will should be prepared or at least reviewed regularly.
Certainly, there are many more reasons depending on an individual’s
circumstance. A very important point to be aware of is
that you must not alter your existing Will in any way. You must not cross
portions out or add other words or blocks of text to it. You should not
attaching extra pages with staples. It is far better to prepare a new Will
altogether and then destroy the old one. What is the residue of an estate ? The residue is the remainder of an estate
after the deduction of taxes, depts. Specific gifts, legacies and the expenses
of administering your will. Any person who dies without executing a
valid will is known as dying INTESTATE and in that event the deceased's estate
is distributed according to the Law on Intestacy.
Hopefully you will already be aware of the importance of making a Will,
so that your true wishes will be made known in the event of death. Most of this sites information applies
equally to all areas of the United Kingdom. There are a number of legal
differences in Scotland, including: Differences in the laws of intestacy. You must make a new Will after having
children, otherwise your current Will is considered void. You are allowed to make a Will at a younger
age. Spouses and children have a greater claim
to the testator’s estate in Scotland. If you have any doubt and consider that any
of these points may affect your Will. You will need to contact us personally for
advice, or contact a solicitor.
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