Frequently Asked Questions
What is a Will?
A Will is a legal document that A will is a document that contains your direct wishes for your property and assets, as well as the care of your dependents
Do I need a Will?
If you die without a Will (intestate) in England or Wales the law will decide who gets what. If you have no living family members, all your possessions and property will go to the Crown.
What are Executors of a Will?
Executors are the people you name in your Will to carry out your wishes after you die. They will have to collect together all the assets of the estate, deal with all the paperwork and pay all the debts, taxes, funeral and administration costs out of money in the estate. They will need to pay out the gifts and transfer any property to beneficiaries.
What If I have Young Children?
Parents can appoint a legal guardian to care for their children if they die while the child is under 18. The requirements for formally appointing a legal guardian are very similar to the requirements of putting a will in place. For example, it needs to be in writing and signed in the presence of two witnesses. It’s for this reason that many people incorporate their choice of legal guardian into the terms of their will.
So how do you choose the right legal guardian? Firstly, it’s important to recognise that the guardianship appointment would only take effect if there was no one else alive who already has parental responsibility. So normally the terms of the guardianship appointment would state that it only takes effect if both parents have died.
You can also include your children as beneficiaries in your Will even though they are very young. When this occurs it is sensible to consider the age you would like your children to reach before being able to access their inheritance, typical ages are 18, 21 or 25. Whilst the child is under that age then their inheritance is managed on their behalf by people called Trustees. These are people that can also be appointed in your will.
Where Do I Keep My Will Documents?
A Will is a valuable document and it’s never advisable to store in your own home due to a risk of; loss, burglary, damage from fire, flood or tampering by others. You should store your Will in a secure place ensuring your Executors know where this is. Talk to us about this service.
Can an Executor of a Will also be a beneficiary?
Yes they can. There is no reason why any family member, friend or anyone else benefiting from your Will cannot be an Executor, as long as they are over 18 years old.
Can any of my beneficiaries be a witness when I am making my Will?
No. A beneficiary in your Will should not be a witness to you signing it. The spouse or civil partner of the beneficiary should not be a witness either. If they do witness your Will, they will be disinherited.
What happens to my Will when I die?
We recommend that you tell your Executor where your Will is kept. You may also want to register your will with the National Will Register.
Commonly used legal terms relating to Wills and Estate Planning.
Administrator
This is someone who is appointed by law to deal with the affairs of the person who has died. An administrator could be appointed because the person who died did not have a Will or they had a Will but did not appoint an Executor or the person appointed does not wish to act.
Assets
These are valuable possessions you own. The most valuable asset is more than likely to be your home.
Beneficiary
This is anyone who is referenced to benefit from a Will or a Trust.
Capital Gains Tax
This is a tax you pay when you sell or give away an asset worth more than £6,000. The tax is calculated on the gain made on the value of an asset when you dispose of it. Some of your assets are exempt from capital gains tax.
Chattels
These are movable personal items you own such as; jewellery, furniture, pieces of art and cars.
Codicil
It’s a means of making amendments/changes to an existing Will.
Deed Of Variation
A beneficiary on receipt of an inheritance is able by Law to vary the inheritance they have received. The beneficiary is able to do this within 2 years of the date of death of the deceased. This is called a ‘Deed of Variation.’
Estate
The terminology estate is everything you own at the time of your death, less what you owe. (The ‘net’ estate is the estate less what is owed. The ‘net estate’)
Executors
Executors are people you choose to administer your wishes as stated in your Will.
Guardians
These are people chosen by you and named in your Will to look after your minor children on your death.
Inheritance Tax (IHT)
This is a tax paid on your estate after you die. However, everyone is allowed to leave an amount before inheritance tax is payable. For 2023/24 the basic threshold is £325,000. The rate is then usually 40% on anything above this amount.
Intestate
They are the Laws which determine who would benefit from the estate because the deceased didn’t make a Will.
Joint Tenants
This is a type of ownership on a property. For example, if a couple owns a house together and purchased it jointly they are known as joint tenants. If a joint owner dies then the surviving owner(s) becomes the owner of the asset purely through survivorship. The Will of the deceased does not control where the deceased share is distributed.
Lasting Power Of Attorney (LPA’s)
This is a legal way to give someone else the powers to handle your finances and welfare if you become incapable of doing so yourself. There are different types of powers of attorney.
Legacies
Legacies are gifts of specific monetary amounts or specific property/ items that you leave to someone in your Will. These are paid after the debts of the estate are settled and before the residue is distributed.
Letters Of Administration
A legal document which is issued by the Probate Registry to administer the estate of a person who has died without making a Will.
Probate
‘Probate’ is the process of proving a Will. The Executor or administrator undertakes this role establishing the estate value and the person(s) to benefit from the estate. It is a process that is required if the estate is valued in excess of £5,000.
Residue
The residue of your estate includes everything else that you own after all debts, funeral expenses and all legacies and tax has been paid. That is to say, everything you own when you pass away which has not been gifted elsewhere in your will.
Tenants In Common
Tenants in Common are one of the ways to own property, by two or more individuals. It determines that each owner owns a specific share. In which case on death, the deceased share can be directed by their Will
Trusts
A trust is an obligation binding a person (which can be an individual or a company) called a ‘trustee’ to deal with ‘property’ in a particular way, for the benefit of one or more ‘beneficiaries’.
Trustee
Trustees are the people you have chosen to look after any part of your estate that is put into a trust. They are the legal owners of the Trust, legally bound to look after the property of the trust in a particular way and for a particular purpose.
Will
A Will is a legal document that declares your intentions as to what you would like to happen to your estate when you die. To be valid it needs to be signed by the Testator, witnessed by 2 adults who are NOT Beneficiaries or the spouse of a beneficiary in the presence of the Testator and each other.
Witness
A witness is someone who sees you sign the Will. To be valid a Will must have two witnesses who see you sign the Will and you must watch them sign the Will.