Making a Will
Frequently Asked Questions
1. Why do I need a Will?
Leaving a Will means you can be sure that everything will be dealt with in the way you would wish following your death. It’s a great feeling to know that you won’t be leaving your loved ones with a mess to sort out.
If you don’t make a Will, the “Intestacy Rules” will govern how your estate is divided up when you die. They determine which of your relatives receives how much and can lead to some nasty surprises. They don’t provide at all for your friends or even for a partner who you may have lived with for years – they will inherit nothing. Under the Intestacy Rules, your step-children are not counted as your children if you have not formally adopted them and will inherit nothing – even if their other parents have already died.
When you die, someone will need to deal with the practicalities. If you don’t make a Will, you have no control over who this will be and it will usually be a family member. If you make a Will, you can choose who you would like to deal with things. You may prefer to appoint a professional, such as a solicitor or accountant – someone who will not be suffering the distress of bereavement.
If you are married and have combined assets of £300,000 or more (for tax year 2007/08), you can also save up to £120,000 of Inheritance Tax by having a tax-efficient Will drawn up. That’s £120,000 more for your children or your partner to enjoy.
2. Won’t everything just go to my husband/wife?
Not necessarily. The Intestacy Rules set out a strict order of who will inherit what. If you have children, your spouse may not inherit everything you own, whether or not you are close to your children or how wealthy they are in their own right. Your spouse might not even get the house, depending on how much it is worth.
3. Can I give different people different shares of my estate?
Yes. By making a Will, you can set out exactly who is to get what amount. For example, if one of your children needs money more than another, you can leave them unequal amounts if you wish.
4. Can I give money to Charity in my Will?
Yes. The Intestacy Rules don’t allow for any gifts to charity out of your estate. By making a Will you can leave a set amount or a percentage of your total estate. It’s a great way to say “thank you” for the wonderful work they do – and it helps to save Inheritance Tax too!
5. Who will see my Will?
Your Will is a private document whilst you are alive and becomes a public document after you die and probate is granted. Anyone can then obtain a copy from the Probate Registry for a small fee. While you are alive, though, no one has any right to see your Will unless you want them to.
6. Can the executors and beneficiaries be the same people?
Yes. In most cases, there is no reason why the people inheriting your estate can’t be the same people as those dealing with the practicalities. We can tell you whether this will cause a problem in your particular circumstances.
7. Does having a Will mean my family won’t need Probate?
No. If you have any asset worth over £5,000, any stocks and shares or a property then your executors will usually need to apply for probate. If you don’t make a Will, they need to apply for Letters of Administration instead, which is very similar. Unless your assets are all owned jointly with someone else and pass to them automatically, you will need Probate before your estate can be paid out. We can provide detailed advice about this if you need it.
8. I have made a Will with a different firm of solicitors. Can you update it for me or do I have to go back to them?
If you bring your existing Will to us, we can offer you a fixed-fee initial meeting to discuss whether it still carries out your wishes or not. If not, we would be happy to update it or to make a new Will. It does not matter who wrote your Will originally.
For further information or an appointment please telephone: 01246 560560
Making a Will the Process
EIGHT REASONS WHY YOU NEED A WILL
It is amazing – and worrying – to think that around 2/3 of adults in England and Wales do not have a Will. Making a Will need not be complicated or expensive. Although you can make a Will yourself, using a pack bought from the high street, we would strongly suggest you see a solicitor to have it drawn up professionally. We like to compare it to do-it-yourself dentistry – whilst it may be possible it is probably not a good idea for most people!
Here are just 8 of the many reasons why you should make a Will……
1. You control what happens
If you don’t make a Will, the “Intestacy Rules” govern how your estate is divided up when you die. They determine which of your relatives receives how much and can lead to some nasty surprises. For example, your husband or wife may not inherit everything – perhaps not even all of your house. With a Will, you decide who inherits what – You can take control.
2. Provide for friends or partners
The Intestacy Rules do not provide at all for your friends or even for a partner who you may have lived with for years – they will inherit nothing. By making a Will, you can leave them as much or as little as you like. It’s your money – it’s your decision!
3. Look after your children
You can name guardians to look after your children if anything were to happen to you. The choice of guardians is up to you, but a solicitor can advise you on the factors to consider when making this important decision.
4. Provide for your step-children
Under the Intestacy Rules, your step-children are not counted as your children and will inherit nothing – even if their other parents have already died. You can change this – make a Will and you can be certain their future is secure.
5. Stop teenagers blowing the lot!
If you don’t have a Will, anything which your children inherit passes to them at the age of 18. Teenage years are not necessarily the best time for someone to come into a sum of money! By making a Will, you can determine when your children (or grandchildren) will inherit, safeguarding the money for a time when they may really need it.
6. Save Inheritance Tax
Although the rules have changed recently, you shouldn’t get carried away by the headlines. It can still be possible to save thousands of pounds of Inheritance Tax by making sure your Will is tax efficient.
7. Give to charity
The Intestacy Rules don’t allow for any gifts to charity out of your estate. By making a Will you can leave a set amount or a percentage of your total estate. It’s a great way to say “thank you” for the wonderful work they do – and it helps to save Inheritance Tax too!
8. Give yourself peace of mind
Leaving a Will means you can be sure that everything would be dealt with in the way you would wish following your death. It’s a great feeling to know that you won’t be leaving your loved ones with a mess to sort out.
Why wait any longer?
Download "Giving away your home"
Download "Giving to Charity"
Download "How much does it Cost"
Download "Why use a Solicitor"
Our Probate Team
- Rebecca Lee
- Solicitor, Head of Private Client
- Rachel Renwick
- Solicitor
- Richard Barlow
- Solicitor
- Kathryn Wheeldon
- Solicitor
Wills and probate department
Wills and tax planning
Powers of attorney
