Making a Will is often seen as a daunting prospect for a lot of people, but here at Banner Jones we’ll take you through it step by step ensuring that your Will represents everything you want it to. Most of our clients say it’s such a relief to have finally done it and usually they have been putting it off for ages.
Dealing with a death? Find out how we can help
Making a Will is commonly associated as something you do in later life however, in reality anyone over the age of 18 can have a Will and we would strongly recommend it to anyone with children. Wills are not for just sorting out finances and property in the event of your death, you can appoint guardians for your children and even leave money to your friends or a charity. Without a Will the government decides these things for you.
There are many types of Will and our specialists in Chesterfield, Dronfield, Mansfield and Sheffield are here to help.
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.
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!
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.
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.
Is it possible to challenge a Will?
Yes. There are a number of circumstances in which it is possible to challenge the validity of a Will. These include a lack of capacity or knowledge or approval of the testator, undue influence or fraud. Should you have any concerns regarding the validity of a Will, you should obtain legal advice as a matter of urgency.
What if I have been left out of a Will or am unhappy with the amount that has been left to me?
Under the Inheritance (Provision for Family & Dependants) Act 1975, it is possible for certain individuals to pursue a claim if they can demonstrated that the financial provision made for them is inadequate.
What options are available where an Executor/Administrator is not carrying out their role properly?
There are a number of possible outcomes such as the Executor/Administrator agreeing to stand down or be replaced, the Executor/Administrator undertaking to carry out their function going forward and even the removal or replacement of the Executor/Administrator. No two situations are the same and therefore consideration must always be given to the most favorable outcome given the specific facts of the matter.
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.
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 £325,000 or more (for tax year 2009/10), you can also save up to £130,000 of Inheritance Tax by having a tax-efficient Will drawn up. That’s £130,000 more for your children or your partner to enjoy.
Would you advise me to make a new Will?
Yes usually, when you get a divorce your ex-spouse becomes excluded from your will as either a beneficiary or an executor. This will have undesired consequences should you choose to not write a new will.
Your original will may have been drawn up on the assumption that your spouse would take care of the children with the money left to them. You may now wish to arrange an appropriate trust to hold the inheritance for your children. You may also want to alter the way in which your assets are shared amongst beneficiaries.
In your financial settlement you may agree that when you divorce one or both of you make provisions in your new will for your ex-spouse and any children.
If you ex-spouse still remains dependent on you it may be possible to challenge your will if it does not make provision for him or her.
I have already appointed Executors in my Will, why do I need an LPA?
The Executors named in your will can only deal with your property and affairs after your death. Executors do not have any powers during your lifetime, even if you lose mental capacity. However, you can choose to appoint the same people as your Executors and your Attorneys. Having attorneys managing your affairs during your lifetime can sometimes help the estate administration run smoothly, as the attorneys, when they become executors (if they are the same people) are already familiar with your financial affairs.
Cohabitation - If my partner was to die, but has no Will, would I receive all of their estate?
In the absence of a valid Will, you would not automatically be entitled to a share of their ‘estate’ and you would have to go to Court to make a claim.