Frequently Asked Questions
Why do I need a Will?
Making a Will gives you peace of mind, it allows you to choose exactly how your assets are to be distributed after your death. It also reduces cost and simplifies the legal formalities at a very stressful time for your family.
What happens if I don't make a Will?
The intestacy rules decide how your estate is divided. Your relationships at the time of your death may be disregarded. This could mean that your spouse will not receive your total estate or an unmarried partner might not receive anything at all. The state may also benefit instead of those you care about or those you feel responsible for.
What are mirror Wills?
Where a couple have a shared estate and the same beneficiaries they can make mirror Wills. These are two Wills that are almost identical to each other. They usually leave everything to each other on first death and have the same beneficiaries in both Wills. In this way the same people benefit whoever dies first.
What is an executor or trustee?
These are people who you appoint in your Will to carry out your wishes after your death. They will collect your assets together, pay your debts and any inheritance tax that is due, give any legacies or gifts and distribute the residue of your estate according to your Will. It is common to make your main beneficiaries executors. If you appoint your spouse they can often act on their own or with others.
A trustee is a person you appoint in your Will, to look after assets for minor children or for people who are unable to look after their own financial affairs. They are able to pay for education and maintenance this could include lump sums for say school or university fees.
What is a guardian?
If you have children below the age of 18. You Will need to appoint guardians in your Will. They may be friends or family and will look after the children as if they were their own. It is common to appoint a couple who live together.
What is inheritance tax (IHT)?
There's probably more confusion surrounding IHT than any other aspect of will writing. Give us a call, we'll provide you with all the advice you need in plain English.
How can I reduce the chance of my house being used to pay home care fees?
If you and your spouse own your house as joint tenants this means that you both own it 100% each. If say the husband needs long term care and has to stay in a nursing home for a period of time. The fees can soon mount up to the value (down to £12,500) of the house. The wife's share is ignored.
With many elderly people their house is there main asset. If the local authority takes the house to repay the debt, the estate could be very much reduced.
It is possible to change the ownership of your house to tenants in common, with a share 50% each. This means that the local authority can only take the husband's share leaving the wife's share of the house for beneficiaries.