We thought it might be useful to post some of the more common questions we’re asked. Sometimes our answers aren’t what the client expected! If you have any questions or queries about will-writing, lasting power of attorney or other legal matters, get in touch. There’s no such thing as a silly question, we promise!
Q I’ve already got a Will but I’m getting married next Summer. Should I get the Will rewritten?
A Yes, definitely. Getting married will revoke your existing Will (unless the Will was made in contemplation of the marriage – but this is unusual).
Q I am in a Civil Partnership but I’m not sure how the law applies to me? Is it the same as for married couples?
A Absolutely. Civil Partners and Civil Partnerships are treated in exactly the same way as married couples. It’s still important to make a Will!
Q I don’t see why I need to make a Will at all. I’m married, so surely everything would go straight to my husband (and he’d take care of our small children)?
A It’s not that simple. If you die without having made a Will, you die “intestate” and Intestacy Rules will govern who gets what (and in what proportion). Your husband would be entitled to your personal effects and the first £250,000 of your estate. The remainder of your estate would be split into two funds. Your husband would receive the interest on one of the funds (this fund will pass to your children upon his death) and your children will receive the remaining fund on turning 18.
Q I’m sorry to say I’m getting divorced. I guess I need to change my Will?
A Yes, you do. Once your divorce comes through, any gift to a spouse will be automatically revoked. This is the same for civil partnerships.
Q I’m worried about what would happen if both my wife and I died. Can I say in my Will who should look after my children if this happened?
A Yes, you use your Will to name Guardians to look after your children should both your spouse and yourself die. It should be noted that these appointments would only come into effect on the death of both you and your spouse or civil partner.
Q Can a beneficiary of my Will also be an Executor?
A There’s no reason why not, but people often find it better to use a professional Executor. A professional Executor has the legal expertise that a beneficiary may be lacking, and your family may find it reassuring to know that your wishes are going to be carried out properly, promptly and tax efficiently. It’s not a legal requirement to use a professional Executor, though.
Q I’m not sure I understand inheritance tax. Can you explain?
A Inheritance Tax is only payable on estates which exceed the individual Inheritance Tax allowance (currently £325,000). If the allowance is not used in full on your death, the unused proportion can be carried forward to use on the death of your spouse or civil partner. The allowance carried forward is applied at the increased rate applicable at the time of their death.
Be aware that all gifts (money, property, land, investments etc) between spouses or civil partners are exempt from inheritance tax, as are charitable and other types of gift. We can advise you on exactly how this applies to your circumstances.
Q I have a child with special needs and I’m worried they might lose their entitlement to means tested benefits. How can I make sure they don’t?
A Estate Legacy Services will be able to give full advice on how to protect any child’s inheritance, including telling you best type of trust for you and your child. We will also ensure that your child’s entitlement to means tested benefits is not affected.
Remember, a Will is a precise legal document which can protect your loved ones after your death. A valid Will is the only way to ensure that your wishes are carried out. Give us a call if you have any questions about the circumstances relating to your Will. We’ll be very happy to help.
Photo Credit: http://www.flickr.com/photos/sebastien-laban/4146426817/sizes/o/
