Questions & Answers
What is a Will?
A Will is a document appointing Executors to act on your behalf upon your death and who are legally empowered to carry out your wishes for the disposal of your assets/estate.
Who should make a Will?
Everyone over the age of 18 should make a Will, if you care what happens to your property after you die. Without one the crown decides who inherits, so family, friends and charities may get nothing.
Making a Will is all too legal and I don’t understand it.
We are here to help you.
Is a Will really necessary?
If you die without making a Will the Laws of Intestacy will be applied to your estate. Don’t make the assumption that your possessions will automatically go to your spouse / partner. This isn't necessarily the case. For Example, an unmarried partner will be entitled to nothing. Even a spouse may not receive the entire Estate and worryingly, may not receive enough to maintain their current lifestyle.
What sort of things should I put in my Will?
Who you want to appoint as Guardians to look after your children. You can give directions concerning your funeral, whether you want to be buried or cremated. Other instructions such as organ donation. How you want you estate to be shared.
Do married couples need two Wills?
Both of you need to make a Will. A pair of similar Wills are called 'mirror Wills'. Getting married or remarried cancels a previous Will unless the Will expressly states otherwise.
Why should I bother about making a Will, if there is only my wife and children to consider, surely she will get everything?
In the event of there being no Will, there being a wife and children, there is what is known as a Statutory legacy, where the deceased has a widow and children after the personal possessions, she only gets the first £125,000 outright. This could cause problems, as the children could insist on their share of the property; you may have to sell the house to settle the debt!
Do I need to make a Will if we are just living together?
The Law does not automatically recognise the partner having the same rights as husband and wife's, and even if you have lived together for many years, there will be no automatic right. A separated wife and children would have a prior claim. We strongly recommend making a Will which would make the positions of the cohabitees secure and provide peace of mind.
What will happen to my children if I die without making a Will?
It is essential that you make a Will appointing Guardians for your children. Otherwise the Courts will decide who will look after your children and this may not be what you would have wanted. This could take up to 2 years and fostering may be involved.
Will my ex-partner be able to claim, even if I do not support them?
There are certain circumstances, such a marriage, separation or divorce, for which you should make a new Will. Marriage will automatically make a Will invalid, as will divorce. You should review your Will regularly.
Can an executor be a beneficiary?
Yes. Often the main beneficiary is one of the executors.
Who can the witnesses be?
These can be anybody over the age of 18, but they should not be husband or wives of anyone who has benefited under the Will as any gift will be void.
Can children under 18 inherit?
Children cannot inherit until they reach the age of 18; below this age, the funds are held in Trust. If you think 18 is too young for your children to inherit a large sum of money, within a Will, you can specify that they not receive the capital sum until a later age. They will, however, be entitled to receive any income from the trust fund as soon as they reach 18. Apart from this, the Trustees decide what income and/or capital can be used for the benefit of the children e.g. Funds that would benefit the children’s life and education.
Where should the Will be stored?
For your peace of mind MyWillUk Ltd can store your original Will securely for a nominal fee. You will receive a certificate with a reference number and contact details; more importantly your Executors will all get certificates so that everyone knows where your Will is stored. You will also be issued with a copy of your Will for reference.
Do I need to update my Will ?
It is important to ensure your Will is up-to-date. Here are some points to consider:
- An existing Will can be updated using a codicil, or by re-making your Will. It is usually better to re-make your Will.
- An existing Will may contain a legacy that has been distorted by inflation
- An existing Will may refer to an Executor who may have died.
Whatever you do your Will should be reviewed every 5 years, or when your circumstances change.
I already have a Will but I want to change it, should I just add the changes to the Will I've made?
No. You shouldn't change your Will by altering one you've already made. The best way to do it is to prepare a new Will, and include the fact that all previous versions are cancelled. It's actually a good idea to destroy all the copies of your old Will, just to make sure, once you have completed the new version.
My partner and I are unmarried and living together. Should I make a Will including him?
Yes, assuming you want your partner to inherit from you. It is very important for unmarried partners to make Wills, as without them, the surviving partner may receive nothing when the estate is distributed.