Wills-FAQ



When it comes to wills we get asked hundreds of questions, but some get asked many times so we thought we would list some of those most frequently asked and answer them here for anyone who may have the same question.

Q     I already have a will but am getting married soon, how will this affect my current will?

A     Unless your will has been written ‘in expectation of a marriage or civil partnership’, getting married will automatically revoke any existing will you may have

Q     Who should we choose as executors of our will?

A      It must be someone you trust as it will be up to them to follow your will instructions and sort out any disagreements if necessary. As there will be lots to sort out we would advise appointing a close friend or family member as well as a solicitor. Having someone who is legally qualified will make the whole process a lot easier

Q     Are children under 18 allowed to inherit?

A     Funds will be held in trust until the child reaches the age of 18. However, you can specify in your will that the child cannot receive the funds you have left them until a later age if you feel 18 is too young. If there are school fees that need to be paid for the child, or other things that will be of benefit to them, the trustee can use some of the funds for this

Q    How will I know if inheritance tax will need to be paid?

A     If your property, possessions and money will be worth more than £325,000 when you die inheritance tax will need to be paid. Find out more here

 

Q     I own property abroad, can this be included in my will?

A     If you own a home or land in another country we would recommend you get another will prepared under the law of that country. If you die and do not have a will in the country where your property is it could take a lot of time and money to sort out due to foreign probate law complexities

Q     How can I amend my will if my wishes change in the future?

A     If you sign a codicil it will allow you to make small minor changes to your will. However, if the changes are substantial a new will would be required

Q     Can an executor of my will also be a beneficiary?

A     Yes, and you are allowed up to four executors. Only witnesses of your will are not allowed to be beneficiaries

Q     How long is a will valid for?

A     Until it is revoked, there are several ways a will can be revoked:

By destroying the will with the intention of cancelling it. Although physical destruction of a will usually revokes it accidental destruction of a will wont cancel it but may cause difficulty proving the will still applies

Marriage automatically revokes a will unless: You were planning to marry when the will was written, your will states the name of the person you married or you state that you wish your will to be effective during your marriage to that person. This applies in England and Wales but not in Scotland. Apart from these situations a will remains valid for an unlimited length of time

Q     Will I inherit my partner’s estate automatically if they die?

A     No, if they die without having made a will their entire estate will be distributed among their blood relatives only, in accordance with intestacy rules. And those who are not married and just co-habiting may not be entitled to anything at all. This is why it is so important to ensure you both have a will

If you have any questions about wills that we have not covered here please give us a call and one of our team will be able to help you. Tel 01928 735510 or fill in the enquiry form and we will call you back.

 

Will Writing is not part of the Intrinsic offering and is offered in our own right. Intrinsic Financial Services accept no responsibility for this aspect of our business. Will Writing is not regulated by the Financial Conduct Authority