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What
is a Will?
A Will
is a list of instructions telling your executors what to do with your property
when you die.
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What
happens if I do not make a Will?
Your property will be divided according to certain legal rules (the intestacy
rules). Some of them may surprise you. For example, the share your husband or
wife gets may not be enough to give him or her outright ownership of your home.
Also, if you are not married but have been living with someone, the person you
are living with will not get anything. The following will give you a rough idea
of how the rules work.
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Can
I change a Will?
Yes, but only by signing a document called a codicil. This must also be
prepared, signed and executed in a particular way. You do not need a codicil if
you or any person named in your Will changes their address. A codicil is useful
for minor changes to your Will. If you wish to make major changes it is often
preferable to write a new Will.
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Can
I cancel my Will?
Wills prepared by WillPlan or others can be cancelled by making a new Will, or simply by
tearing it up and burning it.
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Does
a marriage or divorce affect my Will?
A Will is almost always cancelled automatically if you get married after you
have made it. If you get divorced after you have made it, any provisions in
favour of your wife or husband will be cancelled unless the Will says
otherwise. It is essential that you consider writing a new Will if there are
major changes to your circumstances.
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What
are Executors?
Executors are the people appointed in your Will to carry out your
instructions
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What
are Trustees?
Trustees are the people appointed in your Will to look after your
property until for example, a child is old enough to inherit or where there is
a life interest. Executors and trustees are usually the same people
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How
many Executors can I appoint?
You can appoint up to four executors, but you should appoint at least
two. You can appoint "reserve" Executors in case your first choice decides not
to take the position or dies before you
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Do
Executors get paid?
Only if the Will says so. Most Wills, including those prepared by WillPlan,
provide that professional people or banks should be paid their normal fees.
WillPlan charge between 1.5% and 2.5% depending on the value of
the estate. A Solicitor would normally charge around 3% to 4% of the value of
the estate. A Bank's fees would be considerably higher at 4% to 6% of the value
of the estate. Check with your bank before committing yourself as not all banks
provide the service.
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What
do Executors do?
Executors bring together all your assets, pay your debts and any gifts
of money, transfer any gifts or personal belongings and deal with the remainder
of your residuary estate in accordance with your Will. Often non-professional
Executors will appoint professionals, such as WillPlan, to
complete the arduous work.
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Whom
should I appoint as Executors?
Any adult person or a bank may be appointed as an Executor. One of
them could be the person who is going to receive the biggest share of your
estate, such as your husband or your partner. Relatives and close family
friends can be Executors. There is also a Government department known as the
Public Trustee. It's a good idea to appoint corporate Executors, such as WillPlan,
to perform the technical tasks associated with being an Executor and to ensure
that your Executors do not refuse to act or die before being called upon to
perform their duties.
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Should
I appoint Guardians?
If you have children under the age of 18 who may be left with no parents you
should appoint a Guardian or Guardians if you know anyone suitable.
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What
happens to property in joint names?
People who are "co-owners" of property hold it either as "joint tenants" or
"joint tenants in common". Husbands and wives are usually, but not always,
joint tenants. This means that when one of them dies the other one
automatically becomes the owner of the whole of the property. It also means
that a joint tenant cannot make a gift in a Will of his or her share of the
property. A joint tenancy can easily be converted into a tenancy in common and
WillPlan can draw this up for you.
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What
about inheritance tax?
If the value
of your estate is more than £300,000
(2007/08) after payment of debts and any gifts to your husband or wife
or a charity then Inheritance tax may be payable at 40% on the value
over this amount. So if you are a MARRIED COUPLE OR CIVIL PARTNERS and
your estate is worth £600,000 and you have made simple Wills, then on
the first death there is no IHT payable , due to the Spouse, Civil
partner exemption, (UK domiciles only) but now your spouse's, Civil
Partner’s estate is worth £600,000 so that on the second death
INHERITANCE TAX of £120,000 is due.
WillPlan
can advise you on ways of reducing or removing the impact of inheritance
tax on your estate and to eliminate it in the above example by using
Discretionary Trusts for the very reasonable cost of £542.50 plus Vat.
It has got
to be worth it for your family's benefit and presumably you would
not want to leave £120,000 to the Treasury if you did not have too.
Simple Wills
are not always the answer.
Call
Paul Smythe
01276 482031 and
leave a larger slice of the cake to your family
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What
is a Living Will?
A Living Will (also called an advance directive) is a set of instructions
issued in advance to the medical practitioners who may be involved in looking
after you in the future. People making a Living Will state that they do not
wish their lives to be artificially prolonged when suffering from a terminal
illness or other degenerative condition. WillPlan can provide
this service.
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What
should I do with my Will?
You should keep it in a safe place. Your Executors will need the original. WillPlan
can arrange to have your Will and other documents stored free for 12 months,
providing the Will is drawn up by us.
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