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Faqs
A will enables you to choose who will get your property and possessions instead of the government and once you have added up the value of your house, car, shares and insurance policies the total can be more than you think.
Who can benefit from my estate?
You can leave your property and possessions to who ever you want.
Can I change my will?
Yes little changes are called codicils.
If the change is complicated or substantial due to marriage, seperation or divorce or maybe you have received an inheritance it would be recommended that you make a new will.
Can children inherit?
Until children are 18 they can not inherit and any funds will be held in trust until that time. If however you think 18 is still too young you can specify within your will a particular age.
Children are legally entitled to any income that is earned from the trust after they reach 18. Prior to this the trustees are responsible for deciding how income or capital sums should be used to benefit the children.
I had a will with my ex partner what happens to the will now we are divorced?
Your will is not cancelled but any gifts to a divorced spouse lapse, unless you have specified a contrary intention in the will.
Do married couples need 2 wills?
Yes, a pair of similar wills are called mirror wills.
Can a beneficiary also be an executor?
Yes this is often the case.
Do I require a solicitor to act as an executor?
No but it is advisable to appoint a professional in addition to a friend or relative who can advise and share the burden of work at an emotional time.
What is probate?
Probate is a process which allows for the executors of your will to deal with your assets and property. It is proof that the executors have authority to administer your assets property and possessions.
Should I appoint guardians for my children and what should I consider?
Yes if you have children under 18 you may want to appoint guardians who would not hesitate in looking after your children if the worst should happen. Their role as guardian is to care for your children properly, so you should consider appointing someone whom will not be elderly or infirm by the time the youngest reaches his or her majority.
Always seek the guardians consent before appointing him or her.
What can I say in a will?
A will allows you to explain how you would like your financial matters dealt with after your death.
What can I not leave in a will?
Anything you do not own.
Property that is jointly owned as joint tenants as your share will pass to the surviving co-owner.