Why should I write a Will?
Writing a will is the only way to ensure that your wishes are carried
out after your death. It gives you control over all you own
and allows you make sure that your next of kin are looked after when
you go. A good will saves worry, anxiety, and distress when you are
alive and prevents arguments about who should get what when you die.
Do I need to update my will?
Yes, if things change, such new offspring or a marriage or divorce.
Your circumstances are always changing, and we recommend a review
of your will every 4 years, or beforehand circumstances alter.
Who makes sure my wishes are carried out?
When you make your will you appoint executors
who can also be appointed as trustees
if required. If you don’t make a will, an Administrator is appointed
who is usually your next of kin. He/she has powers which may not work
as well as the ones you can put in your will.
Won’t my partner automatically inherit everything I own?
Not always. Children of any age and distant relatives can inherit
part of the estate
when you die. This means that the your partner may have to sell
the family home to make sure that the beneficiaries
all receive their share. If you are in an unmarried relationship,
the Intestacy
rules may not recognise your partner and assets could pass to other
relatives.
What if I have made a will and have re-married?
A will ceases to have any effect when you re-marry unless you
state in your will that you are making it in anticipation of marriage.
Divorce does not automatically cancel your will. A gift to your spouse
however will not survive. Your former spouse can also not become your
executor
unless you make a special provision in a new will
What if I don’t have a partner or any children?
The Rules on
Intestacy will determine which relatives receive what. If there
are no qualifying relatives, your assets will pass to the government
or the Duchy of Cornwall or the Duchy of Lancaster, depending upon
where you live. Most people would prefer to leave their estate
to a Charity in these circumstances
Why do I need to appoint a guardian
for my children?
If something were to happen to you and your partner before your children
reached the age of 18 you would want to know that they were being
cared for as you would wish. When considering who to chose as Guardians
think about their age, where they live (would your children have to
move away from schools, friends etc), how close are your children
to the Guardians,
do your Guardians
share your views on childcare issues?
You can also use your will to say how your children will be safeguarded
financially and arrange for your trustees
to be able to advance interest or capital for your children’s benefit.
It is not always a good idea to have the same people as guardians
and trustees. If the same
people look after your children's money and welfare conflicts
can sometimes develope
How do I know what to leave?
Think about all of your assets including property, home contents,
jewellery, your car, savings, insurance, pensions and investments.
This makes up your estate.
Decide on any specific gifts to named individuals or institutions
you would like to make, and decide who will inherit what is left over
- the
residue.
What happens to outstanding debts and funeral expenses?
Any outstanding debts including your funeral and legal expenses,
will be paid out of your estate
before the named
beneficiaries receive their entitlement.
Who can witness
my will?
You will need two people over the age of 18 who are not executors
or beneficiaries in
the will or married to a beneficiary.
Does a
witness need to know what my will says?
No they just need to know that they are witnessing you signing your
will
What do I do with my will once it has been signed?
Store it in a safe place and tell your
executors where it can be found. We have facilities for
storing wills free of charge.
