WILLS

Wills FAQs

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1. What is a Will and why do I need one?

 

A Will is a legally binding document that sets out what should happen to your money, property and possessions when you die. It allows you to choose who benefits from your estate, who will administer it, and who will care for your children if they are under 18. Without a Will, your estate is distributed according to strict legal rules, which may not reflect your wishes.

 

2. What happens if I die without a Will?

 

If you die without a valid Will, you are said to have died intestate. This means your estate will be divided according to the intestacy rules, which may result in loved ones receiving less than you intended, or nothing at all. Unmarried partners, stepchildren and close friends are particularly vulnerable under these rules.

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3. Can anyone make a Will? What are the legal requirements?

 

To make a valid Will, you must be over 18 and have the mental capacity to understand what you are doing. The Will must be in writing, signed by you, and witnessed by two independent adults who are present at the same time.

 

Taking legal advice helps ensure that your Will does more than simply meet these formal requirements. A solicitor will make sure the Will properly covers all relevant matters, including issues you may not have considered, and that it is correctly drafted to reflect your wishes. Will writing is often more complex than people expect, particularly where families, property or future changes are involved. Investing in professional advice now can help avoid uncertainty, disputes and additional cost for your family later on.

 

4. What can I include in my Will?

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A Will can cover a wide range of matters, including who inherits your estate, specific gifts of money or possessions, the appointment of executors, guardians for minor children, and the creation of trusts where appropriate. Your Will can be as simple or as detailed as your circumstances require.

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5. Who should I appoint as my Executor and what do they do?

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An executor is responsible for administering your estate after your death. This includes collecting assets, paying debts and taxes, and distributing the estate in accordance with your Will.

 

Executors are often trusted family members or friends. However, it is important to consider not only trust, but also whether the person you appoint has the time, ability and financial acumen to deal with what can be a complex administrative role. Choosing a suitable executor can help ensure your estate is dealt with efficiently and reduce stress for those involved. Some people also choose to appoint a professional executor for additional reassurance.

 

6. What is a ‘mirror’ Will and when would I need one?

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Mirror Wills are commonly used by couples. They are two separate Wills with similar or identical terms, often leaving everything to each other and then to agreed beneficiaries. Although they reflect each other, each Will remains legally independent and can be changed at any time.

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7. Can I leave specific items to certain people?

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Yes. You can leave specific items, such as jewellery, family heirlooms or other personal possessions, to named individuals. It is important that these gifts are clearly described to avoid uncertainty or disputes.

 

It is also possible to include a clause in your Will allowing certain assets to pass to your trustees, giving them the power to distribute personal possessions in accordance with a separate letter of wishes. This letter can then be updated as often as needed without the need to formally change your Will, providing greater flexibility while still ensuring your intentions are followed.

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8. Can I change or update my Will later?

 

Yes. You can update your Will at any time, provided you have capacity. Changes can be made by creating a new Will or, in some cases, by a formal amendment known as a codicil. It is recommended that Wills are reviewed regularly, particularly after major life events.

 

9. How often should I review my Will?

 

You should review your Will every few years and whenever your circumstances change, such as marriage, divorce, the birth of a child, the purchase of property or a significant change in assets. Keeping your Will up to date ensures it continues to reflect your wishes.

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10. Do I need to include funeral instructions in my Will?

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You can include funeral wishes in your Will, but they are not legally binding and may not be seen until after the funeral has taken place. It is often better to discuss your wishes with your family or record them in a separate document.

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11. What about inheritance tax planning?

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A Will can play an important role in inheritance tax planning, particularly for married couples, homeowners and those with larger estates. While not everyone will pay inheritance tax, careful drafting can help ensure available allowances and exemptions are used effectively.

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12. Can a Will be challenged?

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Yes, a Will can be challenged in certain circumstances, for example if there are concerns about capacity, undue influence, or inadequate financial provision for dependants. If you have concerns that any person may try to make a claim against your estate, by discussing this with your Solicitor they can advise you on the best options available to mitigate the risk of a claim, and steps to take to reduce the chance of success of any claims, giving you the best chance to ensure the wishes that you put in your Will are carried out.