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Q's.......
Children
Divorce
DIY Wills
Executors
Guardians
Inheritance tax
Intestacy
Marriage
Updating wills
A's...........
Children
Q:
Can children under 18 inherit?
A:
Children cannot inherit until they reach the age of 18; below this age,
the funds are held in Trust. If you think 18 is too young for your
children to inherit a large sum of money, within a Will, you can specify
that they not receive the capital sum until a later age. They will,
however, be entitled to receive any income from the trust fund as soon
as they reach 18. Apart from this, the Trustees decide what income
and/or capital can be used for the benefit of the children e.g. school
fees.
Divorce
Q:
I'm divorced -- what will happen with my existing will?
A: Getting divorced does not cancel a Will, but a gift to a divorced
spouse lapses, unless a contrary intention appears in the Will.
DIY
wills
Q:
Can I make my own will?
A: Yes, you can. But there are significant risks in doing so -- which
you will not be around to sort out. It could mean substantial legal fees
to put things right -- quite apart from the upset and confusion it could
cause those you leave behind. You should consider:
A
Will that is not clear under the law is open to challenge and your
wishes may be overruled.
A
Will not made under the correct procedures can be rendered invalid.
When
making your own Will you may overlook some possibilities and unforeseen
changes in circumstances.
Executors
Q:
Can an executor be a beneficiary?
A: Yes. Often the main beneficiary is one of the executors.
Q:
Do I need a solicitor to act as executor?
A: No, but it is wise to appoint one alongside a friend or relative.
This enables the burden of the work to be shared with a professional who
can advise. It also ensures that, if the executor is unable to carry out
their duties for any reason, there is the support that is needed. A
Solicitor will charge for their advice and work and their fees will come
out of your Estate.
Guardians
Q:
Do I need to nominate guardians in my will?
A: You do not have to, but a Will can be a convenient place to name a
guardian. Without nominated guardians, the courts will decide who will
look after your children.
Intestacy
Q:
What happens if I die without a will?
A: Many people erroneously think that their Estate will go to their
partner when they die. This isn't necessarily the case. For Example, an
unmarried partner will be entitled to nothing.
Even
a spouse may not receive the entire Estate and worryingly, may not
receive enough to maintain their current lifestyle.
Inheritance
Tax
Q:
Will I incur Inheritance Tax (IHT)?
A: If your estate is worth more than £263,000, it will be subject to
the rules governing IHT.
The
first £263,000 of your estate will pass free of IHT, this is known as
the Nil Rate Band personal tax allowance. The remainder will be taxed at
40% (e.g. if you have an estate worth £363,000, you will pay tax on £100,000
(£40,000 tax).
A
married couple with sufficient assets can save a considerable amount of
tax by both setting up, in their Wills a Discretionary Trust of a sum of
money equivalent to the Nil Rate Band personal tax allowance, in favour
of their spouse and children.
Importantly,
gifts to a registered charity are also tax free.
There
are other tax allowances for gifts of agricultural or business
interests, but they are beyond the scope of these notes. If you have
such interests and would like to find out if you can take advantage of
these allowances, you should consult a solicitor or accountant.
Marriage
Q:
Do married couples need two Wills?
A: Both of you need to make a Will. A pair of similar Wills are called
'mirror Wills' Getting married or remarried cancels a previous Will
unless the Will expressly states otherwise.
Updating
a will
It
is important to ensure your Will is up-to-date. Here are some points to
consider:
-
An existing Will can be updated using a codicil, or by re-making your
Will. It is usually better to re-make your Will.
- An existing Will may contain a legacy that has been distorted by
inflation
- Your circumstances may have changed
- An existing Will may refer to an executor who may have died.
Nominating a firm of solicitors as joint executors is a safeguard.
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