Please feel free to browse our list of Frequently Asked Questions about Wills and Will Writing Services.
Simply click on the relevant question below. If you cant find a question relevant to your query please contact us
Why do I need a Will?
Should I be worried about Inheritance Tax?
Do I need a solicitor to draw up my Will?
Why do I need a Will?
A Will is the only document in which you can state exactly what you would like to happen to your estate after your death. Your estate consists of everything and anything you own at the date of your death including your house, cash, investments, shares, car, household furniture, jewellery etc.
You may think you do not have enough in your estate to bother with making a Will, but if you die intestate (without a Will) the law will decide who receives your estate and this may not be the way in which you had wished your assets to be distributed.
If you are a cohabiting couple, you cannot inherit from each other without a Will. Cohabiting couples need to especially think about making sure they have a Will in place if you own property together as tenants in common (and not as beneficial joint tenants) as the half share of each owner does not pass automatically to the surviving co-owner and this share must be specifically gifted in a Will or the interest in the property will pass under the rules of intestacy. Even if you do own the property as beneficial joint tenants, if you have not left a Will leaving your estate or part of it to your partner this could have serious financial implications for them, as they will become liable for the whole amount of any mortgage that is on the property.
If you have separated or are going through a divorce, without a Will in place your estate will pass to your spouse. Even if you have a Will that you made whilst you were married, before the divorce is finalised (a decree absolute issued) any gift to your spouse will still be valid.
An important consideration is arrangements you would want in place if you have children under the age of 18 years (whether your married or not). Who would you want to care for them if you or both you and your partner died?
Should I be worried about Inheritance Tax?
Inheritance Tax (IHT) is payable on your estate after your death. Tax is currently charged at a rate of 40% on anything you leave over the tax threshold - the Nil Rate Band. The nil rate band is currently £300,000.00.
There is no IHT payable on a gift left to a spouse but anything left to them will obviously push the value of their estate up and there could be a substantial tax burden on their estate after their death. Effective tax planning and making full use of the nil rate band in a Will can minimise the IHT liability on the second death.
It is also worth remembering that there is no IHT payable on gifts made to a charity.
Do I need a solicitor to draw up my Will?
The simple answer is "No" and we are all aware that there are many DIY Will making kits on the market these days available on our high street or indeed on the Web.
However, Wills are best prepared by a professional who can ensure that you are properly advised and that all tax planning issues are considered before putting your wishes in writing. By seeking a professional's advice you will know that what you want to happen to your estate after your death will be possible and will take effect. Whereas a poorly written home made Will can cause problems after your death and sorting out misunderstandings and disputes as a result could cost your estate considerable legal costs, much more than paying for your Will to be drafted by a solicitor.
We hope that you have found this information helpful. If you do have any other questions then please do not hesitate to contact Miss Rebecca Goldsworthy at our offices. Tel: 01633 660 440.
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