Making A Will
Making a Will means that you can:
- leave instructions about your funeral;
- state who you wish to administer your estate;
- specify who will look after your children;
- control where your estate goes;
- make proper provision for your family
- leave specific items to individuals;
- create trusts to benefit individuals;
- benefit friends and charity; and
- possibly save inheritance tax
Putting your affairs in order
Frequently Asked Questions
Putting your affairs in order gives you and your family maximum peace of mind. We offer a comprehensive service, advising on wills and administration of estates, tax planning, trusts for children and grandchildren, charitable trusts, the affairs of those with learning disability and elderly relatives, power of attorney and court of protection matters. We have operated this service since the firm was established in 1973. During this period we have advised and assisted hundreds of clients and their families to sort out those often complex problems about their property, assets and financial affairs. Regardless of the problem, the success of the practice throughout this period has been due to our active policy of client care. This has led to many satisfied and loyal clients recommending us to their families, friends and business colleagues.
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Frequently Asked Questions
1. What can I leave in my Will?
You can leave anything, your property and possessions, to anyone or any organisations, such as a charity, subject to any legal claim your spouse and other dependents may have. You can leave selected items (jewellery, pieces of furniture, antiques, paintings, collections of books etc.) to particular relatives, friends or charities. You may have certain family heirlooms which may not be worth much financially, but are of great sentimental value, which you wish to ensure are passed to family members of your own choosing.
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2. What happens if I don't make a Will?
If you die intestate (without a Will), the law provides that certain members of your family who survive you will be entitled to your estate. How much each member receives is determined by strict rules laid down by Parliament reflecting what it believes is a fair distribution of your possessions. If there are no living relatives, your estate passes to the Crown.
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3. What are executors?
The people you appoint to be in charge of your affairs and who will see that your wishes are carried out. An executor should be someone you can trust, such as a close relative, a friend, your bank or your solicitor. You may appoint up to four executors and there is no problem if the executors stand to benefit from your estate.
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4. What are guardians?
The people who will look after your children until they are 18 years of age if your spouse does not survive you. Once appointed, they are the legal guardians of your children and will be responsible for their upbringing.
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5. What is a trust?
Trusts may be set up to ensure that the beneficiaries are looked after until they are able to use their inheritance responsibly. You would need to decide how much to put into the trust, whom it should benefit, who the trustees are to be and what powers they will have.
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6. How many witnesses do I need?
Two - and you and they must all sign in each other's presence. Witnesses and their immediate family may not benefit from a Will. Furthermore, you must sign first.
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7. Can I make arrangements for my burial or cremation?
Yes if you have definite wishes for one or the other as well as specific instructions with regard to your remains. You may carry a donor card and wish your body to go to medical research or transplant surgery. In any event we recommend a separate note setting out any particular details. This can then be updated informally.
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8. What is inheritance tax?
Inheritance tax may be payable on certain lifetime gifts and on the value of your estate at the time of your death. Every year the Chancellor in his annual budget speech sets the threshold at which Inheritance Tax becomes payable. Although often complicated, tax planning and a well drafted Will can drastically reduce your potential tax liability. We can guide you through the intricacies of Inheritance Tax, enabling you to capitalise on the various exemptions and reliefs.
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9. Why do I need to use a solicitor?
There a number of reasons. If you buy a home-made Will and make one mistake or omission, no matter how small, the entire Will may be invalidated. The intention of your Will may be very simple, but the legal formalities and language required are complicated and must be strictly followed. Trying to write your own Will also means that you miss the benefits of discussing your intentions in confidence with a experienced professional who will have taken clients through the same process hundreds of times before. Your chosen wording may also be regarded as unclear from a legal point of view. If home-made, your Will may fail to deal with all your assets or fail to cover possible contingencies. A home-made Will may not maximise potential Inheritance Tax reliefs or savings.
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10. I am about to get married. Do I need to make a separate Will from my spouse?
Yes. Both partners in a marriage (or indeed any relationship) should make separate Wills. If you die without making a Will, your property money and possessions are divided up according to strict rules usually between relatives. A partner to whom you are not married has no right under the intestacy rules to a share in your estate. However, they may still be able to make a claim for part of the estate although that could be expensive. If we are instructed by both husband and wife we will treat you as one client and presume neither of you have anything confidential as between you unless you specifically advise us otherwise.
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11. My financial circumstances have changed. Do I need to change my Will?
Yes. Even if you have made a Will before, you may now have different financial circumstances, having re-married or separated or you wish to change your executors or the beneficiaries. It is very important to keep wills up to date. Sometimes updating or amending your Will can be done by adding a Codicil. Many people under estimate the importance of a carefully drafted Will. We ensure that the burdens of unnecessary taxes are avoided or reduced as much as possible.
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12. I already have a Will, but I am about to separate from my spouse. Will I need to change my Will?
Yes. And if you have separated from your spouse, but not divorced, he or she may still receive a share should you die not having made a Will, or changed an existing Will.
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13. And what if I divorce or re-marry?
If you have married or divorced since making a Will, your Will is likely to have been automatically cancelled or partially cancelled. If you are experiencing separation or divorce, you should make a Will to ensure that your estate is distributed to the people you would like to benefit.
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14. What happens when I die?
If you die intestate, without a Will, then your estate is divided according to strict rules laid down by Parliament. If you have made a Will, the people you appointed as executors will make sure that you wishes are carried out. The process is often referred to as probate. We recommend that you seek legal advice on behalf of your deceased relatives as we can advise you on all probate related matters. It may even be possible to sign documents at that stage to mitigate or avoid Inheritance Tax that is otherwise payable.
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15. I have decided to take your advice and make a Will. What should I do next?
Please make an appointment to come and see us by contacting Alex Elphinston
on +44 (0)121 212 7404 or email alex.elphinston@anthonycollins.com
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16. What should I bring along to our first meeting?
Bring a copy of your Will if you already have one.
Bring as much of the following information as possible:-
- an idea of the value of your estate, eg. property, bank and building society accounts, shares, insurance, pension values.
- debts, eg. mortgage.
- full names and addresses of at least two people over 18 years who would be willing to act as executors and also one or two as guardians for children under 18 years.
- the full name, age and address of anyone you wish to be a beneficiary.
We normally ask clients to complete one or two forms in advance of the first meeting to provide us with background information about you, your family and assets. This can help save time and expense. We do not disclose the information to any third party unless you ask us to do so. We also have a form aimed at helping you to consider the information we will need to draft your Will. Please contact Alex Elphinston for copies of these.
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17. What will it cost?
We are obliged to give an estimate of costs once we know your instructions. We will be happy to estimate our costs on request. Our costs aim to reflect the time spent, the complexity of the matter and the different range of legal and practical implications that apply to each individual set of circumstances.
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