FAQs
What is a Will?
A Will is a just a written record that says who you want your money and possessions to go to when you die. As it is a very important document the law specifies what will be recognised as a Will.
What happens if I don't make a Will?
Your property will be divided according to certain legal rules (the "intestacy rules"). Some of them may surprise you. For example, the share your husband or wife gets may not be enough to give him or her outright ownership of your home.
Also, if you are not married but have been living with someone, the person you are living with will probably get nothing.
Can I change a Will?
Yes, but only by signing a document called a Codicil. This must be prepared, signed and executed in a particular way. You do not need a Codicil if you or any person named in your Will changes their address.
A Codicil is useful for minor changes to your Will. If you wish to make major changes it is often preferable to write a new Will.
Can I cancel my Will?
You can cancel your Will by making a new Will, or by tearing it up or burning it.
What are Executors?
Executors are simply the people appointed in your Will to carry out your instructions.
What are Trustees?
Trustees are the people appointed in your Will to look after your property or interests until, say, your children are old enough to inherit. Executors and Trustees are often (but not necessarily) the same people.
What about Inheritance Tax?
If the value of your Estate is more than £312,000 after payment of your debts and any gifts to your husband or wife or to charity, Inheritance Tax (IHT) may be payable at 40% on the value over this amount.
What is a "Living Will"?
A "Living Will" (also called an advanced directive) is a set of instructions issued in advance to the medical practitioners who may be involved in looking after you in the future.
People making a Living Will state that they do not wish their lives to be artificially prolonged when suffering from a terminal illness or other degenerative conditions.
Mailing Lists
