FAQs (Frequently Asked Questions)

What is a Will?

A Will is a legally binding document that sets out your wishes of how you would like your estate (everything that belongs to you at the time of death) distributed after your death.

Who should make a Will?

Everyone over the age of 18 should make a Will!
A Will doesn’t need to be complicated, but even if you are only leaving a few things or a small amount of money, it can save your family unnecessary distress at an already difficult time. Having a Will is the only way to ensure that your money and possessions are shared between the people and causes you care about in the way that you want.
If your estate is worth more than £325,000, a Will can help to reduce the amount of inheritance tax that may be payable on the value of any property and money that you leave.
Writing a Will is especially important if you have children or other family who depend on you financially, or if you want to leave something to people outside your immediate family.

What is inheritance tax?

Inheritance Tax (IHT) is a tax on the estate of someone who has died, including all property, possessions and money.

Everyone in the 2020-21 tax year has a tax-free inheritance tax allowance of £325,000 – known as the nil-rate band (NRB). The standard inheritance tax rate is 40% of anything in your estate over the £325,000 threshold.

When should I make a Will?

People often put off making their Will, thinking that it is something they can do at a later stage. In theory you can write your Will at any time, but if you put it off, time can run away with you, and you may find you are coping with other things and don’t feel able to make a Will.

What happens if I die without a Will?

The official term if you die without leaving a Will is to die ‘intestate’.

If you die without a Will, there are certain rules which dictate how the money, property or possessions should be allocated. The law decides how your estate is passed on – and this might not be in line with your wishes.

Contrary to popular belief, your estate will not necessarily pass to your spouse or partner after your death. The Government appointed ‘Rules of Intestacy’ state who should get what amount of your estate, depending on their relationship to you, and the total net value of your estate. An unmarried partner will be entitled to nothing, and even a spouse may not receive sufficient to maintain their current lifestyle.

What is a beneficiary?

The people or organisations who will receive something from your Will. You can have as many beneficiaries as you like, as well as appointing reserve beneficiaries should anything happen to your primary beneficiaries.

What is an Executor?

The person(s) you appoint to carry out your wishes as stated in your Will. They will arrange the funeral, collect your assets, pay any debts including inheritance tax, manage any special legacies and then distribute the remainder of your estate in accordance with your wishes.

What is a Trustee?

A person(s) who is appointed by you to look after assets on behalf of certain beneficiaries (usually children).

What is a legacy?

A specific gift of a sum of money, left to you by someone in their Will.

What is a Guardian?

The person(s) you appoint to look after your children if they are under the age of 18 at the time of your death.

Do I need to appoint Guardians for my Children?

Your children are your greatest asset! If you have any children under the age of 18, your Will is the only place you can nominate Guardians for them, so it is very important to do so. If both parents die without appointing Guardians, your children become ‘Wards of Court’ and Social Services and the Courts will decide where they should live.

Are my stepchildren included when I leave my estate to “my children”?

For the purpose of making a Will, ‘children’ are defined as natural (bloodline), adopted children, and children born to you by IVF. Stepchildren have no automatic right to inherit from your Estate. It is possible to draft your Will so you provide for your stepchildren.

Additionally, you can have your Will written to provide for children that may be born after you have written your Will.

Does Marriage, Civil Partnerships, Separation or Divorce affect my Will?

A Marriage and Civil Partnership will make your Will void so it is especially important to either have a Will made in contemplation of a marriage or have a completely new Will drafted.

If you become separated, your Will is not affected, but you should definitely amend it as, if you were to die your estranged spouse/partner would still benefit under the terms of your Will, which is unlikely to be your intention.

If you get divorced after making a Will, the Will remains valid but any gifts or appointments (e.g. Executor) in favour of your former spouse/civil partner will fail (unless the Will states otherwise) so its advisable to review your Will.

What is a Lasting Power of Attorney (LPA)?

A legal document appointing a person(s) to look after your affairs if you become unable to manage them yourself (either mentally or physically). There are 2 separate LPAs, one to look after your health and welfare decisions and one to manage your financial affairs.

When should I review my Will?

You should review your Will every 3-5 years or so, even if you don't think your circumstances have changed significantly. This will enable you to check that it still accurately reflects the way you would like your estate to be distributed after you die.

If there are major changes in your life it is advisable to review your Will, such as;

Marriage/Divorce
Arrival of children – requiring the need to include a Guardianship clause into the Will.
Birth of further children or grandchildren (if not catered for in the current Will)
Changes of Executors/Trustees or Guardians etc
Change in circumstances, significant change in your financial situation
Purchase of property, either in UK or abroad

When does the drafting of my Will become legal?

A Will must be signed, dated, and witnessed correctly to be legally valid. E&A can guide you through the process making it as simple as possible.

Who can I ask to be my witnesses?

Anyone over the age of 18 who is not mentioned in the Will or related by blood or marriage to anyone named in the Will. Often next-door neighbours or work colleagues are ideal.

Where should I store my Will?

Legally you can store your Will anywhere you like. However, it is worth thinking carefully about where your Will is kept. When you die your Executor will need to access your Will as soon as possible – so he or she should know beforehand where it is being kept.

We work closely with National Will Safe Ltd who offer a complete document storage solution for a small annual fee. Your Will and other legal documents, such as Lasting Power of Attorney (LPA), are kept in a sealed waterproof wallet which is then kept in a fireproof safe.

Your Executors will be provided with a plastic identity card. These cards display your name, a unique ID and our contact details so they can easily locate your Will when required.

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