WILLS & PROBATE FAQ's
WHY SHOULD I HAVE A WILL?
By writing a will you can ensure that your wishes are carried out after your death. If you do not have a will the law will decide who inherits your possessions - and that may not be the way that you would like it to be. As well as giving you peace of mind now, having a will prevents arguments between family and friends concerning your property when you have died.
WHAT HAPPENS IF I DO NOT HAVE A WILL?
If a will has not been made or cannot be found, you are said to have died intestate and the Rules on Intestacy dictate how your estate will be divided. For example if you are not married, your estate would go straight to your children. If you are not married to your partner you will not automatically inherit under your partner's will and may not be entitled to do so. If there were no children the estate would go to your parents, and if they had already died to your brothers and sisters.
Even if you are married your spouse will still only be entitled to the first £125,000 of the estate plus income from half of the remaining estate. Given the current level of property prices this could possibly necessitate the sale of your family home if it is not already jointly owned.
WHAT HAPPENS IF I HAVE NO FAMILY?
If you do not have a partner, children or relatives and die without a will, the estate goes to the Crown. If you have no relatives you may wish to leave your possessions to charity.
DO I HAVE TO INCLUDE ANY CHILDREN WITH WHOM I HAVE NO CONTACT?
You can choose who you include or exclude from your will. The law requires that you are aware of all the members of your family and therefore if you do exclude any children from your will, that you have made a conscious decision to exclude. However the excluded child may be entitled to make a claim on the estate. If you have made such a decision it may be wise to leave a letter with your will stating your intentions.
If you intend to exclude anyone who would expect to be included in your will, such as a spouse, partner or children (and in some cases other financially dependent relatives) you should inform us as they may be entitled to make a claim on your estate.
WILL MY HOUSE BE INCLUDED IN MY ESTATE?
In the most common situation, the ownership of a house owned by you jointly with another person passes to the other owner regardless of what you say in your will, but the value of your share may count when calculating Inheritance Tax. It is possible to "split" ownership during your lifetime so that your share would be passed on according to your will, but, as there are so many other factors to consider, you need to take advice before doing so.
DOES THE WILL COVER HOLIDAY VILLAS ABROAD?
The law of the country where the property is located may dictate to whom the property may be left. It is advisable to make a will in the country where the property is situated and omit it from the UK will. You should be aware that inheritance tax may still be payable on this property even though it is abroad. If you are in this situation then you should seek advice on taxation planning in an effort to reduce the amount of your estate that will bee chargeable to Inheritance tax.
I MADE MY WILL SEVERAL YEARS AGO AND HAVE SINCE DIVORCED MY WIDE AND RE-MARRIED. IS THE WILL STILL VALID?
Upon remarrying your old will was immediately cancelled so you will need to make a new one. Your first wife may be able to make a claim on the estate if she has not remarried, unless she was specifically excluded as part of the divorce agreement.
WHAT IF I HAD DIVORCED BUT NOT RE-MARRIED?
Any gifts to your former spouse will be cancelled by the divorce as would be the role of executor. Other than this, the old will is still effective, however it would be advisable to appoint another executor. It is also worth noting that a former spouse may be entitled to make a claim unless they have remarried.
DO I HAVE TO PAY INHERITANCE TAX?
If the value of your estate including your house amounts to over £242,000 then inheritance tax will be payable. If you are in this situation then it is worth seeking advice on taxation planning to reduce the amount that you will have to pay.
WHO CAN WITNESS MY WILL?
A will must be signed by the Testator (i.e. the person making the will) in the presence of two witnesses both of whom should be over the age of 18 years. The witnesses must not benefit themselves under the will nor be married to anyone who will benefit. The witnesses will not read the will. They are merely witnessing your signature and identity and so must be known to you.
WHERE SHOULD MY WILL BE KEPT?
It should be kept in a safe place and, most importantly, you must tell your executors where it is. If the will cannot be found the law will assume that you have died intestate. At DBF we will be happy to store your will free of charge in our safe storage facilities.
WHY WOULD A WILL PROVIDE THAT MY SPOUSE OR PARTNER WOULD ONLY INHERIT IF HE / SHE SURVIVED ME BY 28 DAYS?
If a husband and wife, or both partners, die within a short period of each other, the assets of the first to die transfer twice and this can result in more tax being paid. This mechanism reduces that risk, and also allows each to provide what should happen to their respective estates in that tragic event.
CALL 0161 832 3304 FOR A CONSULTATION WITH A SOLICITOR AT DAVIS BLANK FURNISS
Even if you are married your spouse will still only be entitled to the first £125,000 of the estate plus income from half of the remaining estate. Given the current level of property prices this could possibly necessitate the sale of your family home if it is not already jointly owned.
If you intend to exclude anyone who would expect to be included in your will, such as a spouse, partner or children (and in some cases other financially dependent relatives) you should inform us as they may be entitled to make a claim on your estate.
