1. What happens if I die without a Will?
2. Can I make a Will?
3. What is a Mirror Will?
4. What can I not leave in a Will?
5. What about jointly owned property?
6. How do I calculate my inheritance tax liability?
   
7. What do executors and trustees do?
8. Who can witness my Will?
   
9. Where should I store my Will?
   
10. What is probate?
    
11. What are gifts and legacies?
    
12. What if I leave a gift in my Will to someone who dies?
    
13. Who can dispute my Will after I die?

Married couples with children: if you have children, your spouse is entitled to the first £125,000. Any jointly owned assets such as the family home and a 'life interest' (any income generated from the 50% of the residue of the estate). The remaining 50% will go into trust for the children until they reach 18.

Married couples with no children: If there are no children the spouse will get the first £250,000 of the estate plus any jointly owned assets and a life interest in 50% of the residue the remaining 50% of the residue is distributed to family members of the deceased as per the laws of Intestacy.

Unmarried couples: Unless you have made a Will your partner will not get anything. Your entire estate will pass to your children or if you do not have children then your estate will be shared between your other relatives as per the laws of intestacy.

You are separated: If you die without making a Will, your ex spouse may be entitled to claim part or all of your estate in certain circumstances.

2)  Can I make a Will      [top]
Anyone over the age of 18 who is mentally capable can make a Will.

3)  What is a Mirror Will      [top]
A Mirror Will is used when a husband, wife (or partner) make identical wills that leave everything to each when one of them dies. If they die together their estate is left to their children (if there are any), or to person(s) nominated in their Will.

4)  What can't I leave in a Will?      [top]
It may seem obvious but you can't leave anything in a Will that doesn't belong to you!
Usually this includes assets in three main categories:-

1. Property
If you own property with someone else as 'joint tenants', then on your death your share will automatically go to the surviving co-owner. The share does not therefore form part of your estate and cannot be left to anyone in your Will. If you jointly own the property with someone else as 'tenants in common' your share does not automatically pass to the other when you die - so you can leave it in your Will to whoever you wish.
2. Life insurance policies
If you have a life insurance policy you must check how it is written. The policy will usually be drawn up in trust, so will not be classed as part of your estate when you die. If it is written specifying a named beneficiary then it would not form part of your estate but may adversely effect the inheritance tax liability on the second death.
3. Pensions
In exactly the same way as with life insurance policies, your pension rights may also pass outside a Will (or end on your death) so they do not need to be mentioned.

5)   What about property I jointly own?      [top]
Many people don't realise that if they own property as "joint tenants" (e.g. most married couples are joint tenants) then their "share" of the property automatically passes to the other upon their death so does not form part of their estate. Iif you own a property as "tenants in common" (more likely in the case of unmarried couples) then you can leave your share to whoever you want (e.g. to the other tenant).

6)  How do I calculate my inheritance tax liability      [top]
Every one has a personal allowance for inheritance tax and this is currently set at £285,000.  Over this value your estate is taxed at 40%. It is important to note that here is no tax to pay between spouses on the first death, but most couples make the mistake of only having Mirror Wills that pass everything to the surviving spouse. This in effect is gives away the first spouses tax free allowance, so that on the second death the whole estate is assessed for inheritance tax purposes. To calculate your inheritance tax liability click here.

Please note:
A married couple with sufficient assets can save the equivalent of their personal tax allowance by setting up in their Wills in a discretionary trust made out in favour of their spouse or children.

7)  What are the roles of Executors and Trustees      [top]
The role of an executor is to formally carry out the wishes that you have specified in your will.

Can my beneficiaries be my executors?
Yes they can. It is common that beneficiaries have a role to play in the organising of the estate before it is distributed.

What's the difference between an executor and a trustee?
In most estates today, it is common to appoint your executors as your trustees. The difference is that a trustee is the person responsible for making the decisions that maintain the estate whilst it is held on trust, BEFORE it is passed on to the beneficiaries. The executor is the person that carries out (or executes) the wishes of the Trustees during this time.

Do I have to appoint a solicitor or bank as my trustee?
You can appoint anyone you like as your trustee. Our advice is to choose people you absolutely trust and ensure that your Will includes a statement that empowers them to employ any professionals they need.

Does it matter if my executors live abroad?
No, although it is always prudent to have some executors in the country in which you are residing.

How many executors can I choose?
You can have as many executors as you like, we recommend at least two but tlegally you are allowed a maximum of four.

Should my guardians be executors?
It is very common for the guardians to be executors. It normally follows that if you can trust someone enough to take care of your children, then they should have access to the assets of the estate to provide for your children. There are some instances where the guardian (e.g. a divorced parent) should not be allowed direct access to the assets, but has to work with an nominated executor.

8) Who can be a Witness.      [top]
Anyone over the age of 18 can witness your Will unless they are a beneficiary. If a beneficiary or the relative of a beneficiary does witness your Will, then their entitlement from your estate will be lost. A witness is signing to say that you (the testator) are who you say you are, and that they have physically seen you sign the will. They are also signing to say that you are mentally competent to sign the will.

9) Where should I store my Will      [top]
There is no formal requirement as to where a will should be stored, but obviously it should be kept in a safe place and one that is easily accessible.
Willcare can store your Will with the Society of Will Writers for a nominal fee of £30.00 per annum. You will receive a certificate with a reference number and contact details and your executors will all receive certificates so that they know where your will is stored. You are issued with a copy of your will for reference.

10) What is Probate     [top]
When a person dies somebody has to deal with liquidating their estate by collecting in all the money due to them, paying off any debts they may have and then distributing their net estate to the beneficiaries. The term 'probate' means the issuing of a legal document to someone authorising them to carry out these tasks.
The Probate Registry issues a probate document called a 'Grant of Representation', there are three types of grant of representation:
1. Probate - issued to one or more of the executors named in the deceased's Will.
2. Letter of Administration - issued when there is a Will with no named executor, or when the executors do not wish administer the estate.
3. Letter of Administration - issued when the deceased has either not made a Will or the Will is not legally valid.

For more information, please read our probate information.

11) Gifts and legacies      [top]
Do I have to list everything that I own in my estate?
No, wills are not shopping lists. If you want specific objects, collections or even amounts of money to go to particular people you should specify these. What you do not need to detail is the 'residue' of your estate. You can store a 'Memorandum of Wishes' with your Will that lists gifts to specific people. This means that you do not have to rewrite your Will every time you want to change or add a gift.

Do gifts or legacies have to be of a certain value?
Not at all, a gift can be of any value you like so you could leave a friend £1, £10,000 or your house.

Can I gift to charities?
Yes, but you need to state the full name, address and registered number of the charity receiving the gift. Gifts to charities are tax free so they can be used to reduce any inheritance tax liability. 

Can I set age limits when gifts can be received?
Yes this is what 'trustees' are nominated for, to see that any gifts you leave are preserved until they can be given on the date you have specified.

12) What happens I leave a gift to someone who dies before me?      [top]
If you leave a gift to someone who dies before you the gift goes back into the residue ofyour estate. Alternatively you can include clauses in your will that distribute the gift to the children of the beneficiary (if they have any). If the beneficiary dies before they receive their legacy but survive you by more than 30 days, the gift becomes part of their estate. If the beneficiary who you leave a gift to fails to survive you by more than 30 days, then the gift is proportionately divided between your other beneficiaries.

13) Who can dispute my Will after my death?      [top]
Very few Wills are disputed, but a spouse, former spouse, child, grandchild, parent and "common law husband/wife" can all make a claim if they believe they are entitled to more than they have received, or that they were omitted from the Will without good reason, or that your wishes have been either misinterpreted or misunderstood.

If you omit any of these people without adding a clause giving your reasons for the omission, either in the Will or in a seperate signed statement given to your executors, a court may decide that their omission was an unintentional oversight.

To get your Will invalidated a court would otherwise have to prove one or more of the following:
a) that you were of unsound mind
b) that you were unduly influenced by someone
c) that your signature was forged
d) that the Will has been altered or tampered with in some way.

To prevent any disputes always try to make sure that your Will is clearly written, and is not ambiguous in any way, and that your wishes are stated clearly and concisely.