Wills And Probate FAQ:
Wills
Q. Do I really need to make a Will?
A. If you die without having made a Will, then certain rules will dictate how your money, property or possessions will be allocated (Rules of Intestacy – Administration of Estates Act 1925). This may go against how you would have wished your money and possessions to be distributed. Not making a Will can lead to disputes amongst family and relatives so it is best to avoid such situations by making a Will as soon as you can. (Age 18 or over)
Unmarried partners and partners who have not registered a civil partnership cannot inherit from each other unless there is a Will, so the death of one partner may create serious financial problems for the remaining partner.
if you have children, you will need to make a Will so that arrangements for the children can be made if either one or both parents die.
It may be possible to reduce the amount of tax payable on the inheritance if advice is taken in advance and a Will is made.
Q. When should I review my Will?
A. You must review your Will periodically, say every two years. The reason for this is that it may be that certain Beneficiaries have died and you will need to consider who else you want to pass things to. It could be that some assets may have been disposed of and the Beneficiary would end up with nothing.
If your circumstances have changed, it is important that you make a Will to ensure that your money and possessions are distributed according to your wishes. For example, if you have separated and your ex-partner lives with someone else you may want to change your Will. If you get married or enter into a registered civil partnership, this will make any previous Will you have made invalid.
The birth or adoption of children, who you wish to add as Beneficiaries, need to be included in your Will.
Q. What needs to be in my Will?
A. You need to include:
• details of money, property and possessions you have e.g. savings, insurance policies, bank/building society accounts, shares, pensions
• who you want to benefit from your Will. Make a list of all the people to whom you wish to leave money and possessions. These people are known as BENEFICIARIES. You also need to consider whether you wish to leave any money to charity
• who is going to look after any children you have under the age of 18
• who is going to sort out the estate and carry out your wishes as set out in the Will. These people are known as the EXECUTORS
• funeral arrangements (optional) – including venue, songs, readings
Q. What makes a Will valid?
A. A Will is valid when:
• it is made by a person who is 18 years old or over
• it is made voluntarily and without pressure from any other person
• it is made by a person who is of a sound mind (fully aware of the nature of the document being written or signed and aware of the property and the identity of the people who may inherit
• it is in writing
• it is signed by the person making the Will in the presence of two witnesses and
• it is signed by the two witnesses in the presence of the person making the Will, after it has been signed. A witness, or the married partner of a witness cannot benefit from a Will. If a witness is a Beneficiary (or the married partner or civil partner of a Beneficiary) the Will is still valid but the Beneficiary will not be able to inherit under the Will
Q. Who do I choose as Executors?
A. It is common to appoint two (or more) Executors (in case one of them dies) to take on the responsibility for administering the Will after a death. The people most commonly appointed are:
• relatives or friends
• solicitors or accountants
• banks
An Executor’s job involves a great deal of work and responsibility so do choose with care and make sure you approach anyone you are thinking of appointing to see if they will agree to take on this important role. (n.b. a Beneficiary can act as an Executor)
Probate
Q. How much does it cost?
A. This can vary. It depends on precisely what is involved in obtaining the Grant and administering the Estate. If there are two or three assets only, (not including a dwelling) then it may be possible to limit costs. However, those costs can rise considerably depending upon the complexity of the matter. Once sufficient information has been received to prepare the papers to lead to the required Grant of Representation, a reasonably accurate figure can be given.
Q. How long does it take?
A. Again, this can vary enormously. The simplest of matters will probably take in the region of six to ten weeks, but again, depending upon the complexity of the matter, it will take considerably longer to complete the administration of the Estate. Once sufficient information is available to prepare the papers to lead to the Grant a more accurate time scale can be given. It must be borne in mind that a lot of banks and building societies have central offices for dealing with these matters and quite often it can take three or four weeks for a response to be received.
