Why do I need a will?
Whatever your age, if you have assets such as a house, savings or business along with people you would like to look after, it is worth considering making a will. But what does a will do? In summary a will; – Names your Executors – Names Guardians for your children – Helps preserve your property for your beneficiaries – Distributes your estate according to your wishes – Mitigates Inheritance Tax (IHT) – If you live together as partners, your partner may not inherit anything without a will
What is the difference between a Single Will and a Mirror Will?
You should write a Single Will if you have no partner OR if you want to write a Will that differs from your partners. For example, you may have differing wishes therefore a Mirror Will, will not be suitable. You should write a Mirror Will if you are married/in a relationship and both you and your partner have identical wishes. This will include provisions such as the distribution of your estate. For example, if both you and your partner would like your estate passed to the same persons then a Mirror Will is the best option for you.
Do Married couples require two Wills?
Yes. If you are married or in a relationship both you and your partner should have a Will. This can either be a Mirror Will (with identical provisions) or two separate Single Wills (with differing provisions). If you are just married and have a Will that was made previous to your marriage then you must make a new Will reflecting this. Getting married or remarried cancels a Will unless the Will expressly states otherwise.
What are executors and who can be an executor?
An executor is someone who is appointed by the testator – person who is writing a Will – to carry out the terms within that Will. The executor is appointed because he or she is trusted by the person writing the Will and is then responsible for collecting the assets, paying any debt and then distributing the remainder of the estate to the beneficiaries outlined in the Will. In most cases the testator will choose their partner or spouse to be an executor. Beneficiaries of the Will such as children or relatives can also be executors and a very wise selection as they are in an ideal position to carry out the terms within the Will. Anyone over the age of 18 years, non-bankrupt and of full mental capacity can be appointed as an Executor. We would recommend a minimum of 2 and a maximum of 4 executors. Being an Executor is a responsible and demanding role and can involve large sums of money. Ensure the people you choose are happy with the role
What is Probate?
When someone dies, you may be able to apply for a ‘Grant of Representation’. This gives you the legal right to deal with the persons property, money and possessions (their ‘Estate’). The right to deal with the estate of someone who has died is called ‘Probate’. You can apply for a Grant of Representation if you are the Executor of the will i.e. the person named to deal with the Estate. Need more details on how probate works? Click this link (HMRC Probate Link) Want more help? Contact Us.
What will happen to my children if I don’t make a will
If you are the last living parent and you die leaving a child under the age of 18, a guardian will be appointed by the Court of Protection if you have no will in place.
If I request a consultation will the prices be different to those quoted online?
Fees listed on www.makemeawill.com are for online services only. Should further advice be required, a free consultation will be provided to assess your individual needs and a no obligation to purchase quotation provided with no hidden charges. Your free consultation can take place by telephone or at a time and place to suit you with our appointed associate. Because of advice given and time spent providing this service then fees are not necessarily those shown on this website Should you wish to proceed with the recommended services, our appointed associate will take your instructions and you statutory rights to change your mind within 14 days will always be upheld by BTWC Ltd.
Why bother buying a Guaranteed Funeral Plan?
If you know what funeral you would like, you can detail it within your Will meaning your family can avoid making difficult decisions. The benefits of going one step further and purchasing a guaranteed funeral plan include, fixing the cost of all funeral directors fees and services at todays prices andassurance that your money is held securely in a specialist trust fund. Plans can be tailored to suit particular tastes and preferences. Flexible payment terms are available and there are no restrictions on health, age or medical history