1. What happens if I haven't made a will? What happens if I die without making a Will.
Without a Will in place when you die, the rules of intestacy shall dictate how your assets will pass. This potentially means that your estate could go to relatives that you may not have included as beneficiaries.
2. What happens if I want to change my Will?
Your Will can be changed at any time during your life, providing you have the required mental capacity to do so. It may be necessary or appropriate to change your Will after certain life events, such as a marriage, birth of a new child, divorce or purchase of a new house.
3. If I have written my own Will, do I need to register it to make it official?
It is not necessary to register a Will to ensure that it is valid and currently, there is no requirement to register your a Will.
4. Where does my Will get stored?
It is up to you where your Will is stored but it is recommended that the storage is a safe and secure place. If you complete a Will with Qwill, we can discuss the storage arrangements with you.
5. What is a trust?
A trust is where an arrangement is made within your Will for money or property is held for the benefit of someone, this may be because they are vulnerable. There are various different trusts that can be discussed and considered based on each individuals circumstances.
6. What is inheritance tax?
Inheritance tax is a tax that may be payable on death. It can sometimes payable on trusts or gifts that you may have made during your lifetime. It is calculated on the total value of your assets and it is payable at 40% on the amount over the Inheritance Tax threshold.
7. What is the executor?
An executor is the person, or persons, who deal with the administration of your estate when you die. It is advisable to appoint people that you trust to act in this role for you but they must be over 18 years old, as well as being of sound mind. There is the option to appoint professional services to deal with the administration of your estate.
8. I don't know anyone who I can appoint as my executor, what shall I do?
You can appoint a professional executor such as ?Qwill?. We would deal with the probate from start to finish for a fixed fee. We also take on the legal responsibility of dealing with the estate.
9. Can an executor be a beneficiary of my Will ?
An executor can be a beneficiary of your Will, but it is necessary to note that the beneficiaries of your Will should not be a witness to your Will.
10. What is a beneficiary?
A beneficiary is a person who stands to receive something from your Will, which can be money, property or possessions.
11. How many witnesses do I need for my Will ?
It is necessary to have two witnesses for your Will and they must both be over 18. The witness must also not be beneficiaries in your Will or even the spouse or civil partner of beneficiaries in your Will, or related to you or any other beneficiary.
12. What should I include when writing my Will?
Your Will should include who would like to be your executors. The people that you would wish to take care of your children, if you have children under the age of 18. You can include the details of who you would wish to benefit from your assets on your death and you can include any particular cash gifts or specific items that you may wish to gift in your Will. You are also able to include wishes for your funeral or any pets that you may have, as well as any charitable legacies that you may wish to make.
13. Is a Will valid forever?
The Will remains valid until you die, unless it is revoked, this can be either be destruction with the intention to destroy or by writing a new Will. A Will can also be revoked by the act of marriage or civil partnership. A Will is not revoked by a divorce but it is advisable to prepare a new Will should you go through the process of being divorced or even a separation.
14. What is a 'gift' in a Will?
A gift in a Will is when you chose to leave a specific item or items to an individual or a group of individuals. There are different types of gifts that you can make within your Will, which can be discussed with you.
15. Will I automatically inherit my partner's estate when they die?
No, if you are not married or in a civil partnership, you are not automatically entitled to inherit from your partners estate on their death, as this is not dealt with in the rules of Intestacy. It would be necessary to prepare a Will to ensure that your wishes are met on your death.