FREQUENTLY ASKED QUESTIONS

What are Wills?

A Will is a document that sets out details of how you want your possessions and belongings to be divided in the event of your death. Wills allow you to properly provide for the needs of your spouse, children or family members in the event of your death.

Can I Make a Will?

Yes! - Anyone who has reached the age of eighteen or has married and is of sound disposing mind can make a Will.

Why should I make a Will?

You don’t have to make a Will. However, it allows you to cater for needs of family members and, with proper advice, Wills can be used as a tax planning opportunity to significantly reduce the tax payable by your beneficiaries.

If you fail to make a Will, the rules of intestacy will apply to determine how your property will be distributed on your death. As a result, your property may not be distributed in the manner that you would have liked.

When should I make a Will?

The simple answer is now! Irrespective of how young or old you are, you will undoubtedly have some valuable or sentimental possessions which you would like to pass to particular people on your death. In order to ensure that this happens, you need to make a Will. If you do not, the laws of intestacy will determine how your possessions are divided.

The making of a Will often ensures that your family’s task of winding up your estate and distributing your assets is made a lot easier during this difficult period of time.

What should I do when I decide to make a Will?

Firstly, you need to compile a complete list of all your possessions and liabilities in order to determine what exactly you can give away under your Will after the payment of all your debts.

Secondly, and most importantly, you need to carefully consider and nominate the persons who you would like to act as executors of your estate.

Finally, and sometimes most difficult of all, you have to decide who you would like to benefit under the provisions of your Will. In considering each person, especially children, you should take account of the age, position and financial means etc. of each of the proposed beneficiaries under your Will.

Who should I choose as my Executors?

Given that executors essentially perform their duties for free (save where a professional such as a solicitor is appointed) and these duties can often be quite onerous, the decision as to who will act as executor is quite important.

The appointment of a second executor is always a good idea as it covers a situation where one of the nominated executors is unable or unwilling to act.

It is always advantageous to appoint executors who are fairly familiar with your since, without adequate knowledge, assets can go untraced. This can result in your estate being depleted and will have the end effect that your beneficiaries will lose out on their intended benefit. It is for this reason that people tend to appoint family members or their professional advisors as executors.

It is acceptable to appoint a beneficiary as an executor. However, beneficiaries should never sign as a witness to your Will as this can have the effect of invalidating any gift made to them under the Will.

If your Will leaves a gift to a person under the age of 18 years, then you should also appoint trustees to hold the gift until the person reaches the age of 18, or such other age as may is designated in the Will. You can appoint the same people to act as both executors and trustees.

When should I review my Will?

You should review your Will every three years of so. This is to take account of changes in your personal circumstances. You will also need to update your Will where you marry or have a child as these changes in circumstances cam severely affect the legal position and/or validity of your Will.

What if I own property abroad?

With the increase of property prices at home in the UK and the ready availability of finance, more people have turned their attention to investing in foreign property. As a result, it has become increasingly important to take account of these foreign assets in the preparation of Wills.

Generally, your foreign property will be subject to the laws of the country in which the property is situated. As such it will be necessary to execute a Will in that country in order to record your wishes in relation to the foreign property.

Recognising the fact that so many British people are now purchasing second homes outside the UK, we have affiliated ourselves with other websites (but only after undertaking a complete due diligence of their products and management team) that provide online Wills in countries outside the UK. In particular, we have teamed up with Global-Wills.com and Australianwills.com, which between them provide Wills in over 30 countries worldwide. This allows existing customers of UK Wills to have access to a trusted third parties whom they can trust to create their Wills in the manner required by law.

There are various taxation systems in existence in other countries and it is highly advisable to seek the advice of a national lawyer in the country in which the foreign assets are held. ( Click here to see an article in relation to Spanish property ).

Where should I keep my Will?

Your Will needs to be kept in a safe place, and where possible in a safe. Your executors should be provided with details of where your Will is located so that it can be easily located in the event of your death.

How much will my personal Will cost?

The cost of producing your Will remains quite modest considering the professional skills involved in the preparation of this legal document.

The cost of your Will is £14.99.