Get a Free Will and answers to the most commonly asked questions
October is ‘Wills’ month and we are offering FREE Wills! All that we ask is that you directly donate to the NHS charity ECHO, or leave a bequest in your Will, to support their amazing work. To take advantage of this great offer please call 01625 526 222 or visit www.sinclairlaw.co.uk to request an appointment. Please mention ‘ECHO’ to benefit from this discount when you contact us.
“Making a Will is a crucial step towards ensuring the financial security and well-being of your loved ones after you’re gone. It’s a task that many people hesitate to undertake, often due to its sensitive nature and the fear of the unknown. However, the importance of having a Will cannot be overstated.
In this article, I will address some of the most commonly asked questions about Wills to help demystify the process and provide clarity on this essential aspect of estate planning.” – Jobeth Copping-Barrett, Head of Wills and Probate at Sinclair Law Solicitors. (photo)
- How long does it take to prepare a Will?
The time required to prepare a Will can vary depending on your specific circumstances and the complexity of the provisions you wish to include. In most cases, a simple Will can be prepared in as little as two weeks.
- Who should prepare a Will?
In short, everyone should have a Will. There is no minimum value of an estate or a specific number of assets required to justify creating a Will. The key requirements are that you must be at least 18 years old and possess the mental capacity to understand and make provisions in your Will.
- When is it particularly important to prepare a Will?
It’s important to consider preparing a Will in the following circumstances to ensure your wishes are legally documented and followed.:
- You own assets such as property, investments, savings, cryptocurrency or a business.
- You have children.
- You live with a partner but are not married.
- What happens if I choose not to prepare a Will?
If you pass away without a properly executed Will, your estate and possessions will be distributed according to the rules of intestacy in place at the time of your death. This often leads to disputes among your loved ones about your intentions, which can be avoided by having a Will in place.
- Where is my Will registered and stored?
England and Wales do not have a compulsory system for registering or storing Wills with a specific authority. However, voluntary organisations offer such services. If you choose to prepare your Will with Sinclair Law Solicitors we can provide a free Will storage service.
- Can my Will be contested?
There is no foolproof way to prevent a Will from being contested. However, we can guide you through the process of drafting your Will and make you aware of potential risks or claims based on the information you provide.
- What is an executor?
An executor is the individual responsible for administering your assets after your passing. They handle tasks such as notifying financial and government bodies, settling debts and liabilities and ensuring your Will’s wishes are carried out.
- Are my executors liable for my debts?
Executors are not personally liable for your debts. Debts must be paid from your estate before any gifts can be distributed. You can include a clause in your Will to ensure inheritance tax is paid from your estate. Executors can protect themselves by maintaining accurate estate accounts and considering executor protection insurance.
- Do all executors have to apply for probate?
In cases with multiple executors, a maximum of four can apply for probate. These co-executors each have complete authority over the estate and must act together. Executors can renounce their position or take ‘power reserved’ if they are unable or unwilling to participate fully in estate administration.
- What happens if two executors of a Will disagree?
If executors disagree, it is possible to have one removed by the Court to ensure your wishes are followed. When no substitute executor is named, the Court can appoint a replacement.
- Can I change my Will?
You can change your Will as often as you wish, as long as you have the mental capacity to do so. It’s also recommended to review your will every 3-5 years or after significant life events or changes in circumstances to ensure it reflects your current wishes.
- What is a legacy?
A legacy refers to a specific gift within your Will, which can include money, personal property, or real property. It can encompass personal possessions, property, bank accounts, investments or set amounts of money left to individuals or charities.
- Can a Will reduce my Inheritance Tax liability?
A well-structured Will can potentially help minimise your Inheritance Tax (IHT) liability in compliance with current laws. It’s essential to consult with a qualified legal or financial professional such as the team at Sinclair Law Solicitors to ensure your specific circumstances are addressed correctly.
Additionally, reviewing and updating your Will regularly is essential to ensure it remains aligned with your financial situation and any changes in tax laws.
“Preparing a Will is a vital step in securing the future of your loved ones and ensuring that your wishes are carried out as intended. While the process may seem daunting, I hope I have addressed some of the common questions to simplify the understanding of Wills and provide clarity on this important aspect of estate planning. “ – Jobeth Copping-Barrett.
Don’t delay! Consult with our Wills and Probate specialists to create a Will that reflects your wishes and provides peace of mind for you and your family. Call 01625 526 222 or visit https://www.sinclairlaw.co.uk/wills/
October is ‘Wills’ month and we are offering FREE Wills! All that we ask is that you directly donate to the NHS charity ECHO, or leave a bequest in your Will, to support their amazing work. To take advantage of this great offer please call 01625 526 222 or visit www.sinclairlaw.co.uk to request an appointment. Please mention ‘ECHO’ to benefit from this discount when you contact us
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