5 FAQs about Wills
There’s often a lot of misunderstanding surrounding wills, hopefully these FAQs will clear up some of the confusion.
1. Can my executors also be my beneficiaries?
People often ask this question and the answer is yes! There is no issue with naming executors who are also beneficiaries.
2. If I make a will is there a record of it?
No, there is no central record for wills. If you make a will it is really important to make sure that you tell your friends or family that you have done so and where it is held. If you do not want to tell anyone, then it is a good idea to keep the non-confidential paperwork from the solicitor, somewhere obvious in the house, so that it would be clear to anyone looking, which solicitors you have used in the past and that would then be the first point of call.
3. What if I have a property abroad, can my English will cover that to?
Our advice is that is still best practice to make a will in each country that you own property. You must ensure that you always advise your solicitor of your other will(s), so that the appropriate wording can be used, so as not to inadvertently revoke any other will(s).
4. I am married so surely I don’t need a will?
If you are married, or in a civil partnership and you have children and your estate is worth more than £250,000 then the intestacy rules would dictate the division of the estate between your spouse and children. These arrangements might be wholly unsatisfactory for your surviving spouse. A will ensures that you control the distribution of your assets.
5. What is the current tax threshold for inheritance tax?
An individual has an allowance of £325,000. This is transferable between spouses and civil partners, equating to £650,000. There is also a relatively newly introduced ‘residence’ nil rate band, this is £125,000 for this financial year, set to rise next year. You will need clear advice about this to ensure that you can benefit from it, as there are some circumstances where it will not apply, depending on how you leave your estate.
If you would like to discuss any of the points made above, or have any other questions and want clear advice about your will, then please call or email associate solicitor Louise Rudkin on 01302 308669 firstname.lastname@example.org