Uk advice & FAQs on Wills and Probate service | Willcraft
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Wills and Probate FAQ's
Find below a list of frequently asked questions regarding Wills and probate.
We have also put together a page outlining the most important expressions you are likely to come across when planning your estate and dealing with Wills and probate.
Visit our estate planning glossary of terms page to find out what these common expressions mean interms of Wills and probate.
• Why should I make a will?
• What happens if I die without making a Will?
• Who gets the estate if there is no will?
• Do I need to make a new will if I get married?
• Do I need to make a new will if I am divorcing?
• What about civil partnerships?
• What is a mirror Will?
• How long is a Will valid for?
• Where should I keep my will once it's made?
• Can I change my Will after I have made it?
• What is probate?
• What is Inheritance Tax?
• What is a trust?
Why should I make a will?
When you make a will, you can decide what will happen to your possessions and assets when you die.
If you have children making a Will enables you to appoint guardians to look after them in the event of your death (if the other parent is unable to do so).
If you die without making a will the question of who has your money and property is decided by the Law.
What happens if I die without a will? (dying intestate)
Depending on your Marital status, it can be complicated to work out who will get what.
If you die without making a Will the management of your estate and any other assets minus all your debts is overseen by administrators appointed by the court. In some cases, your possessions may go to the Crown.
To find exactly what may happen to your assets click here and select your marital status.
Who gets the estate if there is no will?
All debts (including loans and mortgages) must be repaid first, whether the dead person has made a will or not. After that, the Administration of Estates Act 1925 sets out who gets what in every situation where there is no will.
To find exactly what may happen to your assets click here and select your marital status.
Do I need to make a new will if I get married?
Yes, unless your Will was made in anticipation of your marriage the marriage will revoke an existing Will.
Do I need to make a new will if I am divorcing?
Yes, until the divorce is resolved, your spouse may be the main beneficiary under your current will. Once the divorce is complete, your will remains valid but any provisions relating to your former spouse will no longer apply.
What about civil partnerships?
Since the introduction of new legislation in December 2005, members of a Civil Partnership will be treated the same way as married couples for the purposes of Intestacy Law.
See our Civil Partnership page for further information
What is a mirror Will?
A Mirror Will is prepared when husband, wife or partner make almost identical Wills leaving everything to each other and thereafter to the children (if any) or, if there are no children, to a named beneficiary. They are separate legal documents with similar content that "mirror" each other. When writing a Mirror Will in this way it is important to add at least one extra executor and beneficiary to each Will to safeguard the estate in the event that both should die together.
How long is a Will valid for?
A Will remains valid for an unlimited period of time. It is valid until revoked.
This can happen as described in the situations below.
By destroying it - Physically destroying your Will usually revokes it. A Will can be destroyed by another person, but it must be at the request of the testator. Accidental damage of a Will doesn't revoke it but there might be difficulty in proving that it is valid.
Rubbing out or cutting off the signature of the testator or witnesses may be enough to revoke the Will. Crossing out the Will or writing 'revoked' across may not be adequate. If part of a Will is destroyed, only that part of the Will is revoked.
By making a new Will that revokes your old Will. But remember if you don't destroy your old Will, it might come back into force if your new one is revoked.
By marriage (but not in Scotland)- Unless your Will states that it is made with your approaching marriage in mind. Your Will is automatically revoked by marriage.
Where should I keep my will once it's made?
It is important that your last will and testament be kept in a safe facility where it cannot come to any harm from fire, flood, theft or any number of other perils.
There is no formal requirement as to where a Will should be stored but obviously it should be kept safe.
For a small annual charge we can keep your last will and testament secure and immediately available to your executors when required at our head office storage facility.
Click here for further information.
Can I change my Will after I have made it?
You can change your will whenever you want to. In fact it is important that you review your Will from time to time and make any changes that are required due to altered circumstances.
Any changes have to be made by incorporating them into a document called a Codicil.
If the changes you want to make are quite substantial, it may be better to make a completely new Will. This will automatically revoke your earlier Will.
What is probate?
"The legal procedure to establish that a will and codicil are genuine and valid, and is evidence that executors have the authority to carry out the terms of the will."
Probate is an official form that gives the executors of the will the right to deal with your assets and property. It acts as proof that your executors have the authority they need to handle your estate.
See our probate service for further information.
What is Inheritance Tax?
A tax payable as a percentage of your estate to the Government. Anything over the inheritance tax threshold is liable to tax at 40%. The threshold is currently set at £285,000. If your estate is of a greater value it would mean your family would have to pay out a significant sum in inheritance tax after your death.
See our Inheritance Tax planning service for details of how we can assist your inheritance tax planning.
What is a trust?
A trust is a legal entity in itself. They are Assets that are administered by one individual or entity for the benefit of another. Another word for a trust is a settlement. Sometimes trusts are created under a Will and sometimes they are created during the lifetime of the settlor. Trusts are often set up for tax benefits or asset protection.
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