Top 10 Frequently Asked Questions about Wills, with Detailed Answers

1. Top 10 Frequently Asked Questions about Wills, with Detailed Answers During our interactions with clients, we answer their numerous questions about wills. So today we decided to write a blog about top 10 frequently asked questions about wills with detailed answers 1. Why should I make a will? A Will allows you to do many things that wouldn’t be possible if you were to die intestate (without a Will). This includes stating who will administer your estate and confirming who should be the guardian of any of your children. It also gives direction to your executors concerning distributing specific assets to people and achieving desired tax and estate planning objectives. 2. What’s the difference between a living trust and will? A living trust and a will might seem similar in the way they work, but they’re different. A will tells everyone how you want the stuff you own to be handled after you die. A living trust holds your assets while you’re still living. 3. Who are my executors? Executors are the people who deal with the distribution of your estate after you’ve died. 4. What if I haven’t had kids yet? So you think that since you don’t have kids yet, it’s not important to make a will? False. We just said it, but it’s worth repeating: Everybody needs a will! 5. I already have a will. How often should it be reviewed?

2. You should review your Will whenever there have been changes in family circumstances (for example, births, deaths, disabilities, marriages, separation or divorce) or if there has been a significant change in your wealth, whether an increase or a decrease. But even if no such changes have occurred, there may be changes in income tax or other laws in the interim. 6. Do I need to worry about taxes on my death? If your assets total more than £325,000 – including your house – your beneficiaries will be liable to pay 40% on everything over this amount. 7. Can i make my own will?

3. In england and wales, you can write your own will, but there are many traps for the unsuspecting person. This could result in assets not passing to your chosen beneficiaries – either because key will provisions are invalid or the wording isn’t legally compliant. 8. What happens if i die without a will? Dying without a will (intestate) has various consequences. The cost of administering your estate will be higher, and the person authorised won’t necessarily be your choice. The distribution of your estate is fixed by law, irrespective of your intentions to include or exclude individuals. All amounts are paid out to beneficiaries as soon as they turn 18 years of age (rather than another age of your choosing). If you have children, your spouse may not inherit everything. 9. After I make a will, who should I give copies to? After you sign a will, keep a copy for yourself (duh) and give a copy of it to the person you named as your personal representative. 10. What is a lasting power of attorney (lpa)? This is when you give power to someone legally to act on your behalf to make financial decisions regarding property and affairs. An lpa can also include care decisions about your health and welfare should you lose mental capacity at some point in the future. Without a registered lasting power of attorney document your family, by law, will not be able to deal with your affairs.