Frequently Asked Questions
1. WHAT IF I DON'T MAKE A WILL?
The rules of intestacy will apply. These are complicated, so we have devoted a whole page to this subject, so please click here.
2. HOW DETAILED CAN MY WILL BE?
It can be as simple, or as complicated as you wish it to be. You can make gifts of money, gifts to charity, gifts of personal effects etc. We can offer our advice to you regarding the content of your Will as required, it is all part of the service.
3. CAN I CHANGE MY WILL?
Yes you can! Minor changes can be made by signing a 'Codicil'. But since Codicil's must also be prepared and executed in the same way as a Will, we prefer to draft a new Will for our customers.
4. WHAT IF I GET MARRIED OR DIVORCED?
Unless otherwise specified in your Will, it will be revoked (cancelled) if you get married after you have made it. Although any provisions you may have made for your spouse will be cancelled in the event of divorce, we would recommend that a new Will is written.
5. WHAT ARE EXECUTORS AND WHAT DO THEY DO?
Executors are the people that you appoint to carry out your wishes in the event of your death. You should appoint at least two, but you can appoint up to four. Solicitor's and Bank's often offer to carry out this task for you, and will charge for this service. Fees of 5 - 7% of the value of your estate are not uncommon. However, if your wishes are fairly straightforward, there is no reason why you should not nominate friends or relations to carry out the tasks required of Executors.
6. DO I NEED TO APPOINT GUARDIANS?
If you are parents and your children are under the age of eighteen years, then you should appoint guardians to ensure that they are looked after in the event of your death.
7. CAN I CANCEL MY WILL?
Yes you can! All you need to do is tear it up and burn it. Also, making a new Will will revoke (cancel) your old one.
8. HOW DO I KEEP MY WILL UP TO DATE?
At any time in the future, if you require any alterations to your Will, please contact us. We will amend your Will as necessary and produce a new document for you. We do not write 'Codicils' as we consider a new Will to be more professional. The majority of our customers take advantage of our Storage and Update Service. Amendments are permitted free of charge once a year for these customers. There will be a charge for alterations for those customers choosing not to take advantage of our Storage and Update Service. FOR MORE INFORMATION REGARDING THIS SERVICE, PLEASE CLICK HERE.
9. I ALREADY HAVE A WILL
Well done! But is it up to date? But circumstances change constantly, so it is very important to ensure that your wishes are accurately reflected in your Will. It is for this reason that you should regularly review and update your Will as required.
10. WHAT ABOUT INHERITANCE TAX?
None of us like paying tax! Basically, if the value of your Estate is in excess of £325,000 after all debts have been paid along with gifts to your spouse or charity, then Inheritance Tax may be payable at the rate of 40% on any amount over the threshold of £325,000. By making a Will there may be a way of removing the likelihood of Inheritance Tax. After all, who would you rather receive your money, the Government or your children?
11. WHAT CAN I DO WITH MY WILL WHEN I HAVE MADE IT?
Here at the UK Wills Company we offer a storage facility for the safe keeping of your Will. This option is chosen by the vast majority of our customers because not only is your Will stored securely, it also allows you to update your Will once a year free of charge. When the process of making your Will is complete, the original is safely stored for you, and you are supplied with an identical copy for reference purposes. This copy can be referred to on the occasion of your annual reviews. IN THE EVENT OF YOUR DEATH, YOUR WILL IS SENT BY RECORDED DELIVERY TO YOUR EXECUTORS ALONG WITH SPECIFIC INSTRUCTIONS AS TO THEIR DUTIES.
If you lose your copy, or it becomes damaged, then we can easily supply a new one. You can rest assured that your original and legally valid document is safely stored.