Wills - some Frequently Asked Questions

Q: Why make a Will?

A: Most of us want to be sure that after death, our money and property are distributed in accordance with our wishes. The best way to achieve this is to seek the advice of a Solicitor and to leave clear legal instructions in the form of a Will. In the absence of a Will the law provides for the distribution of an estate according to fixed rules. Such rules are not flexible and often produce a result which is not appropriate in the circumstances, causing additional delay, expense and sometimes personal distress to surviving relatives.

Note: The law requires that a Will makes reasonable financial provision for certain categories of people and failure to do so may well lead to Court action, inevitable delay and additional cost.

Q: Can I write my own Will?

A: Yes, although a Do it Yourself Will may prove to be a false economy. Trying to write your own Will can be difficult; one tiny error could invalidate the entire Will. It is always best to have your Will drawn up by an experienced solicitor.

Q: Will my loved ones have to pay Inheritance Tax?

A: Maybe, if your estate (all your assets added together e.g. house, jewellery, savings, insurances etc.- wherever situated) is over the Nil rate (£312,000 is 2008-2009 figure) then your chosen inheritors may end up paying Inheritance Tax (IHT) on the excess up to 40%. Gifts to your spouse/civil partner and to registered charities are exempt from IHT. In certain circumstances, especially with large estates, a charitable Gift in a Will can be used to avoid the payment of IHT on some or all of the estate. So, your chosen inheritors will only therefore have to pay IHT on the value of your estate after all gifts to charities, such as Willen Hospice, have been made.

Note: A recent change in the law (9th October 2007) means that the estate of a surviving spouse/civil partner may have the benefit of any unused Nil rate band in the estate of the first to die and that the available Nil rate band may therefore exceed £312,000 in these circumstances. There maybe other ways to further reduce Inheritance Tax and we strongly recommend you speak to a solicitor or financial advisor for further guidance. However, the law changes regularly and over time these current rules may change.

Q: What if I change my mind?

A: Once you have made a Will you can change it at any time, either by making a new one revoking the original Will, or by recording the alterations in a simple document known as a Codicil.

Note: The formalities for the valid execution (signing) of a Codicil are exactly the same as they are for a Will.

Q: How do I leave a gift in my Will?

A: If you are considering making or changing your existing Will please take legal advice. If, as we hope, you wish to make a gift to Willen Hospice in your Will, there are three main types to choose from. The information contained on this website is believed to be correct at the time of publication, but changes in the law do occur from time to time, and you should ask your Solicitor to confirm the up-to-date legal position before preparing and completing your Will.

The following websites may also offer useful information:

http://www.direct.gov.uk
http://www.adviceguide.org.uk

For an informal discussion about how you can leave a Gift in Will please contact us on:
T: 01908 663636
E: giftsinwill@willen-hospice.org.uk 

• How do I leave a gift in my Will?
• How can my gift make a difference
• Wills - some frequently asked questions
• If you choose to let us know