Writing A Will - FAQsBabyworld, with the help of Gordons Solicitors, answers some of the most frequently asked questions about writing a will.
Why make a will?
Who can make a will?Anyone over the age of 18 years and who is of sound mind, which means they fully understand what they are doing in writing their will. What is a will?A will is a legal document which sets out what is to happen to a person's estate after their death. A will needs to comply with the legal formalities contained in the Wills Act 1837. A person making a will is known as a testator/testatrix. To be properly effective, a will must:
What happens if you have no will?If a person dies without making a will, they are said to have died 'intestate'. Handling an estate of a person who has died intestate can be complicated taking several months and in some cases longer to resolve. The law sets out rules as to who can deal with a person's estate and what is to happen to their property in these circumstances under the Administration of Estates Act 1925 ('the rules of intestacy'). It will be necessary to apply to the probate office for a 'Grant of Letters of Administration'. This gives the person administering the intestate's estate, known as the 'administrator', the authority to deal with the estate. Who can deal with the deceased's estate?If a will has been made, the people appointed as executors will be able to deal with the estate. In most cases, the executors will apply to the probate office for a 'Grant of Probate'. This is the official document that gives the executors the authority to deal with the estate. If there is no will, usually a close relative will take the Grant of Letters of Administration. Under the rules of intestacy, there is an order of priority as to who can deal with the estate. The person appointed as administrator will usually be a close relative like a spouse, adult, child or parent of the person who has died. Unmarried partners are not entitled under the rules of intestacy to administer the estate of their partners, but this can be avoided by putting a will in place. Who inherits and intestate's estate?Where there is no will, the law determines who inherits the estate. This will depend upon the deceased's personal circumstances. Where there is a surviving husband/wife and children The surviving spouse will receive the following:
The rest of the estate will be shared equally by the children. This can cause problems if the children inherit an immediate share of the matrimonial home. Additionally, there may be an inheritance tax bill. There is no inheritance tax payable on property passing to the surviving spouse and this is known as the spouse exemption. Without a will, this exemption, which might otherwise be claimed may be lost. Where there is a surviving unmarried partner and children The surviving partner will not be entitled to anything under current law. The estate of the deceased partner will be divided equally between the children. What is a parental guardian?A parental guardian is a person appointed to have parental responsibility for a child, with all rights, duties, power, responsibilities and authority in relation to the child. Once the appointment takes effect the guardian has parental responsibility. Your will can include provisions to provide for guardians in the event that take effect in the event that you and your partner should both die. How long does it last?A will is cancelled or revoked by any of the following:
There may also be a partial cancellation or revocation in the event of a divorce. If there is a divorce, the will is treated as if the former spouse had died before the testator and any gifts to the former spouse will fail. Best practice is however, to review your every few years to check that your will is still up to date. What about later childrenHaving subsequent children will not revoke your will. Your will can be drafted to include future children. This is done by making provision for your children as a group of beneficiaries. Types of willThere are different types of wills, which can be discussed and include the following:
For most people, standard mirror wills are perfectly suitable for their requirements. The other forms of wills all involve creating trusts. If however, you would like further information on making a trust will, please contact Gordons Solicitors. How much does it cost?Gordons Solictors LLP is offering Babyworld members a discount on the normal fee for writing a will
For other Wills and for tax advice please contact Gordons Solicitors LLP for a quote. What do I do next to make a will?Contact Gordons Solicitors who will help guide you through the process of making a will.
What will Gordons Solicitors LLP do?
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