Wills are a common topic of discussion. Below is a list of frequently asked questions about wills to help provide some clarity and understanding for those considering writing or updating their own wills.
Q: What is a will?
A: A will is a legal document that sets out your wishes for how your assets and possessions will be distributed after your death.
Q: Why do I need a will?
A: A will is essential for ensuring that your assets are distributed according to your wishes. Without a will, your assets will be distributed according to the rules of intestacy, which may not reflect your wishes.
Q: Who can make a will?
A: Any adult of sound mind can make a will.
Q: Do I need a solicitor to make a will?
A: You can make a will without a solicitor, but it is recommended to seek professional advice to ensure your will is legally valid and your wishes are clearly stated. Especially if your assets are complicated.
The current regulations and guidance on writing wills is based on the Wills Act of 1837 - the likelihood your assets are more complex than the average person in 1837 is high!
Q: Can I change my will?
A: Yes, you can update or amend your will at any time. It is important to regularly review your will and update it if your circumstances change, such as a birth, death, or divorce. In marriage, you will find your will is legally no longer valid. You must update it in order for your estate to not fall into intestacy.
Q: What is an executor?
A: An executor is the person or people responsible for managing your estate after your death. They will be responsible for distributing your assets and carrying out your wishes as stated in your will.
Q: Can I disinherit someone in my will?
A: It is possible to disinherit someone, but we would recommend seeking advice with us on this. It is imperative this is done correctly as certain family members can stake a legal claim to your estate.
Q: What is probate?
A: Probate is the legal process of proving and administering a will. It involves the executor applying for a grant of probate from the court, which gives them the authority to manage the estate.
Q: How much does it cost to make a will?
A: The cost of making a will varies depending on the complexity of your wishes and the size of your estate. It is recommended to seek several quotes from solicitors to ensure you are getting a fair price.
A will is an essential document for ensuring your wishes are carried out after your death. While it is possible to make a will without a solicitor, it is recommended to seek professional advice to ensure your will is legally valid and your wishes are clearly stated.
Additionally, as we have referenced already - your estate will likely require something more complex than the standard will. Estate and trust planning are specialities of our Succession team. Enquire today for guidance.
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