Popular Will Writing Questions Aldwych
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Making a Will Aldwych:
We spend our lives functioning to provide for ourselves as well as our loved ones so it is just natural to intend to continue to protect those we respect after we are gone.
Unfortunately there are no legal rights to inheritance and if you die without a legitimate Will your estate may not most likely go to the people you want it to.
Making or performing a Will
Preparing a Will is something many of us postpone doing however our team make the procedure a lot easier than you may assume. By asking all the ideal questions we assist you make decisions regarding the people as well as triggers that maybe an issue to you, while recommending any tax obligation matters.
A will is a legally recognised document that allows you to be clear on what you want to happen to all you have when you die. If you don’t have a will then when you die you will do so intestate; this means that whatever money, property or possessions you leave may not go to the people or person you want to have it
If you die without having made a will then you die intestate and the law decides who gets your estate and possessions rather than it being given to those you want to have it
Common law partners are not recognised in the law which means that if you are living with someone and you die they will not inherit unless you have a will that names them; and if you are married and die without a will you are intestate and the law decides who will inherit. This means that other family members, however distant, could claim a part of your estate
Anyone over 18 years of age can make a will
You can make your own will, but it is intended as a legal document and can, therefore, be complex so care should be taken when considering this. The wrong wording can mean your wishes are not followed through precisely and that those you wish to benefit from your will do not get what you intended them to
Everyone who has any property, a car, personal possessions, money or something they wish to pass on to someone else when they die needs a will; it is the only way of making sure that everything you want someone to have when you die goes to them
A will is a very personal document, specifically tailored to an individual’s needs and wishes, so the costs will vary
Every three to five years unless your circumstances change in which case when they do it is best to have your will reviewed and if necessary amended
If you get married after making a will then it is revoked unless it mentions your marriage and demonstrates that you have considered it when making the will so it will need careful consideration
For the purposes of a will that is the same as getting married so you will need to revise your will
That affects your will and it needs to be revised as you may want to make some very important changes
An executor is someone who deals with your estate and who will make sure your will is followed; they will also make sure that any bills and funeral expenses are paid after your death
That affects your will and it needs to be revised just as if you got divorced
As many as you want to but there are legal restrictions on how many can act at one time
A beneficiary is someone who benefits from your will, in other words someone who you leave money or property to
Yes as long as your will has been written correctly
Your executors should know where your will is kept and anyone else you want to know
A mirror will is a will made by someone who wants it to be the same as another’s; for example, two parents who want to leave their estate to each other and then to their children
A living will lets you say what end of life medical treatment you want to have
The power of attorney lets someone act on your behalf and manage your financial assets and property
Yes, amendments can be made to a will after it has been written
You can leave what you want to anyone under the age of 18 but they cannot inherit it until they have reached 18 years of age; until then it will be held in a trust for them
A guardian can look after a child and make all of the decisions needed about their care just as you can
If you have a child or children, your will can name someone you would want to look after them should you die before they reach the age of 18
A guardian will be financially responsible for providing for your child so you should carefully consider this when making your will
A will is cancelled or revoked if you deliberately destroy it, or if you get divorced anything in your will about your former spouse will not apply, and if you get married your will is revoked. Your will is also revoked if you make another one after it is written
Residue is what’s left in your estate after all final bills and expenses are paid and this is why it is important to make a will that names those you wish to have the residue of your estate