Common Questions
Handsome in shirt and tie, Errol Flynn (1909-1959) - born in Australia, educated in England - really wowed them when he buckled his swash in such films as Robin Hood, Charge of the Light Brigade and Captain Blood.
After Flynn's death, his girlfriend, Beverly Aadland, said that he had made a will leaving everything to her. No such will was found.
The will that was found named his parents, wife and two ex-wives, daughters and son as beneficiaries.
Why make a will?
To maximise your estate (reduce IHT) via financial planning
To have your assets distributed according to your wishes rather than to the unbending rules of intestacy.
To speed up the distribution of your estate.
To name guardians for young children.
To prevent disputes after you have gone.
When should I make a will?
Right now is as good a time as any, if not sooner.
The 'I'm too young' excuse Car and motorcycle accidents, cancer and other ailments - the grim reaper does not care how old you are. If you have children, a will is where you should name their guardians.
The 'I'm too old' excuse Some people really are too old to make a will - 'too old' in the sense that they might have their sanity questioned, perhaps justifiably. The longer an ageing person waits to make their will, the greater the risk that the will could be legally challenged. Make your will when you are clearly of sound mind - and if necessary, draw up the will in the presence of a doctor who takes note of, and makes notes detailing, your soundness of mind.
The 'I'm too busy' excuse If you think you are too busy to write a new will or revise an old one, the sad truth is that you probably can't be bothered. An old adage holds that if you want to get something done, give it to a busy person. Busy people squeeze all sorts of onerous tasks into their lives. It is probably not a high priority for you - and that attitude is probably what you need to examine (when you have the time, of course).
Delay is risky. Many people die before the will that they had every intention of making actually got made.
Many people who finally do get around to making a will discover that if they had made it earlier, they could have arranged some of their affairs - life insurance, for example, or property ownership - more advantageously for themselves during their lifetimes, and for their heirs afterward.
DIY or use a solicitor?
Some people can, and probably, should make their own wills if their estates are relatively small and they can handle the technicalities and formalities of a will.
But it is easy to get part - even all of it - wrong.
With a solicitor or other professional will-writer, you increase the odds that your will will be valid and tax efficient.
What about a 'wish-list' instead of a formal will?
A wish list ('I want my golf clubs to go to Fred.') carries no legal weight, even if you store it with your will.
What about having the wish list signed and witnessed? If you go to the trouble of making a wish list and formally signing it before witnesses, then why not go all the way and make a proper will?
If a professional is going to write my will, why should I continue reading this website?
The professional will ask you for a raft of information. This site will show you the kind of information you should gather.
In addition, the more you know, the better your instructions will be to the professional - and the better placed you will be to evaluate the quality of the advice you receive and the will prepared for you.
Life and mortgage insurance are integral facets of financial planning. Above, the Prudential Assurance Building, London.
How much tax will be due on my estate - and can I legally reduce it?
Whether you have to pay any Inheritance tax (IHT) at all, and how much, depends on when you die, the net value of your estate, and other factors. Tax is due on estates over a certain amount - with the amount changing every year. The tax rate for the amount above the nil rate band is 40%. There are many legal ways of reducing IHT, and wills can even be amended after the death of the testator to improve the tax position.
Can I change my will?
The safest way to change a will is to make a new one altogether, revoking previous wills. On a postcard, if you wrote Barry when you meant Harry, you can cross out or otherwise change the wrong letter to the correct one. But wills should be clean and neat and whole. A change or correction made to a will is assumed to have been made after the will was signed - and as such, invalid.
What about changing a will with a codicil?
A codicil is an excellent way of adding to or changing a will but it is a formal document like the will itself and great care must be taken with it. Codicils are often best left to professional will-writers.
I'm British, my other half is not (or vice versa)? Does it matter?
It can matter a great deal, depending on who owns what, where it is, and where each of you is domiciled. Domicile is a complicated legal and taxation issue; expert professional advice is highly recommended.
Can I obtain the names of people who died intestate?
Start with the government's website www.bonavacantia.gov.uk
" . . . "
"With difficulty Lady Ursula turned and lifted the strap of her handbag from the back of her chair. They watched as the distorted fingers fumbled at the clip. Then she took out a folded sheet of paper. She said:
‘What my son signed was his will. You are adequately, but not extravagantly, provided for. This house and the rest of his property is left to me in trust for his unborn child. If that child does not survive, then it comes to me.’
Barbara Berowne had tears brimming her eyes, a frustrated child."
P D James, A Taste for Death (1986)
