FAQs

What happens if I die without a Will?

If you do not have a Will, your assets will be distributed according to the laws of intestacy, which may not align with your wishes. This can cause delays, legal fees, and disputes among family members. Additionally, without a Will, you lose control over important decisions like who will care for your minor children or manage your estate.

What can be included in my Will?

In a Will, you can include:

Distribution of assets: Specify how you want your property, money, and possessions to be distributed.
Guardianship: Appoint a Guardian for any minor children.
Funeral wishes: Outline your wishes for your funeral or burial arrangements.
Executor: Name an Executor to manage your estate and ensure your wishes are carried out.
Gifts and donations: Leave specific items or sums of money to individuals or charities.

What is the role of an Executor?

An Executor is responsible for managing and distributing your estate after you pass away. Their duties include collecting assets, paying any debts or taxes, and ensuring the remaining estate is distributed according to your Will. They play a crucial role in ensuring that your final wishes are carried out efficiently and legally, so it is important to choose persons you trust.

Why appoint Guardians in my Will?

A Guardian is someone appointed to take legal responsibility for the care of your minor children if you pass away. They ensure the child’s well-being, making decisions about their upbringing, education, and daily life. Appointing a guardian in your will helps avoid court-appointed guardianship, ensuring your children are cared for by someone you trust.

Who can be a Beneficiary of my Will?

A beneficiary of a Will can be anyone you choose, including family members, friends, or charities. You can also name organizations, such as schools or foundations, to receive specific gifts or portions of your estate. There are no strict limits, and you can designate multiple beneficiaries to receive different parts of your estate.

Can I include my pet/s in my Will?

In the UK, you cannot leave assets directly to a pet, but you can include provisions in your Will to ensure their care. You can designate a trusted person to look after your pet and allocate funds for their upkeep. Additionally, some people choose to set up a pet Trust to provide ongoing financial support for their pet’s needs.

Can I exclude someone from my Will?

Yes, you can exclude people from your Will, but they may still be able to challenge it under certain circumstances, such as if they are a dependent. In the UK, close family members, like children or spouses, can make a claim under the Inheritance (Provision for Family and Dependants) Act 1975 if they feel they haven’t been reasonably provided for. To minimise disputes, it’s a good idea to explain your reasons for exclusion clearly, either in your Will or a separate letter.

I already have a Will, what are the main reasons for updating it?

Marriage or Divorce: In the UK, marriage can invalidate a Will, while divorce may affect inheritance plans.
Birth of Children or Grandchildren: New family members may need to be added as beneficiaries.
Death of a Beneficiary or Executor: If someone named in your Will passes away, you’ll need to appoint replacements.
Change in Assets: Significant changes in wealth or property may require adjustments in distribution.
Change in Relationships: Personal relationships can change, requiring updates to who inherits or serves as an executor.
Moving Abroad: Different countries have different inheritance laws, so your will may need to be updated.
Change in Laws: Changes in tax laws or inheritance regulations may impact your estate planning.
New Business Interests: If you’ve started or sold a business, this may need to be reflected in your will.
Health Concerns: A serious illness or disability might prompt changes to your end-of-life decisions.
Desire to Add or Remove Charitable Gifts: If your charitable giving preferences change, you’ll want to update your will to reflect those choices.

What is a Property Protection Trust and why would I need one in my Will?

A Property Protection Trust (PPT) is a legal arrangement included in a Will that protects your share of a property, typically your home, for the benefit of specific beneficiaries, such as children or other loved ones. It allows you to safeguard your property from being entirely used to cover care home fees if your surviving spouse or partner requires long-term care. You may need a PPT in your Will to ensure that your beneficiaries still inherit your share of the property, while allowing the other owner (e.g., a spouse) to live there for life or until certain conditions are met. This structure provides long-term security for your beneficiaries and helps to manage how your estate is used.

How does a PPT work?

A Property Protection Trust (PPT) comes into effect after your death. Here’s how it works and how it is set up:

Split Ownership: If you jointly own a property, your ownership is changed to “tenants in common,” meaning you each own a distinct share of the property, usually 50%. This allows your share to be dealt with separately in your Will.
Creating the Trust: In your Will, you specify that your share of the property is placed into a Property Protection Trust. You appoint Trustees (often the same people as your Executors) to manage your share.
Surviving Spouse/Partner’s Right to Live: The Trust usually allows the surviving spouse or partner to live in the property for their lifetime, without them owning your share. They can live there, rent it out, or move, with the proceeds going into the trust.
Beneficiaries: After the surviving spouse or partner passes away, your share of the property is passed to the beneficiaries named in the trust, often children or other family members.
Why it’s Done: A PPT protects your share of the property from being used entirely for care home fees or other costs while ensuring that it eventually passes to your chosen beneficiaries.

This process involves drafting the Trust into your Will and possibly registering the ownership of the property as tenants in common. A solicitor usually handles the legal formalities.

Should I put my assets into a Discretionary Trust for my child/ren?

A Discretionary Trust can be a good option for putting assets aside for your children, especially if you want to provide flexibility and protection in managing their inheritance. This type of Trust allows Trustees to decide how and when your children receive their inheritance, which is useful if they are young, financially inexperienced, or in complex situations like divorce or financial difficulties. It also provides protection from creditors or future claims, as the assets are held within the Trust rather than being directly owned by the beneficiaries. However, a Discretionary Trust may come with higher administrative costs and tax implications, so it’s essential to weigh these factors and seek professional advice to ensure it’s the right solution for your family’s needs.

When would I use a Vulnerable Persons Trust in my Will?

A Vulnerable Persons Trust (VPT) is useful in a Will when you want to provide for a beneficiary who is vulnerable due to disability, illness, or mental incapacity. You would use a VPT if the beneficiary is unable to manage their own financial affairs or may be at risk of losing means-tested benefits if they receive a large inheritance. The trust allows you to leave assets for their benefit while ensuring that a trustee manages those assets responsibly. Additionally, a VPT offers certain tax advantages to avoid negative financial impacts on the vulnerable person. This Trust ensures that the person receives long-term support without jeopardizing their financial stability or benefits. It is also important to arrange Lasting Powers of Attorney if you have an adult dependent in your care.

Why do I need Lasting Powers of Attorney?

A Lasting Power of Attorney (LPA) allows someone you trust to make decisions on your behalf if you become unable to do so due to illness or incapacity. It ensures that your financial affairs and healthcare decisions are managed according to your wishes. Without an LPA, your loved ones may face lengthy and costly court procedures to gain control of your affairs. LPAs provide peace of mind, as they allow you to choose who will act in your best interests. They are particularly important for ensuring your personal and financial matters are handled smoothly if you’re unable to make decisions yourself.

Who should I appoint as my Attorney/s?

When appointing attorneys on your lasting powers of attorney (LPAs), consider the following:

Trustworthiness: Choose someone you trust completely to act in your best interests, as they will have significant control over your decisions.
Financial and Health Awareness: Pick individuals who understand your financial affairs and healthcare preferences or who are willing to learn.
Reliability: Ensure they are responsible, available, and willing to take on the duties involved in managing your affairs.
Ability to Work Together: If appointing more than one attorney, ensure they can collaborate well, especially if they are required to act jointly.
Geographic Location: It may be practical to choose someone who lives nearby, especially for health-related decisions that could require more immediate action.

These considerations help ensure your attorneys can manage your affairs effectively and with care.

If you have any other specific questions about Estate Planning, Wills, Trusts, LPAs or anything else feel free to get in contact and we will be happy to assist you!