Frequently asked questions

A Will is a legally binding document that outlines how your assets and property should be distributed after your death. It also allows you to appoint guardians for your minor children. Without a Will, the law decides how your estate is divided, which may not align with your wishes.

Anyone aged 18 or older can make a Will in the UK. However, they must have the mental capacity to understand the implications of their decisions.

Using a qualified estate planner or financial adviser to draft your Will instead of a solicitor can offer several advantages, depending on your specific circumstances and needs. Here are some reasons why you might consider this approach:

• Comprehensive Financial Planning: Estate planners and financial advisers often take a holistic approach to your financial situation. They can help you consider your Will in the context of your overall financial plan, ensuring that your assets are distributed in a tax-efficient and financially sound manner.
• Tax Efficiency: Estate planners and financial advisers have expertise in tax planning, which is crucial for minimizing Inheritance Tax (IHT) liabilities and ensuring that your beneficiaries receive more of your estate. They can help you take advantage of available tax exemptions and reliefs.
• Asset Protection: These professionals can provide guidance on protecting your assets from potential creditors or legal challenges. They may recommend the use of trusts or other legal structures to safeguard your wealth.
• Complex Financial Situations: If you have a complex financial situation, such as owning multiple properties, businesses, or international assets, estate planners and financial advisers can provide specialized advice to address these complexities effectively.
• Investment and Financial Management: Financial advisers can help you make wise investment decisions for the assets you intend to pass on. They can provide ongoing advice to ensure that your estate continues to grow and provide for your loved ones.
• Family Dynamics: Estate planners and financial advisers can assist in navigating delicate family dynamics. They can help you structure your Will to minimize the potential for disputes and ensure that your wishes are carried out smoothly.
• Continuity of Service: Unlike solicitors who may not specialize in financial matters, estate planners and financial advisers often have long-term relationships with their clients. They can provide ongoing advice to your family after your passing, ensuring continuity in financial management.
• Customized Solutions: Professionals in estate planning and financial advising can provide highly customized solutions based on your unique goals and needs. They take the time to understand your family situation and tailor the plan accordingly.
• Knowledge of Changing Laws: Tax and estate laws are subject to change. Estate planners and financial advisers stay updated with these changes and can adjust your estate plan accordingly to ensure it remains compliant and optimized.
• Cost Efficiency: Depending on your circumstances, working with a financial adviser or estate planner may be cost-effective compared to hiring both a solicitor and a financial adviser separately. They can often provide a comprehensive package of services.

Yes, you can update your Will at any time as long as you have the mental capacity to do so. Major life events like marriage, divorce, birth of children, or changes in financial circumstances should prompt a review of your Will.

If you die without a Will, the rules of intestacy determine how your estate is distributed. This may not reflect your wishes, and it can lead to complications and disputes among your heirs.

To include digital assets like online accounts and cryptocurrencies in your Will, specify them and provide instructions on how they should be managed or transferred after your death.

An LPA is a legal document that allows you to appoint someone to make decisions on your behalf if you become unable to do so. While it’s not part of your Will, having an LPA in place can be essential for estate planning if you lose mental capacity.

Yes, you can leave a gift to a charity in your Will. This is known as a charitable bequest and can be an impactful way to support causes you care about.

Strategies to minimize Inheritance Tax may include making tax-efficient gifts, establishing trusts, and ensuring your Will is well-structured. Consulting with a professional is advisable for personalized advice.

An executor is responsible for administering your estate, including distributing assets and settling debts. Choose someone you trust and discuss their willingness to take on this role before appointing them in your Will.

It’s crucial to keep your Will in a secure location. You can store it with your solicitor, a bank, or the UK government’s Probate Service. Inform your executor and loved ones about its location.

A probate solicitor helps with the legal process of administering an estate after someone dies. They ensure the Will is valid, assist with obtaining probate, and guide the executor through estate distribution.

Costs can vary depending on the complexity of your estate and the services required. It’s best to request a quote from our estate planning professional for accurate pricing.

While joint Wills exist, they are generally discouraged in the UK because they limit flexibility after the first person’s death. It’s usually recommended that each person creates their own individual Will.