Your Questions Answered

The language and rules of Wills can be confusing if you are not familiar with them, so we have explained some of the terms you’ll hear and also answered some of the most commonly asked questions.

Legal Terms

Term	Definition
Absolute	Unconditionally and completely
Administrator	A person who administers your Estate after your death if you have failed to make a legally valid Will, or if you have made a Will but did not appoint executors
Beneficiary	A person or organisation that benefi ts from your Will
Bequeath	To make a legacy in your Will to a person or organisation
Codicil	A legally binding document made by you that alters or adds to your existing Will
The Crown	If you have no next of kin and die without making a Will, your Estate will go to the Crown (i.e. the Treasury)
Estate	All of your possessions at the time of your death
Executor or Executrix	A man (or woman) you appoint to carry out your wishes as stated in your Will, and to administer your Estate after your death
Intestate	A word describing those who die without leaving a valid Will
Legacy/Bequest	A gift you leave in your Will to a person or organisation
Next of Kin	Your closest living relative at the time of your death
Probate	After your death, this is the legal process whereby your Will is legally validated in order that your Estate can be distributed according to your wishes
Residue	After all your specifi c bequests, your debts and taxes have been deducted, this is the balance of your Estate
Testator or Testatrix	A man or woman who makes a legally valid Will
Trustee	A person appointed with legal obligations to administer and manage assets for the benefi t of another person or organisation

Frequently Asked Questions  

Why is it important to make a Will?

A legal Will ensures that your Estate will be distributed in the way you want it to. It allows you to record gifts to particular members of your family, friends or organisations like charities, ensuring that your Estate does not go the Treasury. Most importantly a Will planned with tax effi ciency in mind will ensure that the tax burden on your Estate is minimised. When should you make a Will? Everyone over the age of 18 should make a Will. The benefi t of a legal Will is that you will have the comfort of knowing that your personal wishes will be carried out in the event of your death.

Can I write my own Will?

Yes, you can. The danger is that you may overlook something which will either create confusion or affect the impact of inheritance tax. You could,for instance, express a wish which is not legally enforceable. Your professional advisers will help to ensure that your Will addresses all of the relevant issues. Should I make a new Will if I now wish to leave an extra gift to a charity? If it’s a straightforward bequest, you should simply be able to make a Codicil to your existing Will rather than having to create an entirely new one. What is the effect of Inheritance Tax? Your Estate may be subject to
inheritance tax. The level above which inheritance tax is chargeable tends to be varied upwards by a marginal sum in the annual Budget and is currently £300,000 (this threshold changes annually at the beginning of the fi nancial year). Before the tax is calculated, the value of bequests to your spouse or to a registered charity are deducted from your Estate.

How do I choose my executors?

We suggest that you should identify someone who you feel is reliable – most people choose members of their family as executors of their Will. Whoever you choose, you should ask them if they are prepared to serve as your executor before appointing them formally. It is possible also to appoint your bank manager, solicitor or accountant as executor as this will avoid problems if your other executors die before you. However, professional executors are likely to make a charge for their services.

If I marry will it affect my current Will?

Yes. In England, Wales and Northern Ireland, marriage (or remarriage) will normally invalidate your current Will. It is very important that you should make a new Will as soon as you marry.

What happens on my death if I fail to make a Will?

If you don’t have a valid Will on your death, your personal wishes may not be implemented. The law will decide what happens to your Estate. This may mean that your intended beneficiaries receive nothing. If you die intestate and without a living relative, your Estate will go to the Crown.

 

The information contained in this guide is not an exhaustive statement of the law. It is of general application and may not fi t your particular circumstances. You should always consult your professional advisers before making a decision.