FAQs
We understand that planning for the future can raise lots of questions, especially when it comes to wills, lasting powers of attorney and estate planning.
This page is designed to give you clear, straightforward answers to the queries we’re asked most often. If you don’t find what you’re looking for, our friendly team is always happy to help with personalised advice tailored to your situation.
If I have not made a Will, who decides on the guardians for my children?
Without nomination in a Will, the courts will decide who, in their opinion, is best placed to care for any children until they attain 18 years – this may not be whom you want to be Guardians, so a Will ensures your wishes are carried out.
At what age can children inherit an estate? What control do I have over this in my Will?
Children can inherit from the age of 18 years, until this age, any monies are held in a Trust by the Trustees of your estate, whom you nominate. In your Will, you can deem when your children receive any funds e.g you can state they could have a certain percentage at various ages of your choice. There are tax implications to be aware of, and we will advise you accordingly based on your individual circumstances.
What happens if I die without a Will (‘intestate’)? Surely everything goes to my wife or partner.
Not necessarily, for example, an unmarried Partner is entitled to nothing and even a spouse is only entitled to an amount based on the current rules, which we can explain in more detail.
How does inheritance tax affect me, and when will it occur?
For a married or civil partnership couple, Inheritance Tax occurs only when they have both deceased; various allowances are depending in whether you are UK Domiciled or not. At the present time, for Domiciled married or civil partner couples, tax is only applicable on that proportion above £650,000 at a rate of 40%. This is an area requiring specialist tax advice from professionals. We can recommend various companies throughout the UK, should you wish us to.
Why can I not just complete a DIY Will?
You can, but there are significant risks involved should you not complete it correctly, and an incorrectly worded Will could be open to challenge. In addition, if the Will is not attested correctly, it could be deemed invalid – use a professional.
Can an executor be a beneficiary too?
Most certainly, and this is commonly placed – we do, however, recommend you consider the use of professionals also and the advantages of this would be explained and discussed with you.
If I am married, can I access my husband/wife/partner’s assets without the need for a Lasting Power of Attorney?
Only if those assets are held jointly, and as many people have assets in their own name, if you do not have an LPA (Lasting Power of Attorney) or its predecessor, an EPA (Enduring Power of Attorney), I am afraid you would need to apply to the Court of Protection, which can cost anywhere between £2500 – £3000!