How is my property dealt with in my Will?

Your property is essentially dealt with just like any other asset that you own. However, there are some additional considerations if you own property together with someone else. When you buy a property with someone else you can own it in one of two ways: As joint tenants. As tenants in common. How you co-own your home will affect how it can be treated in your will. Joint tenancy Where property is owned by joint tenants each owns an equal share in the whole property and the property cannot be divided between them. When one joint tenant dies, their share of the property will automatically pass to the surviving joint tenants who will then own the whole property – even if the deceased’s will says something different. Tenants in common Where property is owned by tenants in common, each owns a separate share of the property. The shares can be equal or unequal. When one tenant in common dies their share in property can be gifted in their will, just like another assets. Why is it important? If you co-own property as a joint tenant you may not want the other joint tenant to receive your share of the property when you die. In that case you will need to “sever” the joint tenancy. You can find guidance on this here. How do I find out ? If you own property with someone else, but don’t know whether it’s as joint tenants or as tenants in common, you may be able to find out from the Land Registry by undertaking a “title search”, which costs £3.00. Usually – but...

How do I revoke my Will?

If for whatever reason at any time you choose to cancel or revoke your Will this can be done in one of two principal ways: By destroying it. By making a new one, which expressly revokes any previous Wills. Destroying all previous Wills Simply gather together all signed copies of your Will including those securely stored elsewhere and destroy them for example by tearing them up, shredding them or burning them. Alternatively you can get someone else to destroy them in your presence. Making a new Will The simplest way to revoke a Will is to make a new one, making clear that it revokes any other Wills in existence. If you need help in making a new will we’re here every step of the way – with us it’s easy. Back to the knowledge...

Reasons why you might want to consider using a solicitor

There is no legal requirement to use a solicitor to make your Will. Most people’s affairs are relatively simple and straightforward and in most cases you can make a Will without the help of a solicitor. If your affairs are more complex Of course, if things are more complicated then using a solicitor might be something you should consider. Complicated arrangements could include: Being responsible for a person who will need ongoing care and financial support after your death, for example a child with special needs. Owning overseas assets. If you don’t have any complex arrangements to consider, then using Affio to make your Will should suit you perfectly. We’ll take you through the process step by step, asking questions as we go to determine what you’re looking to achieve and any arrangements you want to include to ensure you get a properly drafted legal will, tailored to you and your circumstances. Related Articles: Do I need a solicitor to make my Will? How do I make sure that my Will is legal? Do I need a solicitor to sign or witness my Will? Back to the Knowledge...

Can making a will save on inheritance tax?

Making a will is always a good way of making the best available use of your inheritance tax (IHT) allowance and minimising the amount of IHT payable when you die. Planning What a will can’t do though is reduce the value of your estate available for taxation, this will instead need some forward planning and this is something a financial advisor may be able to help you with. There are a number of options available to you, which may include disposing of some of your wealth while you’re still alive in the form of gifts (known as potentially exempt transfers). This should be done carefully though as there are rules associated with making gifts in that you have to survive for at least seven years after the gift is made, for it not to have any liability for IHT. There are however, certain allowable gifts and amounts which can be made completely free of IHT liability, no matter how long you survive afterwards. Find out more about IHT thresholds and the amounts payable please see the links at the end of this article. Charities and political parties One way of using your will to reduce your liability for IHT and the rate of tax you’ll be charged is to consider a gift in your will to a charity or a political party. Such gifts do not count towards your IHT allowance, are IHT exempt and reduce the overall value of your estate when any IHT liability is calculated. Plus if you choose to leave at least 10% of your estate to charity, rather than being charged 40% inheritance tax...

What if someone in my will dies before I do?

Unfortunately it does happen. Quite often you make your will years in advance of actually needing it and a lot can change during that time. So, if someone dies who you’ve named as a beneficiary in your will, what will happen? You have three options: Change your will – if someone dies you could amend your will or write a new one to reflect that change. We recommend you review your will on a regular basis anyway to see if any changes need to be made. With an Affio will you can specify what you would like to happen to any gifts intended for someone who has died – perhaps choosing that they go to their children instead or added to residue of your will. Do nothing – if you don’t specify a substitute in your will, then by default the failed gift will automatically be returned to the residue of your estate. As you write your will with us we’ll give you the options available to you at each and every stage, including nominating substitute beneficiaries, if that’s what you want to do. With us, it really is easy to get a will which suits you and your circumstances perfectly. Back to the knowledge...