Yes they can. In fact many people choose close friends or relatives to be their
executors, so it is only natural that they will also be beneficiaries too.
Your executors can receive any amount in your will, just like any other person.
So, that could be a specific gift, property, a substantial share or even the
whole lot – there are no restrictions on what you can leave them.
The only rule you need to concern yourself with is that a beneficiary can’t be
one of your witnesses.
Whilst most of your assets and possessions can be left to anyone you choose,
there are a number of things which fall outside the scope of your will and will
be disregarded, no matter what you request.
Items which can’t be included:
* Joint bank accounts – any funds in these accounts will automatically go to
the surviving account holder.
* Any property held as a joint tenancy – your half of the property will
automatically go to the surviving joint tenant. See our ‘Your home and your
If you die without leaving a will, then the state decides how your estate
(money, property, personal processions etc.) is distributed, using the intestacy
rules. These rules are thought by many to be old fashioned and may not reflect
what you would have wanted to happen. Key people such as your partner could be
excluded under the intestacy rules.
The rules used can be complicated, but here are some of the highlights:
* Currently if you are married or in a civil partnership, yo
If circumstances have changed or the will is worded poorly then gifts may not
come into effect in the way you want. It’s vital your will is written clearly
There are two main reasons a gift might fail:
Circumstances have changed
Examples of changes in circumstances that can cause a gift to fail include:
* The Testator no longer owns the item or property matching the description in
* The Beneficiary dies before the person who made the will.
* A charity mentioned
You might have already approached the people you’re going to appoint as
guardians and executors in your will for their permission to do so, but let’s
face it, a lot can change between now and when your will’s going to be needed.
This could include these key people changing their mind, not being around
anymore or not being physically able to carry out their responsibilities.
How you can minimise the risk of this happening
We’d always recommend you appoint substitutes for the key appointments in
If you have documented your wishes that are to be carried out after your death
in the form of a will, you will need to review it periodically.
Having your estate and finances distributed to people of your choosing can be
handled legally by way of a will. However if your circumstances change you may
want to alter things like beneficiaries or change assets that are bequeathed to
a specific person.
Life brings about many changes and there are a number of instances where you may
need to amend your Read More »
In the eventuality that the unthinkable happens, you will need a will to make
provision for your partner or spouse. This will not only ensure that they are
financially provided for, it will saves months of painful legal process and
potential disagreements with other relatives.
Making a will is not always on the forefront of everyone's mind especially when
daily living, work, and other things take over. However, it is a sound part of
your overall financial planning.
If you happen to die befor Read More »
Traditionally, the way to write a will and get your affairs in order has been to
engage the services of a solicitor. Having expert help to walk you through the
legal steps required gives a level of comfort and security when it comes to
making plans for your estate.
It also comes at a price.
Using a solicitor to document how you want your finances and assets managed in
the event of your passing does not come cheap. It can also take more than one
appointment which can rack up the cost.
An onl Read More »
You may have thought once or twice about preparing your will. It is one of those
tasks that is easily put off, but it is essential to protect your family, your
estate, and convey your wishes legally and effectively.
However, like many others you may have delayed writing your will for any number
It can be time consuming
It can be stressful or unpleasant
It can be expensive
To draft a will in the traditional manner you will need to book an appointment
with a solicitor, sort out Read More »
Now the hangover has passed and we are back into daily routine here are three
simple things you should sort out in the New Year to keep your AFFairs In Order
(thats the origin of the affio name).
1. Write your Will – it should take between half an hour and an hour to do on
affio. Print it, sign it in front of witnesses and put it somewhere safe.
Tell someone you trust where your Will is! Wills are much simpler than
people realise and it is better to have something and come back lat Read More »