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...

Do I need a solicitor to sign or witness my Will?

No. In fact a solicitor doesn’t need to have any involvement at all in your Will to make it legally valid. Your witnesses You can choose your own witnesses (you’ll need two of them) and they can be pretty much anyone as long as they understand what they are doing and are able to see your signature. In practice it a good idea to choose someone who is an adult and somebody whom you expect can be traced after you die, in case they have to give evidence about the signing of the Will. You should also be aware that if a beneficiary of the Will (or their spouse or civil partner) witnesses the Will then the gift to that beneficiary will fail. So its vital to have your Will witnessed by someone who is not a beneficiary. To read more about getting your Will witnessed and who to choose read the articles linked below. Getting your Will witnessed sounds like it should be a tricky task, but it’s not at all. We’ll remind you just how easy it is when you’ve finished putting together your will. It’s the very last step in the whole process, so once it’s done you’ll have a fully legal Will in place. Related Articles: Who can witness my Will? Do I need a solicitor to make my Will? How do I make sure that my Will is legal? Back to the Knowledge...

Who do I need to provide for in my will?

It is essentially up to you who you decide to leave an inheritance to in your will – there are no rules about who you must include. But before you decide to leave someone out you might want to consider the impact this will have after you’ve gone. If someone is excluded If you choose to exclude (or neglect to include) someone who is dependant on you financially they may be able to challenge your will in court. Find out more in our ‘When can your will be challenged in court’ article. A challenge to your will can be expensive and time consuming. It can also cause problems in relationships between your close friends and family, costs to your estate and no end of stress for your executors. It is always worthwhile thinking hard before cutting someone out who may have thought they had a reasonable expectation of inheriting something, just to save the heartache that will undoubtedly be caused after you’ve gone. When you write your will with us we’ll help you identify who the key people and those who are dependent on you are, so you won’t inadvertently cut someone out, but it is completely up to you who you include. Back to the knowledge...