Help: Estate

What if someone in my will dies before I do?

by | | Help: Estate, Knowledge Base, Friends and Family |

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: 1. 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. 2. With an Affio will you can sp

Who do I need to provide for in my will?

by | | Help: Estate, Knowledge Base, Friends and Family |

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

What can’t be included in my will?

by | | Help: Estate, Knowledge Base, My Assets |

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

Why might a gift in my will fail?

by | | Help: Cash, Help: Chattels, Help: Estate, Knowledge Base, My Wishes |

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 and correctly. 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 will. * The Beneficiary dies before the person who made the will. * A charity mentioned

What taxes will my estate incur and how will they be paid?

by | | Help: Estate, Knowledge Base, What Happens Next |

Inheritance Tax (IHT) is a tax levied on a deceased’s estate. The estate is, with a few exceptions, everything the deceased owns immediately before death. Normally the tax is charged at 40% of the value of the estate. However there are lots of exemptions that mean currently only about 1 in 20 estates pay any IHT. We explain these exemptions below. Leaving all or part of your estate to your husband, wife or civil partner The good news is that any gifts made in your will to your spouse or civil p