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
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
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 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
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
When creating a will to document the division of an estate or assets, the
tendency can be to look for a will writing service that is located close by.
Historically the large majority of people have visited their town center or
high street and prepared their will with a local solicitor.
In fact, the term ‘will writing services near me’ scores very high for the
number of searches in Google’s engine.
This demonstrates that for those looking to write their will there is a common
thread of seekin Read More »
You have until June 4th to write your Will
[https://www.affio.co.uk/why-should-i-use-an-online-will-writing-service] and
register it for free with The National Will Register
[https://www.nationalwillregister.co.uk/aboutwillregistration.aspx] using code
FreeWillReg2021.
The National Will Register is a trusted partner of the Law Society of England
and Wales. The register is used by individuals, families, organizations,
government agencies and law firms to register their will. There are over 8
mi Read More »
There is a lot of talk around the importance of writing a will to ensure that
your money, property, and other assets are bequeathed to the family members or
children that you wish to nominate as beneficiaries of your estate.
However, did you know that there are certain types of financial assets and
property that you should not or cannot include in your will?
These types of assets are usually jointly owned or contain some sort of
instruction that dictates what happens to the property should you Read More »
If you have recently been considering making a will then you may have stumbled
across one of the many online will writing services.
While this may look like a fast, efficient way to prepare your last will and
testament, it may have left you with some unanswered questions.
Here we will take a look at the positives and negatives of using an online
service for your will preparation.
Pros
Convenient
Preparing a will online saves a trip to the solicitors office and means that you
can write your Read More »
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 »
