Wills, Estates & Trusts

Wills, Estates & Trusts frequently asked questions

• What happens if I die and haven’t made a Will?
• Is a Will always effective?
• Who will look after my children if I die?
• Who will deal with my affairs when I die?
• When should I update my Will?

What happens if I die and haven’t made a Will?

You are said to have died intestate. Without a Will a set of statutory rules are imposed which leave your estate to your next of kin in a fixed order.  For example, a spouse and children would share an estate exclusively if they survived you but the spouse would only be entitled to a fixed statutory legacy and the remainder would be left in two trust funds partly for the benefit of the spouse and partly for the benefit of the children.

These fixed statutory rules do not provide for an unmarried partner, friends or charities you may have supported.  In fact if you have no next of kin and do not leave a Will, then the whole of your estate will go to the Crown.

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Is a Will always effective?

It is possible for a Will to be invalid if it is not written or executed correctly. A Will is an important legal document and as such should always be prepared by a specially trained solicitor or legal executive with the knowledge and experience to ensure that it is valid. Many DIY or home made Wills are incorrectly written and contain mistakes and therefore have a greater chance of being declared invalid. This could cause serious problems for your family and executors when they try to enforce your will and may lead to your wishes not being carried out as intended. It is false economy in the long run to go down this route as a simple Will professionally prepared by a solicitor can be very inexpensive and will give you the peace of mind of knowing that it will be correct and legally enforceable.

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Who will look after my children if I die?

You can appoint guardians for children under 18 as part of your Will. This will ensure that should you die your children will be looked after by the people you think are most suitable. This is an area which needs careful consideration and you should discuss it with your solicitor when preparing your Will.

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Who will deal with my affairs when I die?

When you prepare a Will you appoint a person or people (up to 4) to deal with your estate in accordance with the terms of your Will, who are called Executors. They have to ascertain the value of your assets as well as any debts you may leave and distribute your money as stated in the Will after settling your debts and paying any taxes which may be due. It can be a family member, a firm of solicitors or anyone you feel would be suitable to carry out your wishes. Being an executor is an important job and your solicitor can give you advice if you wish on who may be suitable. An executor can also be a beneficiary of your Will.

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When should I update my Will?

We recommend that you update your Will whenever your circumstances change. This can include changes in your personal or financial circumstances.

Listed below are a few examples of changes which could significantly affect your existing Will:

• Marriage
• Separation
• Divorce
• Disposal off assets mentioned in your Will
• Inheritance of new assets

Financial changes which could affect your Inheritance Tax liability, such as increases in the value of property or shares

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