We understand writing a Will is a complicated business. That's why, Goldsmith Williams are trying to make it as simple and as straightforward as possible.
Below is a list of our most Frequently Asked Questions. We hope this answers any questions you may have about making a Will. If not, don't hesitate to call our dedicated team of specialised trained Wills advisors who are on hand to help in any way they can.
This is a common assumption to make but, in many cases, this might not be the case. If your estate is worth less than £250,000, it will all pass to your partner, provided you are married or in a civil partnership. If you are not married, your partner is not entitled to anything.
If your estate is worth more than £250,000, then the first £250,000 passes to your spouse/civil partner. The amount over the £250,000 is divided into two.
Only the interest or income (i.e. not the capital) of the first half or 50% goes to your spouse/civil partner for the rest of their life. The remaining half or 50% is shared equally between your children when you die. When your spouse/civil partner dies, the half they were receiving the income from, then passes to your children equally.
Should you not have any children, your partner inherits the first £450,000 and half of your estate. The remainder will go to your closest living relative (e.g. parents, siblings, neices and nephews) or the Crown. Any step-children you have will not inherit anything. Only if you have no children, parents, brothers, sisters, neices or nephews will your spouse inherit everything if your estate is over £450,000.
Read our What Will Happen Next page for more details.
To make a Will in England and Wales, you must be over the age of 18, and be ‘of sound mind (legally referred to as “having testamentary capacity”). In order to make the Will valid, the person writing it needs to:
- Understand they are making a Will
- Understand the extent of their estate
- Understand the effect their Will may have on their dependants
Legally you don’t need to write your Will with the help of a solicitor in the same way you don’t legally need a doctor to treat an illness. Solicitors are here to help make a difficult and emotional time as uncomplicated and simple as possible.
Making a Will is something many people put off doing. Our customers have listed many reasons why they put writing a Will on the back burner – I’m too busy, I’m too young, I’ve got nothing to leave.
In an ideal world, we would all live the grand old age of 100 but, unfortunately, we just don’t know what’s around the corner. Therefore, it’s always best to be prepared and make your Will to protect your family now. Then whenever life throws you a curve ball and your circumstances change, our team of legal specialists can help you update your existing Will easily and quickly.
Making a Will can be a complicated business. Here at Goldsmith Williams, we strive to make writing a Will as straightforward as possible, and in a language you can understand. However, there are some technical terms and names that even we can’t avoid. If you are confused by any terminology, check out our Wills jargon buster where all those legal words and phrases are explained in plain English.
When you get divorced, your ex-partner is treated as if they have ‘predeceased you’ so they will no longer benefit from your estate. However, they will also not be allowed to act as an Executor, if appointed and this could slow down the administration of your estate. If your ex-spouse was the sole Beneficiary, then your estate would be distributed under the Rules of Intestacy.
If you are separated, in the eyes of the law you are still legally married or in a civil partnership until it is dissolved so your spouse remains entitled to your estate and assets as stated in your current Will, even if you have &/or are living with a new partner.
We recommend that following a divorce or legal separation, or any major change in your life, you make a new Will or update your existing Will.
Read our Change an Existing Will page for more details
If you have children, especially young children under 18, then it is even more important to make a Will. Not only does a Will guarantee your children are provided for financially, it also gives you the opportunity to appoint Guardians to look after any children under the age of 18.
If you die without a Will, the decision of Guardianship can lie with the Court. This could mean your children could be raised by someone you may not want.
It is also important to know that any step children or children from a previous marriage aren’t automatically provided for.
If your estate is worth more than £250,000, then the first £250,000 passes to your spouse/civil partner. The amount over the £250,000 is divided into two.
Only the interest or income (i.e. not the capital) of the first half or 50% goes to your spouse/civil partner for the rest of their life. The remaining half or 50% is shared equally between your children when you die. When your spouse/civil partner dies, the half they were receiving the income from, then passes to your children equally but any step-children you have will not inherit anything, unless they are legally adopted.
It is also important to know that any step children or children from a previous marriage aren’t automatically provided for. If your estate is worth less than £250,000, then the whole amount goes to your current spouse or civil partner. If your estate is worth more than £250,000 then the first £250,000 goes to your spouse with the remainder split between all your biological children. Step children are not provided for at all.
Should this sad instance occur, we recommend you review your Will and make the necessary changes. If you don’t update your Will, that Beneficiaries share will fail and may be shared between the Beneficiaries children or your other Beneficiaries depending upon the circumstances. If there are no other Beneficiaries, the Rules of Intestacy would apply.
There is an opportunity to name a Substitute Beneficiary when you write your Will. This means that should the Beneficiary die before you do, their share will simply pass down to the Substitute Beneficiary without the need to rewrite or update your Will.
Read our Change an Existing Will page for more details
After working hard all your life for what you’ve got, it’s only right your children inherit it. There are many ways to do this.
If your estate is worth less than £250,000, the whole amount goes to your spouse. This can then be used to fund residential care should your partner need to go into a nursing home, thus drastically reducing your children’s inheritance. This can be prevented by setting up a Property Protection Trust (PPT).
Read our Property Protection Trust page for more details
You can also set up additional Trusts that can protect your children’s inheritance of other assets. These Trusts are managed by your appointed Trustees. A Trust is needed when naming children (under the age of 18) as Beneficiaries. The Trust ends, for example, once the Beneficiaries reach the specified age at which you want them to inherit.
You can appoint relatives, friends and legal professionals to act as Executors of your Will. You can appoint up to four Executors. Many people appoint their partner in the first case and then often appoint a friend, family member or a professional as a substitute. Having a professional as one of your Executors is a good idea as this person may have the technical and legal knowledge needed to administer the estate in accordance with your Will and can also remain objective at this emotional time.
Read our Will Writing Tips page for more details
Your chosen Witnesses need to be over 18 and should not be Beneficiaries or a relation of you or your Beneficiaries. We recommend not having family members as your Witnesses as this can affect the validity of the Will and cause disputes.
Read our Will Writing Tips page for more details
Yes you can. However, Goldsmith Williams Solicitors do advise against this because there is no guarantee your property Will be passed down as you intended. This is because the law of the country where your overseas property is situated may conflict with the laws of England and Wales (where you made your will).
We advise you to have a separate Will to deal with your foreign property, drawn up by a solicitor from the country and/or who is familiar with the laws of the country where your property is. You then have a separate Will which is just limited to your property and assets in England and Wales.
If you have a property overseas, Goldsmith Williams Overseas can help put you in contact with a solicitor. Click here for more details.
Inheritance Tax is only applicable if the estate is worth in excess of £325,000 for individuals or £650,000 for married couples/civil partners*. If the estate exceeds these values, the excess amount will be taxed at 40%.
*These figures are the current 2010/2011 Inheritance Tax free allowance.
Only the unused percentage of the transferrable nil rate band allowance of the first spouse to die can be used on the second spouse’s death.