Frequently Asked Questions

What is a Will?
A Will is a document which sets out who is to benefit from your assets and possessions after your death and how your estate is to be divided. The Will also appoints the person who will manage or administer the estate. This person is called an executor.

What is a Mirror Will?
A Mirror Will is when a husband, wife or partner make almost identical Wills leaving everything to each other if one of them dies and then if they both die together to their children (if any) or, if there are no children then to someone else. Technically there is no such thing as a "Joint Will" - there must be two completely separate legal documents although they Will both have very similar contents that "mirror" each other.

Why should I make a Will?
If you die without making a Will the intestacy laws will decide how your property should be distributed to each of your relatives. Making a Will enables you to choose exactly what happens to all of your assets by specifying how these are to be distributed after you have died. Writing a Will also gives you the peace of mind knowing that you have chosen who gets what and it considerably simplifies the required formalities and reduces costs at a very stressful time for your family. Also, if you have any children, making a Will enables you to appoint guardians to look after them in the event of your death (if the other parent is unable to do so).

What can I say in a Will?
When you make a Will you can say how you would like your financial affairs to be dealt with after your death. You can also add any personal comments and if you wish, choose whether you want to be buried or cremated. Your Will does not have to be a long and complex document and it should always be as clear and simple to understand as possible.

Can I change my Will?
Yes. You should review your Will every couple of years or when your situation changes through marriage, separation or divorce, or if you buy a house or receive an inheritance. Minor changes only need a small amendment called a codicil. Anything complicated is probably best dealt with by making a new Will.

Where should I keep my Will?
There is no formal requirement as to where a Will should be stored but obviously it should be kept in a safe place that is easily accessible. For your peace of mind Bicester Wills can arrange secure storage for your original Will for a nominal fee of £25.00 per annum (payable by standing order). It is not advisable to keep a Will in a safety deposit box because after your death your will executors will not be able to open that box without obtaining a Court Order. You should always make a copy of your Will (which should clearly be marked "copy" on all pages) and make a note on the copy where the original is kept. Finally tell your executors where you have kept your Will and give them a letter of instruction regarding any matters that you do not wish to include in your Will (but do not staple or attach this to the Will in any way).

Why do I need an expert to write my Will?
Your Will is an important legal document. Bicester Wills are experienced not only in drawing Wills up, but advising on important related matters of law, such as succession, taxation, property matters and family problems.

Why can I not write my own Will?
It is possible to write your own Will if you wish. This is not recommended for people who have no legal training and many problems can arise through incorrect use of legal terminology. This can cause problems after your death which may add to the cost of finalising your wishes.

Do I need to tell anyone about my Will?
It is advisable to tell somebody, ideally your executors about the existence of your Will. It is wise to keep a copy of it with other important papers which will be checked after your death. The original must be kept in a safe place. Bicester Wills can arrange secure storage facilities.

What happens if I don't make a Will?
If you don't make a legal Will, your estate (your personal belongings, property, savings etc) Will be distributed to your next of kin after the payment of any debts according to the laws of intestacy regardless of your personal wishes and/or your relationship to that person at the time of your death. This could mean that your spouse might not receive the whole of your estate or an unmarried partner might not receive anything and/or might be liable to unnecessary tax. See Intestacy Chart

What are executors and who is allowed to be one?
Executors are responsible for finalising all the details of your Will, such as obtaining probate and winding up of the estate. Anybody over the age of 18 at you death and of sound mind can be an executor. You can also appoint a Professional Trustee Company to be an executor. In general, executors must be considered to be capable of the role and above all honest. Choose people who you feel you can trust to carry out your wishes.

Should I appoint guardians for my children?
You may want to appoint guardians of your children (under 18 years). A guardian does not have to physically look after a child but he or she is responsible for ensuring that the child is properly cared for. If you do wish to appoint guardians here are some points to remember. Please seek professional help if you require any further advice.
• You should appoint someone who is unlikely to be elderly or infirm by the time that your youngest child attains his or her majority.
• You should seek the guardians consent before you consider appointing him or her.
• Remember that if you are separated or divorced and the other parent has parental responsibility then the appointment of a testamentary guardian Will not come into effect until the surviving parent dies.

What should I take into account when I make gifts of money?
We recommend that any bequests of money should be kept to a small proportion of your total estate. This is because of the technical rules of English Law by which all such gifts are paid first out of the estate which may be unfair to the person who is to receive what is left.

What should I take into account with the remainder of my estate?
You need to decide who is to receive the balance of your estate (called the 'residue'). This is usually your main beneficiary assuming that you have kept the gifts of money and things to a minimum. You can leave the residue to one person or a number of persons in equal or unequal shares. You can also leave the residue to be divided between a class of persons such as your 'children' or your 'nephews and nieces'. Remember that the word child or children includes adopted and illegitimate children, but not step-children so careful consideration is needed when using terms.

What can I not leave in a Will?
It may seem obvious but you can't leave anything in a Will that you don't own - usually this includes 3 main categories:
1. PROPERTY
If you jointly own property with someone else as joint tenants then upon your death your share automatically goes to the surviving co-owner. It does not therefore form part of your estate and cannot be left to anyone in a Will. However, if you hold the property jointly with someone else as tenants in common, your share Will not automatically pass to the other person when you die and you can therefore leave it in a Will to whoever you wish.
2. LIFE POLICIES
If you have a life insurance policy it Will usually be drawn up on trust for someone else so it Will not therefore become part of your estate when you die - for this reason you do not need to mention it in a Will. This is often the case with employees Death in Service benefit.
3. PENSIONS
In exactly the same way as any life policies pension rights may also pass outside a Will (or end on your death) so they do not need to be mentioned either.

What if I jointly own property?
Many people don't realise that if they own property (land/buildings jointly with someone else) as "joint tenants" (e.g. most married couples own jointly owned property as joint tenants) then their "share" of that property automatically passes to the other person upon death and does not form part of his or her estate. There is therefore no need to make any mention of that "share" of a property in a Will nor any purpose in doing so.
However, if you own a share of a property as "tenants in common" (e.g. this is more likely in the case of an unmarried couple) then you can leave your share of that property to whoever you want in a Will (e.g. to the other co-owner). If you are in any doubt as to how your property is owned and/or you want to change the way that you own it, Bicester Wills can advice you. Without a valid Will it can take months or sometimes even years to sort out your affairs and in the meantime your surviving dependants (either a spouse or a partner or a child) have all the usual household expenses and possibly no access to any money because all of your income may be frozen until everything has been sorted out. If you have left a Will it shouldn't take more than two or three months at most to sort everything out and for your executors to release your assets to the people of your choice.

When should I review my Will for possible changes?
Generally you should review your Will every time a "life event" happens. For example if you separate from your spouse or partner, if you have a child, if there is a death in your family, if there is a change in your financial circumstances, if there are changes in the types or rates of taxation, or if you are going to live abroad.
In particular it is important to know that you should make a new Will if you marry or remarry because any previous Will is then automatically revoked unless it contains a clause that says it is being made in contemplation of marriage. Although getting divorced does not automatically revoke a Will any clause that refers to a former spouse will no longer be valid and if he or she is named as an executor then they will not be allowed to act.

When is inheritance tax payable?
Any assets passed to a husband or wife are exempt and the first £325,000 of your estate (the Nil Rate Band) will also be free of inheritance tax but everything above that figure Will be taxed at 40%.

Contact us for further information and advice.

Ten Reasons To Make a Legal Will:
1. Making a Will is the only way to ensure your property and possessions will go where you want after your death and to ensure that your dependants are provided for. A Will is essential if you wish to avoid any argument, expense or delay.
2. If you die without making a Will, your belongings will not necessarily go to your wife or husband. The intestacy laws will decide how your property should be distributed to each of your relatives. For example, a surviving spouse with children is only entitled to take the first £125,000 of assets, the chattels (contents) in your home and a life intetest in half of the remainder of your assets.
3. If you die without making a Will and have no family, everything goes to the Government.
4. A Will is essential to provide properly for young children in the event of both parents dying.
5. You and your partner should each have your own separate Will.
6. If you have married, entered into a civil partnership, separated, divorced or remarried since you made your Will, it is essential to make a new Will.
7. When you marry or enter into a civil partnership any Will you may have already made is normally null and void.
8. Once you have made your Will, you should look at it every year to make sure it still fits your wishes and circumstances.
9. You should seek professional advice when you make or change your Will. Home made Wills may be incorrectly drawn up and signed and so may not stand up in Law and may not deal with your estate in accordance with your wishes.
10. You can reduce the tax your estate will suffer by careful drafting of the terms of your Will.