In Part 1, we covered why a Will is important and what to include. Now let's talk about what happens after your Will is written, and how to make sure it's carried out properly.
In Part 2 of my series addressing top questions I'm asked about Wills, I cover executors, what probate is and how to get started making your Will.
What do Executors do?
Your Executors are the people responsible for:
- registering your death
- arranging your funeral
- managing your assets and debts
- paying any Inheritance Tax
- distributing your estate
You can name up to four Executors. They can be:
- family members
- friends
- solicitors
- even your beneficiaries (yes, they can be both!)
I have a Will in place, so does that mean my estate doesn't have to go through probate?
Again, this is a common question I get asked a lot from clients. Probate is the legal process of proving your Will and giving your Executors the authority to act. If your estate is above a certain value, they'll need to apply for a Grant of Probate. This is a Court Order providing the Executors/Administrators with the legal authority to deal with the administration of the estate.
Each financial institution sets its own threshold value for when they require a Grant of Probate. However, there are a few common scenarios where probate might not be necessary:
- the estate is small (generally under £5,000, though this varies by institution)
- all assets are held jointly with a surviving spouse or partner, in which case ownership typically passes automatically to the survivor
Without a Grant of Probate, banks and institutions may not release your assets, even if a Will exists.
At what age should I think about writing a Will?
The simple answer to this is as long as you are over 18 years old, you are never too young to consider writing a Will. I completely understand that it is not top of peoples' to-do lists and can be a daunting thought to think about death.
However, life can be unpredictable, and accidents can and do happen. Having a Will in place is just one way to make sure your wishes are known and the people you care about are looked after.
I haven't got much in my estate, so why do I need a Will?
When most people think about wills, they usually picture big estates, property, or large sums of money. But a Will is about more than just who gets what.
It gives you peace of mind knowing that your funeral wishes will be carried out, that your children would be cared for by the guardians you choose, and that your share of any property is protected. It's especially important to protect a surviving partner from things like future care costs.
Talking to a solicitor can highlight possible issues you might not have even considered and help you plan and understand the options.
Do I need a solicitor to write a Will?
You don't have to use a solicitor, but it's highly recommended. DIY Wills can lead to:
- ambiguous wording
- invalid signatures
- disputes among family members
For example, a recent case involved someone leaving their estate to their "best friend", but didn't name them. The Executors had no idea who that was.
Using a solicitor ensures your Will is clear, valid, and legally sound.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
