Wills

Frequently Asked Questions About Wills

1. Why do I need a Will, and is it legally required?

While having a Will is not a legal requirement, it is highly recommended. A Will ensures your wishes regarding your assets—such as savings and property (your “estate”)—are respected after your death. It gives you full control over how your estate is distributed and can help minimise inheritance tax for your loved ones.

2. What happens if I don’t have a Will?

If you pass away without a Will, the rules of intestacy will apply. These legal rules decide who inherits your estate, which may not reflect your wishes and could exclude certain family members such as grandchildren. Without a Will, your estate may also be more vulnerable to legal challenges, and your family could miss out on valuable inheritance tax protections.

3. Who can I leave my estate to?

With a Will, you have the freedom to leave specific gifts—known as “bequests”—to anyone you choose, including friends, family, or charities. This allows you to ensure that treasured items or assets go to the people or organisations that matter most to you.

4. What about my children and pets?

A Will allows you to appoint guardians for your children, ensuring their care is entrusted to someone you trust. You can also make arrangements for your pets, specifying who will look after them and providing for their ongoing care.

5. What is a trust?

A trust is a legal arrangement that allows you to leave money or property to someone, with another person (a trustee) managing it until a specified age or condition is met. Trusts are especially useful if you wish to provide for young children or vulnerable beneficiaries.

6. Can I leave gifts to a charity or non-family member?

Absolutely. Your Will can include gifts of money or assets to charities, organisations, or individuals outside your immediate family, allowing you to support causes and people close to your heart.

7. Will my beneficiaries have to pay tax (and what is a beneficiary)?

A beneficiary is anyone who receives something from your estate. Inheritance tax may be payable on your estate if it exceeds the tax-free threshold. However, with careful planning in your Will, it is sometimes possible to increase the tax-free allowance for your beneficiaries, potentially reducing the amount of tax they pay.

8. What if I already have a Will?

If you already have a Will, it’s wise to review it regularly, especially if your circumstances or the law have changed. We can update your Will to ensure it reflects your current wishes and takes advantage of any new legal provisions, such as increased inheritance tax thresholds.

9. What is an Executor, and who should I appoint?

An Executor is the person you choose to carry out the instructions in your Will. You can appoint anyone you trust, provided they are over 18. Executors are legally bound to act in accordance with your wishes.

10. Can I include my funeral wishes in my Will?

Yes, your Will can include specific instructions for your funeral, such as whether you wish to be buried or cremated, or any particular arrangements in line with your beliefs or preferences.

11. A loved one lives with me but won’t inherit my home—will they be made homeless?

You can include a “life rent” provision in your Will, allowing someone to continue living in your property for the rest of their life, even if ownership passes to someone else.

11. What if I want to change one part of my Will?

Minor changes can often be made using a document called a Codicil, without the need to rewrite your entire Will. For our existing clients, we are happy to provide this service at no extra charge.

12. Can I specify what inherited money is to be used for?

While you cannot legally require a beneficiary to use their inheritance in a specific way, you can include an “expression of wishes” in your Will. This lets you share your hopes for how the gift will be used, providing helpful guidance for your loved ones.

13. Where should I keep my Will, and does it need to be registered?

There is no legal requirement to register your Will, though you may choose to do so. We offer a free Will holding service, keeping your original Will secure and providing you with a copy for your records. You are also welcome to store your Will wherever you feel is safest.

14. What is a life rent?

A life rent allows you to grant someone the right to live in a property for the rest of their life, even if the property is left to someone else in your Will. This is a useful way to protect the interests of loved ones who share your home.

 Anything else?

We understand that making a Will is a very personal process, and we are here to answer any questions you may have. Our Wills are drafted by qualified lawyers, and we are always happy to explain any legal terms or details. Our pricing is transparent and fixed, so you can ask as many questions as you need without worrying about extra charges. If you have further queries, please contact us on 08000 582 520 and we will respond promptly.

Carrigan Wallace Advisory Services – Helping you protect what matters most.