Frequently Asked Questions
These are some examples of the many questions that can arise in relation to Wills and inheritance. You may have others we haven’t listed here, in which case we’d be happy to answer them for you. We don’t charge you for asking questions, and you can be assured of a friendly response, so please do get in touch via our contact details.
Why bother making a Will at all?
The short answer is that if we don’t, the state decides who inherits from us and our wishes are of no effect.
Having a Will means our wishes are respected, we can choose who inherits from us and we have the certainty and peace of mind of knowing that our affairs are in order.
Despite this, more than half of UK adults have no Will.
But what if I don’t have anything worth leaving?
This is a common view held by many of us. The fact is that we often have more than we think. Many people will have a death in service benefit provided by work. Life insurance will often be in place to cover mortgage commitments. A workplace pension will pay out a lump sum. And don’t forget about those personal possessions and treasured items – who gets them? To an extent it doesn’t matter how much you’ve got, making a Will gives you reassurance and peace of mind that your wishes will be carried out.
What about Inheritance Tax?
For many people this won’t be a problem. Each individual has an allowance called a ‘nil rate band’ of £325,000 which normally can be transferred to their spouse/civil partner. This means that ultimately up to £650,000 can be transferred free of tax on the death of the second partner.
If you are fortunate enough to have an estate in excess of this amount, you should consider specialist tax advice. If required, we can recommend a local tax expert.
What about families with children?
Couples with children under 18 should have Wills not only to ensure their children inherit, but crucially to appoint guardians to look after their children until they become 18. If no guardians are appointed, Social Services and the Courts may have to become involved to decide who looks after the children. That’s not a situation any of us would want.
What if I’ve remarried and there are children from previous relationships?
We strongly suggest that both you and your new partner make Wills clearly setting out your wishes and consider the ownership of your property. If you don’t there is a danger of some children being disinherited.
But won’t it all go to my wife / husband / civil partner anyway?
Not necessarily. If there’s no Will the Intestacy Rules apply and will dictate who inherits. This may work out fine, but then again it may mean that people we don’t want to inherit will do so. The only way to be sure is to have a Will.
What if I’m in a “common-law” relationship? What happens then?
If there’s no Will providing for the surviving partner, they get nothing. The Intestacy Rules do not allow cohabitees to inherit from each other. Harsh but true and disastrous for the surviving partner in many cases. The way around this is to make a Will.
How long does it take to prepare a Will?
Once we’ve spoken to you, we’ll prepare your Will according to your wishes, normally within five working days. We’ll then get back in touch with you to arrange signing and witnessing. Don’t worry, it’s not a long process and we guide you every step of the way.
How much does it cost?
It depends what you want in it. A complicated Will containing many different provisions will be more expensive. A straightforward Will starts at £150. One thing is certain – we will always agree the cost with you in advance and there are no hidden or extra charges. The price we agree is the price you pay.
Aber Wills Limited
Unit 4
Ffordd yr Onnen
Lon Parcwr Business Park
Ruthin
Denbighshire
LL15 1NJ
Telephone: 07557 116 317
Email: info@aberwills.co.uk