Monday, 17 May 2010
Friday, 6 November 2009
Can a bankrupt be an executor?
This is a question that is often asked so i thought i'd clear this one up for you.
There is currently nothing which says that an undischarged bankrupt cannot be appointed as an executor. However in reality appointing a bankrupt as an executor is probably not a good idea as a bankrupt cannot open a bank account and cannot freehold or leasehold property.
It is essential that you choose your executors carefully when making Wills online.
There is currently nothing which says that an undischarged bankrupt cannot be appointed as an executor. However in reality appointing a bankrupt as an executor is probably not a good idea as a bankrupt cannot open a bank account and cannot freehold or leasehold property.
It is essential that you choose your executors carefully when making Wills online.
Thursday, 5 November 2009
Do married couples need two separate Wills?
I have covered parts of this in my recent post 'A Single or Mirror Will, which is the best for me?'. In the instance whereby a married couple are looking into Wills online, a Mirror Will is usually created. A Mirror Will is a pair of similar Wills of which the provisions match one another. However if between you and your partner have different wishes then you would each need to make separate Single Wills.
If you make a Will but then divorce and get remarried this then cancels a previous Will unless the Will expressly states otherwise.
If you make a Will but then divorce and get remarried this then cancels a previous Will unless the Will expressly states otherwise.
Making a Will on behalf of someone else
Can you make a Will on behalf of someone else? The answer is yes. You can make a Will on behalf of someone else (normally another family member) however for the Will to become fully legal, it must be signed by the person who's Will it is. It will then have to be witnessed accordingly.
A Single Will or Mirror Will, which is best for me?
Sorry all, i haven't created any new posts for the last couple of months however i'm now back on the case!
There seems to be some confusion between Single and Mirror (or Joint) Wills. So let me explain the difference between the two and in what circumstances a Single or Mirror Will should be chosen.
You should only choose to make a Single Will if you have no partner or if you wish to make a Will that has different provisions to those of your partner. So if you and your partner have different wishes (e.g. the husband wants to leave the car to the son and the wife wants to leave some jewelery to the daughter) you will each need to create a separate Single Will.
You should only choose to make a Mirror Will if you and your partner wish the terms of your Wills to be identical. For example upon one partners death all of their estate is passed to the surviving partner. This excludes any specific gifts detailed in the Will (e.g. a gift of money or specific item to a relative).
When making a Mirror Will two separate Wills are created, one for you and one for your partner.
I hope this helps to clear up any confusion. You can write your Wills online at onlinewill.co.uk.
There seems to be some confusion between Single and Mirror (or Joint) Wills. So let me explain the difference between the two and in what circumstances a Single or Mirror Will should be chosen.
You should only choose to make a Single Will if you have no partner or if you wish to make a Will that has different provisions to those of your partner. So if you and your partner have different wishes (e.g. the husband wants to leave the car to the son and the wife wants to leave some jewelery to the daughter) you will each need to create a separate Single Will.
You should only choose to make a Mirror Will if you and your partner wish the terms of your Wills to be identical. For example upon one partners death all of their estate is passed to the surviving partner. This excludes any specific gifts detailed in the Will (e.g. a gift of money or specific item to a relative).
When making a Mirror Will two separate Wills are created, one for you and one for your partner.
I hope this helps to clear up any confusion. You can write your Wills online at onlinewill.co.uk.
Friday, 24 July 2009
Inheritance Tax issues when making a Will
There are many things to consider when it comes to making a will.
Inheritance tax is one of those issues that is not always at the top of the list for reasons to begin making a will particularly in the early stages of your life when making a will is probably a result of getting married, and most likely when you have your first child.
The issue of inheritance tax is often brought up by ifa's who in making assessments of your current affairs would be expected to think about what you have incorporated in your existing will if you have one and any changes in your will that will need to be incorporated when making a will.
As you get older and hopefully accumulate some wealth especially through property which although can fluctuate in value just like stocks and shares, generally they tend to remain steady and usually go up in value. So when maybe your first will writing exercise did not take into account inheritance tax issues, as you get older it is quite likely that your total estate and assets with one maybe two properties could cause a problem for those that are left to deal with your estate.
When you initially were doing your fact finding into making a will you would have selected two executors to administer your estate, and part of that duty will involve making sure that all debts are paid from the estate and what ever is left will form the residual upon which your liability for inheritance tax is then worked out.
With tax rates due to go up it seems anything over the current band that will rise upto £350,000 by April 2010 will attract taxation either at 40% or maybe even the new rate of 50%. So when making a will if you think the net value (after all debts are paid) of your estate is likely to incur inheritance tax it's wise to seek professional advice to help with your will writing.
Inheritance tax is one of those issues that is not always at the top of the list for reasons to begin making a will particularly in the early stages of your life when making a will is probably a result of getting married, and most likely when you have your first child.
The issue of inheritance tax is often brought up by ifa's who in making assessments of your current affairs would be expected to think about what you have incorporated in your existing will if you have one and any changes in your will that will need to be incorporated when making a will.
As you get older and hopefully accumulate some wealth especially through property which although can fluctuate in value just like stocks and shares, generally they tend to remain steady and usually go up in value. So when maybe your first will writing exercise did not take into account inheritance tax issues, as you get older it is quite likely that your total estate and assets with one maybe two properties could cause a problem for those that are left to deal with your estate.
When you initially were doing your fact finding into making a will you would have selected two executors to administer your estate, and part of that duty will involve making sure that all debts are paid from the estate and what ever is left will form the residual upon which your liability for inheritance tax is then worked out.
With tax rates due to go up it seems anything over the current band that will rise upto £350,000 by April 2010 will attract taxation either at 40% or maybe even the new rate of 50%. So when making a will if you think the net value (after all debts are paid) of your estate is likely to incur inheritance tax it's wise to seek professional advice to help with your will writing.
Emotional issues involved in making a Will
A major problem for anyone writing a will is overcoming the emotional issues associated with making a will. It's hard to think about your own death and what will happen when you die and who will be left. Writing your will, will surely bring a lot of the issues you don't want to face to the surface. It is probably a reason why so many people start their will but then find dealing with the issues too much and stop.
The emotional issues involved in writing a will is almost certainly a key reason a lot of people prefer to use someone to help them in writing their will because they can ask the awkward questions and often help you sympathetically reach decisions about yourself resolving any problems where previously you may not have thought could be overcome.
Professionals have heard it all before, so your will is no real problem to them but is a real emotional problem to you. However, many people once they have completed their will for the first time feel far better for having done so.
Online wills are a good way to overcome the emotion as well because they silently ask the questions that need answered on a screen and you just fill it in, pay, press a button and the will is delivered to you over the web.
Of course like with any legal document especially one that often is all about the future, you should visit the detail every now and then and consider bringing your will up to date. There may be inheritance issues that you can now cover in your new will, maybe someone you wanted to leave a gift to is now dead or no longer as important to you as they were earlier. If you marry, divorce, re-marry or stay single every one of those events create issues that should make you go back to the subject of will writing, but if you have done it before the emotional issues should hopefully be easier to overcome.
The emotional issues involved in writing a will is almost certainly a key reason a lot of people prefer to use someone to help them in writing their will because they can ask the awkward questions and often help you sympathetically reach decisions about yourself resolving any problems where previously you may not have thought could be overcome.
Professionals have heard it all before, so your will is no real problem to them but is a real emotional problem to you. However, many people once they have completed their will for the first time feel far better for having done so.
Online wills are a good way to overcome the emotion as well because they silently ask the questions that need answered on a screen and you just fill it in, pay, press a button and the will is delivered to you over the web.
Of course like with any legal document especially one that often is all about the future, you should visit the detail every now and then and consider bringing your will up to date. There may be inheritance issues that you can now cover in your new will, maybe someone you wanted to leave a gift to is now dead or no longer as important to you as they were earlier. If you marry, divorce, re-marry or stay single every one of those events create issues that should make you go back to the subject of will writing, but if you have done it before the emotional issues should hopefully be easier to overcome.
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