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FAQ

 

1. Is a Will REALLY necessary?

 

If you die without a valid Will (Intestate) your money may not go to the people you want it to go to such as your partner or children.

You do not get to choose who sorts out your affairs (your Executors) and it may turn out expensive especially if solicitors or the bank are appointed.

By making a Will with Will Power you can get the best advice for your circumstances in accordance with your wishes.

 

2. What is wrong with a DIY Will?

Nothing; however there are risks for an unsuspecting person that you will not be able to sort out. 

It could mean a huge legal bill to put things right if your Will was not clear (under the law) and if contested in court your wishes may be over ruled.  The result could be that your money is given to people you had not intended to give to.

If the Will was not signed using the correct legal procedures it could make it invalid.

By making a Will with Will Power you get peace of mind that your wishes are  carried out as set out in your Will.

 

3. Who should look after my children and can they get their inheritance if they are under 18 years?

If you are or were married to the parent of your child, they are automatically chosen to look after your child (guardian).

If you are a father and remained unmarried to the mother of your children it is best for you to both agree a guardian in your Wills, otherwise the court will decide who looks after your children.

If your children are under 18 years they cannot receive their inheritance money; it needs to be held in Trust which is looked after by Trustees.

By making a Will with Will Power you get to choose who looks after your children and the best person to look after their inheritance (Trustees).
 
4. I have recently got divorced, how can I make sure my Ex does not get my money?

If you made a Will whilst married parts of it may still be valid.  Your Ex cannot sort out your affairs (Executor) and they cannot receive any gifts but this can be overruled by a court.

Your Ex will be first choice to look after your children (guardian) unless someone else applied to court to be the guardian.

By making a new will with Will Power after your divorce you can make sure that your ex does not receive any of your money and you may appoint a guardian other than your Ex if you have strong reasons to support your decision.

 

5. What are Executors and are they the same as Trustees?

Executors are the people you choose to sort out your affairs after you die (arranging the funeral, paying debts and insuring your house).  They distribute your money in accordance with your Will. 

If you give gifts to young children under 18 years (minors) your Executors have a second job which is to look after their inheritance until they are old enough to receive it, this job title is called a Trustee.

Your Executors and Trustees are the same people that have two jobs to carry out.  They need to be organised and trustworthy.

 

6. I do not want to pay Inheritance Tax after I die, how can a Will help with this?

By planning ahead you can make sure that you get the right balance between reducing your assets so you do not have huge tax bill to pay on your death and enough income for your pension years.

Some assets can be arranged so that they do not form part of your estate so my lowering the value no or less tax is payable.

Will Power provides a comprehensive tax planning service that will ensure that you do not pay more tax than absolutely necessary.

 

7. I made a Will many years ago – do I need to make a new one?

It is just as important to keep your Will up to date as it is to make one. 

If your circumstances have changed such as divorce, marriage and the birth of children; it is highly possible that you need to make a new Will.

If your circumstances have not changed but you would like to make small changes you need not make a new Will but can have a CODICIL made.

If you wish to make lots of changes and alterations to your original Will, so not to confuse your Executors; it is better to make a new Will that sets out your wishes clearly. 

 


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