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Wills, Did You Know...?

Ian Cooney • 20 May 2021

Wills, Did you know...?

There are many aspects to consider when thinking about your Will requirements,

Did You Know...

1. You can’t leave your estate to your Pet ☹

Your pet might be the most loved member of your family, so you might be upset to read that you cannot leave your pet any of your money. Pets cannot own property or money, so you cannot leave anything to them in your will.

However, there are different ways you can plan for them in your will to make sure that your pets have a good life after you die.

2. Your debts do not die with you

Any debts that you have which are outstanding when you die will need to be paid from estate funds. Once these have been paid the remainder of your estate can be distributed in accordance with the wishes expressed in your will. It is possible for an estate to be insolvent or ‘bankrupt’ if there are not enough assets to repay the debts.

3. Care Home Fees and Inheritance Tax

You may not realise that a will can be used to assisting in protecting assets from being used to fund care home fees.

A carefully planned will can also reduce the amount of Inheritance Tax your estate has to pay, or make your estate exempt from Inheritance Tax altogether.

4. A murderer cannot inherit from the person they have killed

The forfeiture rule is a common law rule derived from public policy, which states that a person who is criminally responsible for the death of another person cannot inherit as a result of their criminal act. In other words – you cannot inherit a person’s estate if you are criminally responsible for their death.

5. Specific instructions, e.g. A Rose a day

US comedian Jack Benny left a very romantic instruction in his will when he died in 1974.

“Every day one long-stem red rose to be delivered to my wife for the rest of her life.”

A very specific request, but there are many options that can be added to your Will for when you have passed away.

6. Gifts to charity

You may not have known that any gift you make to a UK Charity in your will is free of Inheritance Tax.

As well as the gift itself being tax-free, charitable gifts can also reduce the amount of Inheritance Tax that the rest of your estate will pay.

If you give at least 10% of your taxable estate to charity, the Inheritance Tax rate for the rest of your estate drops from 40% to 36%.

7. A very common misconception - I don't need a Will

“I don’t need to make a will because my spouse will receive everything automatically”

It’s a common misconception that if you die without having a valid will, your spouse will automatically inherit all of your estate. This is not necessarily correct. If you have children and die without a will, your spouse will inherit only £250,000 of your financial assets, your possessions, jointly held assets, and only an interest in the other half of the estate.

If there are no children, then the spouse will receive only the personal possessions and the first £450,000. The remainder is then halved between your spouse and the rest of the family.

8. Shocking Statistics

Wills are not something people think a lot about, as these statistic show:

• Around 54% of adults do not have a will

• 59% parents either do not have a will or have one that is out of date

9. Your will cannot appoint someone to make decisions for you if you lose capacity

A will is a document that only ever comes into force upon a person’s death. You therefore cannot grant powers or instructions to be followed while you are alive within your will.

If you want to make arrangements for someone you trust to make financial and health decisions on your behalf then you should arrange a Lasting Power of Attorney to be drawn up by a solicitor.

10. A Will offers no protection

The purpose of the Will is to distribute your assets according to your wishes, it does not protect any of those assets. The only way to gain protection is by considering the effects of Trusts, these can be complex, but we offer free consultations to discuss your requirements.

Are you thinking of making or updating your Will?

If you're unsure, it costs nothing to ask the question and find out where you stand, we offer FREE WILL REVIEWS.

To find out what options are open to you, click the Request Call Back or Contact Us for a free appointment and advice for your specific situation. Or click here to book an appointment directly in my calendar .

www.willadvice.org

We offer free advice for your Estate Planning needs, including Wills , Lasting Power of Attorney , Trusts , Pre-Paid Funeral Plans , and Probate services .

Or complete the form below to contact our specialists directly and get a FREE Estate Planning Checklist:

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Can I leave everything to my pet? (and more...)

by Ian Cooney • 15 October 2020

Some of the most common questions we get asked are about peoples pets. For many their pet is an extension of the family and loved like a child, quite rightly, people often want to ensure they are cared for when they have passed away. So what options are available to you? Can you leave everything to your pets? The simple answer is Yes! Even if there are other family members alive it is your choice where your Estate goes to. The practicalities to allow your pet to inherit can happen in two ways: Number 1: (which very few Will Writers will actually do) you can name your pet as a beneficiary, however in reality what will happen when you pass away, the Executors who are distributing your estate as your Will dictates will have to identify a suitable animal charity who would be able to take on the care of your pet and then gift them the Estate for the upkeep of your pet, they also then have the benefit in kind donation of any excess. Number 2: The best option is to nominate a charity of your choice who when you pass away will take on the responsibility for your pet and gain access to your Estate as set out in your Will as a charitable donation, this gives you the control, to ensure the right organisation is looking after your loved pets. How do I give my pet to a relative/friend/neighbour when I pass away? If you want someone close to you to look after your pet rather than an organisation, there are two things to consider: 1. Does the person need financial support to look after your pet? 2. How old is your pet, are they potentially going to out live you? These two questions may not seem relevant but are very important. For example if you have a horse, the costs to keep can be considerable, even if the pet is a cat or dog, vet bills can again soon mount up. So you need to consider if you are leaving a pet to someone whether in your Will you provide a gift of an amount to provide for the pets future care. If you envision your pet out living you then although we are talking about using your Will to cater for their needs, what would be a better course of action would be to use a Memorandum of Wishes which is linked to your Will . A Memorandum of Wishes has significant advantages, firstly it is not legally binding, if the circumstances are not right the outcome can be flexible to cater for the change. For instance: If the pet has passed away first then the financial support isn't needed to be paid and so can be put back into the pot to be distributed with the remaining estate. If the person nominated to care for your pet either is no longer here or is unable to, adjustments can be made to allow someone else to step in or an organisation/charity if more appropriate. The Memorandum of Wishes makes clear what you would like to happen in the ideal situation, but allows for unforeseen changes to enable a best fit where practical and achievable. To find out what options are open to you or to go into your specific needs further, click the Request Call Back or Contact Us for a free appointment and advice for your specific situation. www.willadvice.org We offer free advice for your Estate Planning needs, including Wills , Lasting Power of Attorney , Trusts , Pre-Paid Funeral Plans , and Probate services .