Making A Will - Asking Questions

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A common question which
crops up is "At what age can children inherit?" The answer is not
until they're 18. If they are left money in a Will prior to this, any funds
will be held in Trust. Many people would feel that this too young an age if a
large sum of money is involved, then when making the Will it is possible to be
specific about the age they will receive the capital sum. However, they have an
entitlement to draw income generated from the fund at the age of 18. The
Trustees may decide if income or capital can be applied for the benefit of the
child - such things as school fees would be an example.

 

When it comes to Guardians.
There is no need to appoint guardians in your Will but it would be a sensible
thing to do and it means that your children would be guided by someone of your
choice. You could make provision for who would be asked to step in, the event
of the death of a guardian. If you don't nominate a guardian the courts will
make the decision of who will look after your children.

 

Another popular one is - why
can't I simply draw up my own will? It's not as though I have a lot to leave
and it’s very simple. The answer is yes, you can. However, remember that a Will
is a legal and binding document. If things are not made absolutely clear and
someone challenges it, the things you wished to happen could be ignored. There
are certain procedures to be followed and ignoring these can mean that the Will
is not valid.

 

So, what will happen if I
don't make a Will? It depends on your circumstances. You could have a partner of
many years, but if you're not married they could get nothing at all. Even if
you are married, if your estate is above a certain figure, any children could
inherit part of it and your spouse could find it impossible to carry on with
the lifestyle you'd have wished.

 

How will divorce affect a
Will that I've already made?  Actually
getting divorces doesn't cancel the Will. However, any gift to a divorced
spouse is deemed to have lapsed, unless it's clear in the Will that this is not
the intention.

 

What about executors and
beneficiaries? A person chosen to be an executor can benefit from the will.
It's quite usual to choose a close friend or relative. It's not necessary to
have a professional person as an executor, but by appointing one to work with
your other executor there will be some-one on hand to offer advice and support.

 

So isn't it very expensive
to make a Will? It can be, depending on how complicated your Will is. If there
is a business involved, agricultural premises or foreign property then you are
going to need a solicitor's expert advice. However the vast majority of Wills
are very efficiently handled by Will Advisers for quite modest fees. They will
take your own ideas and produce them in a correctly worded document. They are
completely up to date and you can be sure everything will be straightforward
and easily understood.

Article Source: http://www.theukarticledirectory.co.uk