FAQs
Call 01727 634839 Email contact@sbishestateplanning.com
Here you can see some of the most common questions I get asked as an Estate Planner and the answers to those questions.
Do I really need a Will?
Yes. A Will ensures your money, property and possessions go to the people you choose. Without one, the law decides who inherits your estate, which may not reflect your wishes.
What happens if I die without a Will?
If you die without a valid Will, you’re said to have died “intestate”. Your estate will be distributed according to the rules of intestacy, which may exclude people you intended to benefit, such as unmarried partners, stepchildren or close friends. If you are married with children and your assets total over £332,000 the rules of intestacy start to get very complicated.
When should I make a Will?
The best time is now. If you’re over 18 and own property, have savings, children or people you want to protect, it’s never too early to put a Will in place.
How often should I update my Will?
You should review your Will every three to five years, or sooner if you marry, divorce, have children or grandchildren, move home or experience a significant change in your finances.
What is a Will Trust?
A Will Trust allows assets to be managed by trustees for the benefit of loved ones after your death. It can help protect children, vulnerable beneficiaries and family wealth.
Why would someone include a Trust in their Will?
Trusts can provide greater control over how and when assets are passed on, helping to protect family wealth and ensure beneficiaries receive their inheritance at the right time.
What is a Protective Property Trust (PPT)?
A Property Protection Trust can help protect your share of your home, particularly if you own it jointly with your spouse or partner. It can help safeguard your family’s inheritance in certain circumstances, such as if the surviving partner remarries or requires long-term care. Professional advice should always be sought to understand whether this arrangement is suitable for your situation.
What is a Lasting Power of Attorney (LPA)?
An LPA is a legal document that allows someone you trust to make decisions on your behalf if you’re unable to do so yourself.
What’s the difference between the two types of LPA?
A Property and Financial Affairs LPA allows someone to manage your finances, while a Health and Welfare LPA covers decisions about your medical treatment, care and daily wellbeing.
When should I arrange an LPA?
Many people think LPAs are only for older people, but accidents and illness can happen at any age. It’s best to arrange one while you’re fit and able to make your own decisions.
Can my family automatically make decisions for me if I lose capacity?
No. Without a valid Lasting Power of Attorney, your loved ones would have to apply to the Court of Protection to gain authority to act on your behalf.
Can I make my own Will online?
While online templates exist, they may not cover your individual circumstances. Professional advice helps ensure your Will is legally valid and reflects your wishes accurately. There has recently beern a high profile cse wher ehte use of a downloaded template resulted in a long drawn out court case.
Who should I choose as my Executors?
Choose people you trust who are organised, reliable and willing to carry out your wishes. Many people appoint close family members or trusted friends.
Can I leave money to charity in my Will?
Yes. Many people choose to leave a gift to a charity that’s important to them, alongside providing for family and friends.
What happens to my house when I die?
This depends on how you own your property and what your Will says. Good estate planning helps ensure your wishes are carried out.
Can unmarried couples inherit automatically?
No. Unlike married couples and civil partners, unmarried partners don’t automatically inherit under the rules of intestacy, making a Will particularly important.
Can I change my Will?
Yes. As long as you have mental capacity, you can update or replace your Will whenever your circumstances change.
What should I bring to my Will appointment?
It’s useful to have details of your assets, family members, executors and anyone you’d like to benefit from your estate.
What happens if one of my beneficiaries dies before me?
A professionally drafted Will can include provisions explaining what should happen if this occurs, helping to avoid uncertainty.
What is estate planning?
Estate planning is the process of organising your affairs to protect your assets, provide for your loved ones and ensure your wishes are carried out both during your lifetime and after your death.
Can I protect my children’s inheritance?
Yes. Careful estate planning, including Wills and Trusts where appropriate, can help ensure children and grandchildren are provided for according to your wishes.
How long does it take to make a Will?
Many Wills can be prepared quickly once your instructions have been taken, although more complex circumstances may require additional planning.
Why is professional estate planning important?
Professional advice helps ensure your documents are legally valid, up to date and tailored to your personal and family circumstances.
Is estate planning only for wealthy people?
Not at all. Anyone with a home, savings, children or people they care about can benefit from having a Will and an estate plan in place.
What’s the most important estate planning document?
There isn’t just one. A comprehensive estate plan often includes a Will, appropriate Trusts where suitable, and Lasting Powers of Attorney to protect both you and your loved ones.
