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2 March 2014

where there's a will, there's a way | follow up

a couple of weeks back, i was invited to a google+ hangout with saga legal's expert advice giverer, emma myers, to talk about wills. morbid, kinda. important, definitely. with me knowing approximately nothing about wills, or even what a will really is (be honest, do you?)...yeah... i accepted. i asked you guys for some questions to take along to have answered on the night too.

sadly, i wasn't able to make the event in the end. lucky for me though, and now you, the kind kids over at saga legal really wanted you to have the answers to your - and many, many more questions, and have sent me over a quick q+a to share with you on the subject.

feel free to click away now if this just ain't your thang. those who want to be informed, read on.
Q. What sort of things do you need to gather together to make a Will?
* Full names and addresses of any executors or beneficiaries
* A full review of your estate so you know what you have to give away
* Full descriptions of any gifts which you wish to leave
* Details of any business assets

Q. If you don't have a Will at the time of death, what happens with your possessions and money?
If you die without a Will then all of your possessions will pass in accordance with Intestacy Law and may end up passing to someone you hadn't intended to benefit. If you are married or in a civil partnership at the time of your death then the estate (only up to a certain amount) will pass to the partner but if not then the estate will pass down the bloodline. If there are no remaining potential beneficiaries down the bloodline then the residue can potentially pass to the state. 

Q. I live in rented accommodation and have no savings – do I need to make a Will?
* You may have certain items which you wish to give people (jewellery, watches, art etc.)
* You may wish to appoint a guardian
* If you have a specific person/people who you wish to benefit from your residuary estate, then you could draft a Will and it would still apply if you were to obtain property/savings in the future 

Q. If you're living with a partner, are they automatically considered your legal partner if you die?
If you were to die without a Will then the law would only recognise a married or civil partner as a partner for the purposes of intestacy. Co-habiting partners would not benefit under the intestacy laws. 

Q. Do you have to name people specifically in your Will, or can you just say 'my partner'?
You could just say my partner, but this could lead to potential confusion and difficulty for your executors when administering your estate. If it was not clear and evident who your partner was at the time of your death then this could cause the Will to fail. It is important to use full titles wherever possible.

Q. How often should you update your Will?
You should update your Will whenever you wish to change the issues highlighted below:
* i.e. who you want to be an executor (in the event the executors chosen are unable to act or you no longer wish for them to act)
* Who you want to be a guardian
* What you wish to happen to the residue of your estate 
However it is important to keep your Will under review, especially if something changes in your circumstances.

Q. Is a foreign Will legally binding in the UK?
This will depend on the country where the Will was written and advice should be taken. However it is possible for a Will from another country to be proved in England and Wales. 

Q. I have no money or assets but I understand that you can make a Will stating who will have guardianship of your children. Is that true? Is it costly? How would I go about it?
Guardianship does need to be done in a Will, but this is a good place to deal with it as the requirements for signing a Will are sufficient to make a guardianship appointment valid. Although you may feel that you have nothing to leave in a Will, it is still advisable to prepare one as you will need someone to deal with your affairs – i.e. finalise any tax position, settle any debts or rental payments and arrange your funeral.

Q. My Mum is in charge of my finances if something happens to me. I have no Will, so if I die, how would this affect my son? Is my mother obliged to give him the money or can she take it all? What are the legal implications?
In this circumstance, if you died unmarried or without a civil partner then the estate would be held on trust for your son (and any other children you subsequently have) until he were to reach 18. The trustee of the money would be whomever was appointed the legal guardian of your son after your death. If this is to be your mother, then she will hold the funds on trust for your son. The money could only be accessed prior to him reaching 18, if it was deemed to be for his benefit. If however, the insurance policy is written in Trust then it would depend on the wording of the Trust as to who the beneficiary is. 

Q. What are the key things you need to include in your Will? i.e. what happens to children under the age of 18, trust funds for money, transfer of home?
The most important things to consider are:
* Your Executors & Trustees - who you want to deal with your estate (belongings, property etc.) after you pass away
* Your appointed guardians - who you want to be entrusted to care for your children in the event that your passing away leaves them without a parent
* What specific items you wish to leave to any individuals
* Who you wish to benefit from everything left in your estate (the residue) - this can be put into a trust to protect against a variety of issues. 

hopefully that answers a lot of the questions that some of you had on the topic. buuut, if you have any more questions, please, please please head over to saga legal and take advantage of their expert advice.

*post written in collaboration but because it's a super important topic*

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