Frequently Asked Questions
Why should I make a Will?
A will is the only way of making sure your loved ones
are looked after in the way you wish after your death. If you
die without a Will in place, a court will appoint administrators
to deal with the distribution of everything you own (your estate).
They won’t know your wishes and you’ll have no control over
how they divide your estate.
How do I know what to leave?
The first step to knowing what to leave is to value your estate. This means estimating
the combined value of all your assets, including your house and its contents, vehicles,
jewellery and antiques. You also need to take into account your financial assets,
including savings, investments, life-insurance and money owed to you.
Once you’ve reached this figure, you’ll need to deduct any money you owe,
your mortgage, overdraft, loans, hire purchase agreements and credit cards.
The figure you’re left with is the value of your estate.
Now you can draw up a list of everyone you wish to benefit from your Will,
by how much and in what way.
How can I be sure my Will is valid
A Will is a legal document and trying to write
your own can be difficult. One small mistake
and your Will could become invalid. If you are
looking at creating a Will, it’s best to get it drawn
up by an experienced solicitor.
How much will it cost?
A straightforward Will is normally under £150.
It will be worth every penny to ensure your instruction
are followed and your loved ones – and the causes you
believe in – are provided for as you wish.
Rainbows also provides a reduced
cost will-writing service.
Will my loved ones have to pay
Yes, if the value of your estate is worth over £325,000 (2012/13 figure),
your loved ones will end up paying Inheritance Tax. Charity gifts are
exempt, so your loved ones will only pay the tax on the value of
your estate after this gift has been made.
There may be other ways that you can further reduce
Inheritance Tax and we strongly advise you speak to a
solicitor or financial advisor if you require further guidance.
Why would I need to update
Keeping your Will up-to-date is as important as making one.
Your wishes, circumstances and family arrangements can
change over the years – influenced by factors such as marriage
and divorce, the birth of children and grandchildren or
receiving an inheritance. Any of these events would make an
updated Will essential.