| Q. |
Can children under 18 inherit? |
| A. |
Children cannot inherit until they reach the age of 18; below this age, the funds are held in Trust. If you think 18 is too young for your children to inherit a large sum of money, within a Will, you can specify that they not receive the capital sum until a later age. They will, however, be entitled to receive any income from the trust fund as soon as they reach 18. Apart from this, the Trustees decide what income and/or capital can be used for the benefit of the children e.g. school fees. |
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| Q. |
I'm divorced -- what will happen with my existing Will? |
| A. |
Getting divorced does not cancel a Will, but a gift to a divorced spouse lapses, unless a contrary intention appears in the Will. |
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| Q. |
Can an executor be a beneficiary? |
| A. |
Yes. Often the main beneficiary is one of the executors. |
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| Q. |
Do I need a solicitor to act as executor. |
| A. |
No, but it is wise to appoint one alongside a friend or relative. This enables the burden of the work to be shared with a professional who can advise. It also ensures that, if the executor is unable to carry out their duties for any reason, there is the support that is needed. A Solicitor will charge for their advice and work and their fees will come out of your Estate. |
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| Q. |
Do I need to nominate guardians in my Will? |
| A. |
You do not have to, but a will can be a convenient place to name a guardian. Without nominated guardians, the courts will decide who will look after your children. |
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| Q. |
What happens if I die without a Will? |
| A. |
Many people erroneously think that their Estate will go to their partner when they die. This isn't necessarily the case. For Example, an unmarried partner will be entitled to nothing.
Even a spouse may not receive the entire Estate and worryingly, may not receive enough to maintain their current lifestyle. |
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| Q. |
Will I incur Inheritance Tax (IHT)? |
| A. |
If your estate is worth more than the threshold of your country of residence, it will be subject to the rules governing IHT. For more information regarding your IHT liabilities please contact one of our experienced consultants to arrange an appointment. |
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| Q. |
Do married couples need two Wills? |
| A. |
Both of you need to make a Will. A pair of similar Wills are called 'mirror Wills' Getting married or remarried cancels a previous will unless the will expressly states otherwise. |
It is important to ensure your will is up-to-date. Here are some points to consider:
