When writing your Will, if you leave the residue of your estate to your children your step children will not be provided for. The reason for this is because step children do not come into the definition of children for the purposes of writing a Will. However, if you do have step children you can specify that they receive the residue of your estate.
Archive for November, 2009
Question of the Week
Nov 20
This weeks question is:
Have you used an online Will wrting service to make your Will and if so how did you find the service in terms of cost, support and general satisfaction?
This is a common question and rightfully so as more and more Will writing websites appear online and more and more people turn to the internet for convenience. Not only is a Will writing website convenient but in most cases it is also cheaper than visiting a solicitor or Will drafter. What i would say is that when making a Will online it is worth checking that the website you are using have their Wills underwritten by a firm of solicitors. Also, ensure that the website offers Wills under your constituent law. For example:
- If you reside in Scotland with assets in Scotland you must make a scottish Will
- If you reside in England or Wales you can only use Will writing websites that offer Wills under english and welsh law.
While on the subject of executors i just thought i’d answer this question as best as possible. This seems to crop up quite a lot so here we go…
There is nothing which states that an undischarged bankrupt cannot be appointed as an executor.
In reality it is probably not a good idea though as a bankrupt cannot open a bank account and cannot hold freehold or leasehold property.
Who can be an Executor?
Nov 12
Many people are unsure as to who can act as an executor and how many executors you may need or is advisable to have.
You will need a minimum of 1 and a maximum of 4 executors. An executor can be your spouse or partner, and for a couple who are looking to make a Mirror Will it is advisable that you appoint one another as the first executor as it makes things a little easier on the death of the first partner.
Beneficiaries of the Will such as children can also be executors and can be a very wise selection as they are in an ideal position to carry out the wishes contained in the Will. If there is not a partner or child willing to act then the next suitable person would be a relative, sibling or trusted friend. It is advisable that you check with these people before naming them in your Will to see if they are willing to act. If so then you will need explain what is required of an executor as most are unaware of the role and responsibilities imposed.
If you are in a situation where you have nobody else to act then you can instruct your solicitor to be the executor.
Question of the Week
Nov 11
Each and every week i will be posting a ‘question of the week’. This week’s question is:
Have you carried out the role of executor and if so how did you find the responsibilities involved?
What is an Executor?
Nov 10
An executor is someone who is appointed by a testator (someone that is making a Will) to carry out the terms contained within a Will. An executor is appointed because he or she is trusted by the testator and is responsible for collecting in the assets of the estate, paying any debts, paying any inheritance tax and then distributing what is left to the beneficiaries named in the Will.
The answer is quite simply yes. When making a Will, married couples are required to make two Wills. As detailed in my post ‘Choosing the correct Will for you‘ a married couple can either make a Mirror Will or they can each make a separate Single Will.
If you are a newly wed with a Will made previous to marriage then you must make a Will afresh. Getting married or remarried cancels a previous Will unless the Will expressly states otherwise.
This can often throw up a lot of confusion so let me explain…..
Before you begin making your Will you should take a moment to consider what type of Will you require. There are two types of Will; a Single Will and a Mirror Will (sometimes called a Joint Will).
A Single Will should be chosen if you have no partner or if you wish to make a Will that is different from your partner’s. For example if you and your partner have differing wishes (i.e. the husband would like to leave the car to your son and the wife would like to leave jewelery to the daughter) you will each need to write a separate Single Will.
A Mirror Will should be chosen if you are married or in a relationship and both you and your partner wish the terms of your Wills to be identical. For example upon one partner’s death all of their estate is passed to the surviving partner. This excludes any specific gifts or items that are detailed in the Will (i.e. a gift of money to a relative). When making Mirror Wills, two Wills are created one for each partner.
Yes that’s right after the huge success of our main site www.howtowriteawill.org, we have now decided to launch a blog within the site that allows you to interact with us. I built the main site with the idea to add articles on a regular basis to help explain the various aspects of Will writing including what’s involved, things to look out for and then answer some of the frequently asked questions that seem to crop up when one writes a Will.
What the main site doesn’t allow you to do is comment or pose your own questions about any of the articles. Therefore i have created the ‘How to write a Will Blog’.
I will be posting to the site on a daily basis ensuring that i cover all aspects of Will writing and, where i can, answering your questions. So i guess i better get started…..