What if a beneficiary of my Will dies before me? It is important that your will states what happens if a beneficiary dies before you. Unless your Will covers off this scenario, then the following applies:- Cash legacies – these will simply ‘fail’ and fall into the residuary estate ‘pot’ Residuary [...]
What should I include in a Mirror Will? Mirror wills are made by couples, the terms of which will be the same (‘reflective’). What is a Mirror Will? Mirror wills are made by couples, and the terms of each will is the same (albeit reflective of each other). What is in [...]
What are Mirror Wills? Mirror wills typically make identical ‘mirror’ provisions in the 2 wills of a couple. Mirror wills are ‘matching’ wills made by a couple that reflect the terms of each other – hence the phrase ‘mirror’. The terms of both wills will normally be identical, including:- First death [...]
What is a Deed of Variation (change your inheritance in a Will)? A deed of Variation allows a beneficiary to change a Will retrospectively. A deed of variation is a legal document used by the beneficiary of a will to effectively retrospectively change the will under which they have benefited. It [...]
Can I make my own Will? To be valid, a will must be in writing, signed, and witnessed by two independent adults. Yes, you can make your own will, and it be valid in the UK. Let’s take a look at what makes a will valid, and if you are going [...]
UK Will – Assets Abroad? It is important to make sure your estate planning covers assets abroad correctly. If you have assets outside of the UK, you may well need a ‘foreign will’, as well as one here in the UK. But beware, there are various potential trip hazards! There are [...]
Does everything pass by my Will? Not everything passes via our will on death. When it comes to ‘estate planning’, we need to think beyond just our will. Not everything does (or can) pass by our will. Some assets will ‘do their own thing’ for whatever reason. So, when you do [...]
What is an Executor of a Will? Appointing an executor is an important part of the terms of your will. The executor of a will is the person appointed (by the will of the deceased) to deal with the administration of the estate. They will collect in all assets, pay any [...]
What is a Life Interest Trust? Life Interest Trusts are often used in Wills as a useful estate planning tool. A life interest trust gives a right for someone (the beneficiary) to ‘enjoy’ assets for their lifetime without being the actual owner. They are often used in Wills, and in particular [...]
What are Will Trusts? Trusts are often used in wills, and come in various forms. A will trust is an arrangement in your will which places assets in the control of named persons (called trustees) on behalf of other persons (called beneficiaries). There will be terms or ‘conditions’ on how the [...]
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