insideKENT Magazine Issue 28 - July 2014 | Page 147

LAW COMMON QUESTIONS ABOUT WILLS In the fifth in a series of regular legal articles,Simon Leney, of the top-ranked private client team at Cripps, answers some common questions about wills. Partner, Simon Leney Who can help me draft my will? I am getting married – should I review my will? You can make your own will, but it's one of the most significant documents you'll ever sign, so it is important to get it right. Yes, your will is automatically revoked by marriage (unless made in contemplation of that event). The Law Society recently created its own Wills and Inheritance Quality Scheme (WIQS), to help you to choose solicitors who meet the highest standards of technical expertise and client service in providing wills and probate advice to their clients. As one of WIQS' first accredited members, Cripps LLP would be happy to discuss your will with you. If I am separated from my spouse, will they still benefit under my will? What happens if I die without a will? How often should I review my will? Anything you own will be distributed under the rules of intestacy. Who receives a benefit will depend on whether you have any surviving relatives. While these rules are under review, currently if you have a spouse and children, your spouse will receive all of your personal belongings, plus up to £250,000. Anything else is split in half, with one half divided equally between your children when they reach 18, and the other being held on trust for your surviving spouse. If you were living together with a partner at the time of your death, they would not benefit under the intestacy rules. You should review your will after major life events such as marriage, divorce or birth (of children or grandchildren). Otherwise, review your will every few years to check it still reflects your wishes. Yes, even if you do not live together. Once you divorce, however, the position changes. Any gift to your spouse is revoked and their appointment as executor fails. Can my will be challenged after my death? Do I need a will if I have nothing to leave? Many people are worth more dead than alive. Even if your estate is small in monetary terms, it is still important to ensure that your wishes are carried out, such as appointing guardians to care for your children if they're under 18. There may also be life policy money or death-in-service benefits payable on your death. Yes, in limited circumstances there may be concerns amongst potential beneficiaries of your estate if they feel you were not mentally capable of or pressurised into making your will. Certain individuals also have automatic rights to your estate under law, including your spouse, partner, children and any other people who are financially independent on you. We can advise you on how to avoid such challenges when preparing your will. If you have any queries about making a will, contact Simon Leney, partner at Cripps LLP, on 01892 506005 or [email protected]. I own assets abroad; will these be covered by my English will? Not necessarily. Any houses or assets you own abroad may be distributed according to the laws of that country, rather than according to your English will. We can advise you on steps to take in this situation. Will there be tax to pay on my death? Inheritance tax is only payable on the value of your estate in excess of £325,000, after the payment of your debts. Gifts to your spouse or charities are exempt. If there is tax to pay, the rate is 40%. Our specialist solicitors can advise on possible ways of saving inheritance tax. www.crippslaw.com @crippslaw Cripps is the result of the merger between Cripps Harries Hall and Vertex Law. We are a community of people who can help you achieve your objectives. Our lawyers work closely with you, ensuring that our legal advice gets you where you need to be, as easily as possible, and at a sensible cost. We have offices in Tunbridge Wells, Kings Hill, London and Sandwich. This article gives examples and is intended for general guidance only. 147