FAQs about Wills & Probate
FAQs about Wills & Probate
HAVERING SOLICITORS WILLS & PROBATE FAQS
What does mental capacity mean in relation to wills ?
In order to make a legally valid will, the person the will is subject to must have sufficient mental capacity to legally understand the consequences of making a will. If a person has advanced dementia, for example, it is unlikely that that person will be legally allowed to make a will unless an application to the Office of the Public Guardian is made. For persons with some types of mental health issues, it is possible that they will at times posses sufficient mental capacity and where this is so, a doctor’s report may be required to prove it. The term sufficient mental capacity also applies to anyone witnessing a will.
Can wills be changed as my circumstances change ?
In principle, there is no reason to stop you changing your will. Circumstances change over time, and it is therefore advisable that you have your will reviewed by a solicitor every five years. It is also to have your will changed where your circumstances change suddenly and drastically. If you get married, separated or divorce, if you suddenly acquire new high value assets or beneficiaries die, it is advisable to make changes to your will. If you own personal wishes change, it is of course perfectly appropriate to make changes too.
Who should I choose as my executors ?
The role of an executor is a fairly burdensome one, so it is important that you choose someone who you both trust and is competent with financial affairs. Prior to appointing anyone as an executor, it is of course obligatory to ask their permission. If you cannot find suitable executors, it is not uncommon to appoint accountants or solicitors, who can also be appointed with spouses and others in tandem.
What does a “life interest” in an estate mean ?
If you give someone a “life interest” you give them the income derived from your monetary assets and the right to occupy your home for the duration that the beneficiary lives. Following the death of the beneficiary, the estate can pass to another pre-selected person who have noted in your will. Giving someone a life interest does not entitle that person to consequently pass on their interest in their own will, so bear this is mind if you choose to go down this route.
When should I make a will ?
There is no correct time or age, but in our opinion where possible it makes a lot of sense for adults of all ages to have a will. The benefits of making one simply far outweigh the costs, which are often affordable and fixed. Not making a will results in government laws deciding on how your estate is distributed, can put a considerable inheritance tax burden on loved ones and can inevitably lead to emotionally fuelled family disputes. It is particularly appropriate to make a will in the event of marriage, children being born or where significant property or assets are purchased.