Category: Executors

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Executors Review will Trusts Uncategorized Wills

6 occasions to review your will

What follows are 6 occasions on which you should review your English and Welsh will.

  1. Marriage
    If you marry, your existing will is automatically revoked. This is unless your will was written in contemplation of that marriage and an appropriate clause is included in the will to state this.
  2. Divorce
    If you divorce, any gifts in your will to your former spouse or civil partner are made void. Also void are any appointments of them as an executor, trustee, or guardian. You should also review your will planning if a beneficiary of yours divorces or is in the process of going through a divorce.
  3. Sell or move home
    A home, for many people, is their most valuable asset. If you no longer own that asset it is a good idea to review your will – you might want to leave a different asset to your beneficiaries instead. Also, if you store your will at home, it is important that it does not become lost during the move!
  4. Change in family circumstances
    Relationships change over the years and unfortunately friends and family we were once close to may drift away or die. On a happier note, new potential beneficiaries are born, new relationships formed, and previous relationships repaired. Your will should be reviewed as your circumstances change.
  5. Change in the law
    If tax law changes and your will isn’t kept up to date your estate may end up paying more inheritance tax (IHT) on your death. For example, in 2017 there was a change to UK IHT which introduced the residence nil rate band – an IHT allowance that can be available where your home is gifted to your children (or other direct descendants). If your will contains provisions that create a trust on death, it is important to review these if trust law changes.
  6. Every 3 to 5 years
    Review your estate plan every 3-5 years to make sure that your will still matches your current wishes. 
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Executors Funeral wishes guardians Wills

3 things you can set out in your will (which aren’t about who benefits from your assets)

When thinking about making a will for the first time, a lot of attention will be paid to who will benefit from which assets. However, there are other things you can set out in your will.

Here are three of them:

  1. Appointing guardians for minor children
    You can make provision in your will for how your minor children are brought up and by whom.
  2. Funeral wishes
    Why leave it to your loved one to guess when you can set out your funeral wishes in writing in your will?
  3. Executors
    The executors of an estate have many duties and responsibilities including arranging the funeral, applying for a grant of probate, dealing with tax returns, and paying any inheritance tax which is due. Your will gives you the opportunity to set out who those people should be. Importantly, they should be people you trust.

The above points were written in relation to England & Wales.

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Executors

Choosing an executor

An executor is someone appointed in a will to distribute the estate of the testator in accordance with the wishes set out in the will

It is important to take care when choosing an executor. An essential quality of your chosen executor is that you trust them. If you are appointing more than one executor you will want them to be able to work well together.

Executors can be friends and family members. For more complex estates, you may decide to appoint a professional executor. Alternatively, a lay executor can obtain professional advice as and when required.

You should also consider where your executor is located. You will usually want them to be in the same country as you. If you were to move abroad, however, it might be sensible for the executor to be in the same jurisdiction in which probate will need to be obtained for the will.