Frequently Asked Questions
Below are some the most common questions we receive. Remember, if you have any questions which may not be listed below, give us a call and we will be more than happy to answer them for you…..questions cost nothing!
Do I need a Will?
Simply put, if you have children, money in a bank account or property you should have a Will in place.
If you do not have a Will in place when you die, known as ‘intestate’, your estate will be distributed according to the rules of intestacy set out by the courts. This means that your estate may not be distributed to the people you may have chosen and could cause at lot of problems for those left behind.
If you have children under the age of 18 you can appoint guardians in your Will to bring up your children if you and your spouse/ partner where no longer around.
Do you charge an hourly fee?
No we do not charge hourly rates. We work on a low cost, fixed fee basis so our clients know any costs up-front with no hidden fees.
What happens if I do not have a Will in place?
If you do not have a Will (or it cannot be found) when you pass away, your Estate will be distributed by the standard Government rules known as the ‘line of intestacy’. This may not be the way you want your Estate distributed, as the wrong people may benefit!
What if my spouse/ partner meets someone new when I die, can I protect my children’s Inheritance?
In short, yes you can. By both agreeing to Sever the Tenancy on your property and owning a 50% share each, you can dictate what happens to your share in your Will.
Your share would be protected by being placed in to Trust when you die and the remaining spouse/ partner would receive a ‘Life Interest’ in the property to live there as long as they wish or until they die.
I have a complicated family set up, are you able to advise?
As you can imagine we see many different scenarios when it comes to making a Will and planning someone’s estate. That’s why when it comes to being complicated it tends not to be complicated to us, but may seem that way to you.
We are more than happy to help advise on your situation and advise the best way of setting up your Will – because after all if you did not have a Will in place it would become a lot more complicated.
How do your appointments work?
We understand that making a Will can be confusing, we are there to make it really simple and easy to understand. We book you in for a meeting with our consultant who will go through with you a bespoke estate review, to identify what you have and how you would like your estate distributed when you pass away. Along the way we will offer advice and other key things to think about to ensure your estate is dealt with exactly how you wish. We do not charge for our appointments, we simply work on a fixed fee for making a Will, regardless of how many questions you have.
Are the Wills you produce legal?
It is surprising how often this question gets asked, but is a valid concern. We have been writing Wills for over 15 years, with 5 shop fronts on the high street, being multi-award winning and approved by Trading Standards under their ‘Buy with confidence’ scheme – we can reassure you our Wills are 100% legal.
Do you witness the signing of my Will?
Yes. If we write the Will for you, we can offer to witness your Will signing free of charge within any of our offices. Alternatively we will provide full instructions on how to sign and have your Will witnessed. The signing and witnessing of your Will is very important, so it is essential that it is done correctly.
Why choose Inheritance Legal Services?
Inheritance Legal Services is probably one of the largest Will Writing services in the East of England. We have thousands of satisfied clients and we believe this is due to our award winning customer service. We make the process simple and affordable, with NO hidden fees.
I’m not local to your offices, does this matter?
Not at all. We offer FREE home visits from 9am to 8pm Monday to Friday and can even arrange a Saturday morning appointment.
If you would like to arrange an office appointment please contact us here: https://inheritancewills.co.uk/contact/
How will my Executor find my Will?
We offer a storage facility to our clients. If you store with us we will send you and your executors ‘storage certificates’. The storage certificates detail exactly what we have in storage for you, and gives your executors information on how to retrieve the documents from us. If you choose to store your Will at home it is important to notify your Executors where the Will is being stored.
What is a Lasting Power of Attorney?
A Lasting Power of Attorney is a document which is produced to allow you to appoint people you trust (Attorneys) to run your affairs and look after your welfare, should you be in a position where you no longer can.
There are two types of Lasting Power of Attorney:
Property & Financial Affairs – This allows your Attorneys to look after your financial matters including running your bank accounts and paying bills etc.
Health & Welfare – This allows your Attorneys to look after your health and make medical decisions on your behalf, including what type of treatment you are to have.
You must have capacity to make a Lasting Power of Attorney or it will be too late and your family would have to apply to the ‘Court of Protection’, which is a long and expensive process to gain control of your finances.
What should I consider before my appointment?
Before your appointment with us we would ask you to give some thought to the following:
– Your Executors
– Guardians (if you have children under 18 years of age)
– Any specific legacies i.e. jewellery or cash payments
– Your beneficiaries
– Funeral arrangements such as burial or cremation
It will save you time if you are able to have as much as possible of the information above. However, don’t worry if you think you’re not prepared, simply write down your questions and our Estate Planner will guide you.
What is Inheritance Tax, and does it apply to me?
Inheritance Tax is the tax that is paid when someone dies and their total estate is worth more than their nil rate band.
Everybody has a nil rate band allowance of £325,000 for a single person and £650,000 for a married couple. There is also an addition nil rate band that can be claimed called the Residential Nil Rate Band (RNRB), potentially giving married couples up to £1M before IHT is to be paid – if you would like more information about this please contact us.
If your estate is worth more than your nil rate band, it could be taxed at 40%.
If your estate is less than your nil rate band there is no Inheritance Tax to pay.
What is the difference between a Will and a Lasting Power of Attorney (LPA)?
Simply put an LPA is for when you’re alive and a Will takes over from the moment you die.
You can choose to have the same people act as your ‘Attorneys’ on the LPA and ‘Executors’ in your Will, or these can be different.
See more about Lasting Power of Attorney and Wills by using the menu at the top of the page.
Where do I store my Will?
This is entirely up to you. We offer a storage service, where we store the majority of our client’s Wills and other important documents (in a secure off site document storage facility). We charge £49 per year (no contract) and it comes with other benefits including discounted Will updates, and being entered on to the ‘National Will Register’. Alternatively you can store your Will for free at home – just make sure it is kept safe and that your Executors know where to find it when needed.
If we are storing your Will with us, we have a stringent system in place for only releasing these documents to the right people, at the right time.
We’re here to help…
If you have any questions, or would like to arrange an appointment, please do not hesitate to contact us.
