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WILLS & PROBATE FAQS – READING SOLICITORS

Should I make a will?

We consider it vital that every adult have their own will.  However, 50% of the adult population in the UK does not have a will.  This 50% of people are following a risky course of action in our opinion – if you do not have a will, your estate will be subject to intestacy laws; your loved ones may miss out on making inheritance tax savings; you will not be able to exploit the range of trust options available to you, and you simply will not be able to make your intentions heard.  Intestacy laws can also operate in ways that are quite contrary to people’s intentions, which can cause disputes amongst your loved ones after you die.

Are wills expensive?

Wills are affordable for everyone.  In our opinion, the small cost of making a will properly with an expert wills and probate solicitor is far outweighed by the potential benefits as stated above.  Many types of simple wills can be advised on a small fixed fee basis, meaning you will never have to spend more than you can afford.

Who or what is the testator?

The testator is the legal name of the person making the will.

Who or what is the executor?

An executor is person who is named in a will to take charge of putting the will into force after the testator has passed away.  Their main duties are making funeral arrangements, making sure the testator’s creditors have been paid and applying for Grants of Probate so the testator’s estate can be distributed to beneficiaries named in the will.

Who should I choose as an executor (s)?

It depends on the size and complexity of the estate.  Relatively small and simple estates could be handled by a trusted friend, although you should first ask anyone you have in mind as being an executor can be quite burdensome.  For relatively large estates, it may be a better idea to appoint a solicitor and/or an account as your executor.  As the S in brackets indicates, you can appoint more than two executors if you wish to.

Who or what is a beneficiary?

Beneficiaries are named persons in a will who will inherit part of all of the testator’s estate when they pass away.

Can children be named as beneficiaries in a will?

Children can benefit from your estate, although to do this, you will have to set-up a trust along with two trustees.  The trustees will be under a duty to use any funds or assets they are given with the child’s benefit in mind.  You can specify the purpose of the trust in your will.