Q) How do I know if a will is valid?
A) There are three requirements for a valid will.
- The testator (i.e. the person making the will) must have testamentary capacity (i.e. soundness of mind, memory and understanding).
- The testator must have general or specific intention to make a will
- The testator's signature and the form of the will must comply with the required formalities
Q) When I make a will does it have to be witnessed?
A) Yes, a will is properly executed if two people witness the signature by signing the will or acknowledge the testators mark in his presence.
Q) Can I allow anybody to witness the making of my will?
A) No, a witness must be over the age of 18 and must be physically present at the execution of a will. The witness must also possess soundness of mind and therefore a witness who is either, blind, drunk or mentally unsound is not suitable.
It is also important to note that a witness must be neither a beneficiary, nor married/civil partner of, a beneficiary at the time, as a gift to such a person would then lapse.
Q) Can I change my mind? Can I make a completely new will?
A) There are 6 ways in total to revoke a will in part or in whole, the simplest way being to destroy the will. However both marriage and divorce can also revoke a will unless it has being expressly stated otherwise.
Q) If I don't make a will, who is entitled to my possessions?
A) If a will is not made or it is invalid then possessions are shared out among surviving relatives according to a complex formula called the 'Rules of Intestacy'.
Q) When is inheritance tax due?
A) If the estate of an individual exceeds £325,000, the amount in excess of this figure is taxed at 40%. However, gifts between spouses/ civil partners are exempt from inheritance tax. There are also special rules applicable to spouses/civil partners whereby it is possible to "carry over" any unused portion of the inheritance tax nil rate band (currently £325,000) to the estate of the second person to die. There are also a number of other reliefs and exemptions available depending on the circumstances
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