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Frequently
Asked Questions
Can
I write a Will myself?
It
is possible to write your Will yourself but there are significant
risks in doing so, and by which time you may not be around to sort
out. It could mean extensive legal fees to put right your estate
which is unnecessary to those left behind.
A Will
that is not precise and clear under the law is liable to contestation.
This could mean certain wishes included in your Will may be overruled.
Am
I able to change my Last Will and Testament after I have I signed
it?
You
can make alterations to your Will after you have signed it by the
way of a Codicil. A Codicil is a separate document written by yourself
with additional wishes to your Will which must also be signed, dated
and witnessed. But be aware, if the alterations you wish to make
were extensive it is advisable to draw up a completely new Will.
Can
I cancel my Last Will and Testament?
You
can cancel your Will at any time. To do this, simply destroy the
document or it is automatically revoked by making a new Will.
How
long is my Last Will and Testament valid?
Your
Will is valid until such time as you make a new Will or your current
Will is destroyed. The changes of certain circumstances can also
affect some terms of your Will and if dramatic circumstances change
it is advisable to make a new Will.
Am
I liable to pay Inheritance Tax?
If your estate is worth more than £275,000 then yes you are
likely to pay Inheritance Tax. This nil rate band (£275,000)
is set by the government and all monies owned by you exceeding this
nil rate band you will pay Inheritance Tax except assets passed
between husband and wife as these are exempt from Inheritance Tax.
But note that Inheritance Tax can be avoided by writing an Inheritance
Tax Will.
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