Frequently asked questions

Question 1

What happens if you die without leaving a will?

Accepted Answer

If you die without a will, it’s called dying intestate. And the laws of intestacy will decide who should inherit your property, money and possessions. As these laws are over 100 years old, they don’t take modern families into account, like unmarried couples and step children. So, if you and your partner are not married, or haven’t registered a civil partnership, your partner will not inherit all your assets automatically.

If you have a child under the age of 18, in certain circumstances social services or the courts will make decisions about who takes care of them. So writing a will is the best way to protect your loved ones and make your wishes known.

Question 2

What is a trust and do I need one?

Accepted Answer

A ‘will trust’ is a way of giving a person, or group of people, control over certain assets when you die. There are different reasons to set up a will trust, for example:

to protect assets for beneficiaries who may not be able to manage them, like leaving property to a young person, or money to someone who is vulnerable
to provide an income or a home for a spouse or partner during their lifetime
to protect money you’re leaving to beneficiaries in certain circumstances, for example, if they are going through a divorce or at risk of bankruptcy

When you start writing a will with Farewill, we’ll ask you some questions which will help you to work out if you need a trust. And if you do, we’ll suggest that you talk to one of our will specialists on the phone. They’ll ask you some more questions about your situation and explain which one of our services may be right for you.

Question 3

How much does it cost to update a will?

Accepted Answer

If you write a will with a high-street solicitor, you may need a codicil to change your will. This is a separate document that costs about £70 each time. If you want to make more significant changes to your will, most high-street solicitors would recommend making a new will instead, which can cost hundreds more.

If you write your will online with Farewill, our subscription service offers unlimited updates for just type: embedded-entry-inline id: 4xYUDsts1wtHqcCEZ1mZoy a year. It’s important to update your will when circumstances change, so our subscription service can save you hundreds of pounds.

Good reasons to update your will include:

starting a civil partnership, getting married or divorced
becoming a parent or grandparent
moving home
a significant change in your financial situation
the death of an executor or beneficiary named in your will

Question 4

How do you choose who inherits your estate?

Accepted Answer

Most married couples, civil partners and long-term partners choose to leave the bulk of their estate to their partner. This is usually due to shared responsibilities, like bringing up children or paying a mortgage, where your partner would rely on your financial support.

If you’re a parent and don’t have a partner, you may wish to share your estate between your children. Anything left to children under 18 will usually be held by your executors until they reach adulthood. Your executors can choose to transfer the gift to the child’s parent or guardian for safekeeping at their discretion, or to use it for the child’s benefit before they reach 18.

If you don’t want to leave your estate to family or close friends, you may choose to include a charity in your will. Leaving a left to charity is a great way to support a cause you care about, and leave a lasting legacy.

Question 5

What is an executor and how do you appoint them?

Accepted Answer

Executors are the people you name in your will to carry out your wishes after you die. They could be friends, family members or a professional service – the most important thing is that they would be comfortable carrying out your wishes and administering your estate after you’ve died. Administering your estate could include applying for grant of probate, selling or transferring assets, and distributing your estate to any beneficiaries.

When you write a will with Farewill, appointing your executors is easy. Whether you choose friends, family, Farewill Trustees or a combination of all three, you can do it in just a few clicks online, or with a specialist over the phone.

Question 6

Is a will legally binding?

Accepted Answer

To make your will legally binding you need to make sure it’s signed alongside two witnesses. It’s important that both witnesses watch you sign your will at the same time, then they need to add their own details and signatures. This is so that, if your will is ever contested in the future, your witnesses can testify that they watched you sign your will.

Your witnesses should be people you trust, over the age of 18. They cannot be a beneficiary in your will, or married to one of your beneficiaries.

Question 7

How much inheritance tax will I have to pay?

Accepted Answer

Inheritance tax is a tax on the estate of someone who has died. An estate can be made up of property, money and possessions.

There’s normally no inheritance tax to pay if either the value of the estate is below £325,000 or if everything above that amount is left to your spouse, civil partner, a charity or a community amateur sports club.

If you own your home (or a share in it) your tax-free threshold can increase to £500,000 if:

you leave it to your children (including adopted, foster or stepchildren) or grandchildren
your estate is worth less than £2 million

Funds from the estate are used to pay inheritance tax. The people who inherit your estate only pay inheritance tax under specific circumstances, for example, if they inherit a rental property, or you give them a gift worth more than £325,000 and die within 7 years.

Note: Farewill does not provide legal or tax advice. Our will specialists can provide you with guidance through our telephone service but we do not provide bespoke advice. If you would like inheritance tax advice before you write your will, we always recommend speaking to an independent financial advisor.