WillPack FAQ's

This page lists some of the most frequently asked questions, and will continue to updated regularly.

If you have a specific question, and it cannot be answered here or within the site in general, please feel free to Email Us and we will respond.
 

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Can my clients pay WillPack direct?

Unfortunately no; WillPack is registered for VAT, so we would have to charge VAT on the full amount and not just on the portion due, the refund would be less than expected.

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what happens if my clients wish to change their minds or make an alteration?

Providing the changes are made within a reasonable time of our delivering them, we will accept that as a genuine amendment at no charge. However if several weeks or even months have passed then we reserve the right to make an additional charge.

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What happens when my clients genuinely want to make a change to their existing Will?

For a simple change, such as appointing new Executors or Guardians, then a codicil will suffice. For anything other, such as adding or removing a beneficiary, trusts etc then it is recommended that a re-write is required and will be charged accordingly.

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What happens if the Will is received with a spelling mistake?

It is not the policy of WillPack to supply 'draft' Wills. Therefore we accept that from time to time errors may occur and whilst these in most cases will not invalidate the Will or benefit we will change and issue new documents regardless of whose fault the error was.

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What is a 'Property Trust'?

A Property Trust is where the joint ownership (joint tenancy) is severed to (usually) equal shares as Tenants in Common to preserve assets from such situations as the survivor remarrying, providing for children or other beneficiaries from a previous marriage or to limit residential care costs.
See separate Society of Will Writers leaflet 'What Property is Yours to Give'

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Can jointly owned property be given by a Will ?

No - only property held as tenants in common or in sole ownership can be given by Will.

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What is the Nil Rate Band?

The Nil Rate Band is the maximum amount which at the date of your death can be given away without paying Inheritance Tax - currently £300,000 (2007/08) less any PET's (potentially exempt transfers) or gifts made within seven years of death.

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If my estate is higher than the Nil Rate Band, what can I do?

Your adviser can best advise you on the most effective course of action, as there are several things one can do to mitigate or ease the tax burden. One will be to create a Nil Rate Discretionary Trust in your Wills to take the Nil Rate Band out of the estate on first death. In his pre-budget speech in October the Chancellor announced a change to the way that the NRB allowance can be used in the case of married couples and civil partners. They will in future be able to ‘share’ their NRB by passing any unused portion to the survivor on death.

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What is the effect of not using a discretionary trust?

As all transfers between spouses are free of tax, the estate will pass free of tax on first death to the survivor. For married couples and civil partners there is no longer a problem, as the NRB can be passed from first death to second thereby ensuring that both nil rate bands are used.

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Can Executors be beneficiaries?

Yes they can - it is common to appoint the main beneficiaries, especially in simple Wills, to be the Executors as well.

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What happens if when I die the gift I have made no longer exists?

In most cases the gift will simply fail. If you have doubts then talk to your adviser, he or she may be able to advise you how to avoid such a problem - if indeed it is a problem

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When appointing guardians for my children, is it wise to leave them a gift of money to look after them ?

Probably not a good idea. Guardians can access up to half the inheritance of the child they have accepted guardianship for, and can ask the trustees to advance money as and when needed. It may also be a good idea to make one of the guardians a trustee also. There are other steps which can be taken, talk to your adviser about any concerns you may have.

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I would like to state my preferences for my funeral in my Will, is this possible?

Yes it is - however it is only a wish and not binding on the executors to carry out any wish which is impractical or too expensive. Talk matters over with your family, and if necessary consider making arrangements whilst you are alive either through the purchase of a pre-paid Guaranteed Funeral Plan or other insurance policy. But do not leave it simply to the Will.