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Making A Will - Asking Questions [print this page] A common question which crops up is "At what age can children inherit?" The answer is not until they're 18. If they are left money in a Will prior to this, any funds will be held in Trust. Many people would feel that this too young an age if a large sum of money is involved, then when making the Will it is possible to be specific about the age they will receive the capital sum. However, they have an entitlement to draw income generated from the fund at the age of 18. The Trustees may decide if income or capital can be applied for the benefit of the child - such things as school fees would be an example.
When it comes to Guardians. There is no need to appoint guardians in your Will but it would be a sensible thing to do and it means that your children would be guided by someone of your choice. You could make provision for who would be asked to step in, the event of the death of a guardian. If you don't nominate a guardian the courts will make the decision of who will look after your children.
Another popular one is - why can't I simply draw up my own will? It's not as though I have a lot to leave and it's very simple. The answer is yes, you can. However, remember that a Will is a legal and binding document. If things are not made absolutely clear and someone challenges it, the things you wished to happen could be ignored. There are certain procedures to be followed and ignoring these can mean that the Will is not valid.
So, what will happen if I don't make a Will? It depends on your circumstances. You could have a partner of many years, but if you're not married they could get nothing at all. Even if you are married, if your estate is above a certain figure, any children could inherit part of it and your spouse could find it impossible to carry on with the lifestyle you'd have wished.
How will divorce affect a Will that I've already made? Actually getting divorces doesn't cancel the Will. However, any gift to a divorced spouse is deemed to have lapsed, unless it's clear in the Will that this is not the intention.
What about executors and beneficiaries? A person chosen to be an executor can benefit from the will. It's quite usual to choose a close friend or relative. It's not necessary to have a professional person as an executor, but by appointing one to work with your other executor there will be some-one on hand to offer advice and support.
So isn't it very expensive to make a Will? It can be, depending on how complicated your Will is. If there is a business involved, agricultural premises or foreign property then you are going to need a solicitor's expert advice. However the vast majority of Wills are very efficiently handled by Will Advisers for quite modest fees. They will take your own ideas and produce them in a correctly worded document. They are completely up to date and you can be sure everything will be straightforward and easily understood.
