WILL PREPARATION QUESTIONNAIRE FORM

PARTICULARS OF YOU AND YOUR FAMILY

1. Personal details for you, the person (or people) making the will

MARRIAGE OR DIVORCE

If you have made a Will and then marry or re-marry your Will will be revoked and the rules of intestacy will apply. However, a Will can be made in contemplation of marriage. If this applies to you then please let us know.
The effect of divorce is that your former spouse is presumed to have predeceased you and they cannot act as your Executor and any gift to them will fail. However, the rest of your Will remains valid.

2. Details of your children / grand-children

3. Details of any dependants other than those mentioned above (e.g. aged parent)

EXCLUSIONS AND CLAIMS AGAINST YOUR ESTATE

If there is anyone who may have a claim against your estate whom you wish to exclude from your Will it is advisable to include a letter with your Will explaining why you wish to exclude them.
Under the Inheritance (Provision for Family and Dependents) Act 1976 (as amended) family and dependents can bring a claim against your estate if you have not made adequate provision for them in your Will.

PARTICULARS OF YOUR ESTATE

4. Assets and Liabilities (Please try to complete as much of this as you can. This will help us to discuss Inheritance Tax planning.).

Assets

Value in your sole name

Value in your partner's sole name

Value jointly owned

Family Home

Other Properties

Foreign Properties

Business/Agricultural property

Bank/ Building Society Accounts/National
savings & Investments/Premium Bonds

ISAs/ TESSAs / PEPs /
Shares/ Unit Trusts/ Bonds

Any other assets

Interest in a Trust

Potential Inheritance

Total

Liabilities

In your sole name

In your partner's sole name

Joint

Mortgage

Loans

Other

Life Policies /
Pensions /
Death in service Benefits

It is very important that you tell us if you own assets outside of England and Wales including holiday homes.

JOINTLY OWNED PROPERTY

Anything which you own jointly will pass to the survivor by survivourship and not under the terms of your Will

LIFE POLICIES WRITTEN UNDER TRUST / NOMINATIONS.

Nominations and assets which you have written under trust will not pass under the terms of your will but under the terms of the nomination or trust.
Please see our pilot Trusts Information Sheet on how to mitigate Inheritance Tax in the future.

5.LIFE TIME GIFTS.

Have you made any gifts of more than £3,000 per tax year in the last seven years?

CHOICE OF EXECUTORS

Executors are persons whom you appoint in your Will to carry out your wishes and to administer your estate. This is a responsible position with some duties imposed by law.

6. Executors (We would advise you to appoint two or more Executors).

GUARDIANS

If you have minor children you should consider appointing at least one guardian. When one parent dies, the surviving parent usually becomes the legal guardian but it is of course possible that you are a single parent or that both parties may die together.

7.Guardians

At what age would you want your children and / or grand-children to inherit? 18 / 21 / 23 / 25 years? If you choose an age over 18 we will explain the additional tax which may be payable if you die before your children / grand-children reach the age you stipulate.

If any children or grand-children are illegitimate, adopted or step-children or if they are mentally handicapped it is important that you tell us.

PERSONAL CHATTELS

You may wish to deal with your personal effects by way of a non-binding letter of wishes which would accompany your Will. We will discuss the suitability of this with you during our meeting.

8. Specific Gifts (non-money)

PECUNIARY GIFTS

9. Gifts of Money

Please note that sums of money can be left to your Executors on the condition that they act as Executors as a token of thanks for carrying out that function.

RESIDUARY ESTATE

You will need to decide where you want the rest of your estate to go. Most couples will leave everything to each other on the first death and then to their children on the second death. If you want to do anything different, please provide the full names and addresses of the people you wish to name when we meet.

10. Distribution of the rest of your estate

SUBSTITUTE BENEFICIARIES

If your beneficiaries should predecease you please think about who you would like to inherit your estate.

10. Substitute Beneficiaries for the distribution of the rest of your estate

INHERITANCE TAX

Unless you have specified that a gift or legacy should bear its own Inheritance Tax this will be paid out of your Residuary estate.The Nil Rate Band (Inheritance Tax free sum) is currently £325,000.There is no Inheritance Tax on gifts between spouses or civil partners.

From October 2007 it is possible to transfer any unused portion of your Nil Rate Band from a late spouse or civil partner to the surviving spouse or civil partner when they die. Depending on the circumstances you could therefore be eligible for £650,000 free of Inheritance Tax.
Inheritance Tax is applied at a rate of 40% on the value of the estate above £325,000.
If you leave at least 10% of the net value of your estate to charity your estate may qualify for a reduced rate of 36% Inheritance Tax.There is no Inheritance Tax on charitable gifts.

FUNERAL WISHES

Please think about your funeral wishes. Do you wish to be buried or cremated? You may wish to include these in your Will.

I /we agree that this questionnaire will form the basis of our draft wills.

Sending