• I am married. Should my partner and I have separate wills?

Yes. Even if both wills are identical, you should still have one each. These are known

as ‘mirror wills’.

• I have a will. How often should I update it?

Whenever your circumstances change significantly. If you marry, remarry, or divorce, your will should be altered. If you have children (or more children), you should redo your will to take into account the new members of your family. Another factor to consider is inflation or changing real estate prices, as you may have more (or less) to give than your initial expectations.

• Do I have to completely redo my will, or can I make an addition?

Although you can use a codicil to make an addition or correction to your will without having to completely redo the rest of the content, it is often just as easy to create a new will. The costs are generally quite similar.

• What is included in my ‘estate’? Does it include debts?

Your estate is the total value of everything you own – this could include your house, banking and building society accounts, investments and shares, savings bonds, furniture, pension funds, and some benefits. Your estate must also factor in any financial commitments you may have – such as a mortgage, any other loans, and any debts (such as on credit cards).

• What are the different sorts of legacies I can bestow?

A ‘legacy’ is the term used for an asset or sum of money allocated within a will. You may decide to give a specific legacy, which could be property or furniture, or you may give a pecuniary legacy, which is a specific sum of money. You can advise that the legacies should be bestowed upon the execution of the will, or only if a particular outcome or event is reached. You may also want to indicate that any part of your estate which is not allocated (the person you wish to receive part of your estate may die before you, for example), or used during the benefactors’ life time should go to another party – such as a charity, or another member of the family.