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This fact sheet will give you some basic information about wills. You can also listen to it online or download it onto an MP3 player.

Please be aware that this is not legal advice and if you are concerned about any of the issues mentioned you should speak to a lawyer.

You can contact Russell Jones & Walker's solicitors at enquiries@rjw.co.uk or call our freephone number 0800 916 9065.

• What happens if I don't make a will?
• What property is covered by a will?
• What does "written in trust" mean?
• If my circumstances change, can I amend my will?
• What happens if I marry or divorce?
• What is the difference between executors and trustees?
• Can executors charge for their services?
• Can an executor also be a beneficiary?
• What are foreign assets?
• Who should I leave my estate to?
• What about my funeral?
• What is inheritance tax?
• Who is exempt from inheritance tax?
• Is there any way I can stop this happening?
• Where can I get more information?

What happens if I don't make a will?

The laws of intestacy apply. These are rigid and can often end up doing the opposite of what you might have wanted.

What property is covered by a will?

Anything that you own personally, including jewellery, cash, furniture, investments and your house can be covered in your will.

Anything that you own personally, including jewellery, cash, furniture, investments and your house.

Generally joint assets won't be covered (although listen to the later section on inheritance tax). If you do have some joint assets, how these are passed on under your will depend on how they are owned.

If they are owned as "joint tenants", your half share automatically passes to the surviving owner irrespective of the terms of your will. Most joint bank or building society accounts are held as joint tenants.

If they are owned as "tenants in common", your share passes according to your will.

What does "written in trust" mean?

Assets written in trust , for example a death in service lump sum benefit, will not form part of your estate and will be dealt with under a separate trust. This may be beneficial for inheritance tax purposes and also means the monies may be released before probate issues.

If my circumstances change, can I amend my will?

Yes, but do not write on your original will. There is no need to change your will if you or any of your beneficiaries move house.

What happens if I marry or divorce?

Unless your will states that it is made in contemplation of marriage to a specific person, any existing will is automatically cancelled when you get married. If you divorce, any provision in your will relating to your spouse will be cancelled.

What is the difference between executors and trustees?

Your executors administer your estate according to the instructions in your will. If they hold property for beneficiaries until they have reached a specified age, they may hold this long after the day-to-day administration of your estate is complete. They then become known as trustees.

Can executors charge for their services?

Only if this is permitted by the will. Members of your family or friends who are appointed are entitled to a refund or their out-of-pocket expenses. Professional executors such as banks, accountants and solicitors charge fees for administering your estate and your will allows payment if you have appointed them as executors. Banks are usually more expensive than accountants or solicitors. Even if you don�??t appoint professional executors, a solicitor is usually instructed to do the work.

Can an executor also be a beneficiary?

Yes, but a beneficiary should never act as a witness to a will.

What are foreign assets?

These are generally any assets owned by you outside England and Wales and you should make another will in the country where they are. For example, if you have a property in Spain, you need a Spanish will as well as an English one.

Who should I leave my estate to?

It is up to you! However, under English law some people can make a claim against your estate if they have not benefited from your will. These are normally those who rely on you during your lifetime, for example, your spouse, children or an ex-spouse for whom you are providing financial support.

What about my funeral?

You can set out your funeral wishes in your will. However, this won't be binding on your family and they can decide your funeral details.

What is inheritance tax?

When someone dies, the first £300,000 of their assets is tax free. For anything over that amount, inheritance tax has to be paid at a flat rate of 40 per cent. So if someone's net worth is £500,000, there will be inheritance tax of 40 per cent on £200,000 - a total of £80,000.

Who is exempt from inheritance tax?

There is no tax payable between husband and wife, regardless of the amount. So if someone dies leaving property worth £500,000 to their spouse, there won't be any tax. But when this spouse dies, the whole of this £500,000 will form part of their estate and only £300,000 of this will be tax free.

This effectively means that the first husband or wife to die has wasted their £300,000 tax free allowance. This could result in surviving children or other beneficiaries paying as much as £120,000 in extra inheritance tax which didn't need to be paid.

Is there any way I can stop this happening?

Yes, but you will need to get advice. Russell Jones & Walker solicitors have developed a way of using discretionary trusts to avoid such payments. These trusts are also a good way of protecting your assets for your beneficiaries in case any third parties make a claim on your assets. This could be in the unfortunate event of marriage breakdown, bankruptcy or business failure. Trusts can also help reduce the impact of care or nursing home fees on your survivors' assets.

Where can I get more information?

If you would like more information about the issues in this podcast, you can speak to experts from Russell Jones & Walker solicitors. You can also appoint us as executors. We don't charge a percentage of the value of your estate. Instead, our bill will be based on the time we spend working on it. We pride ourselves on dealing with estates quickly and efficiently.

Our contact details are on our website, yourlegalrights.co.uk, or you can ring our freephone number 0800 916 9065.