Will Fact Find Questionnaire
Posted on 5th June 2017 at 20:25
In this section of your training you will find the contents of the 'Will Fact Find Questionnaire'. This will become your most used document as you will use it every time you visit a client to take instructions for their will. Familiarise yourself with the document and test your knowledge in the next section to see how much you can recall!
WILL INSTRUCTION SHEET
HAVE YOU PREVIOUSLY MADE A WILL?
(When the will you are currently making has been executed (signed in the presence of witnesses) any will made by you previously will become invalid. Nevertheless, it is good practice to destroy your old will only when your new will has been executed).
FULL NAME :
DATE OF BIRTH :
MARITAL STATUS (single/married/co-habiting/divorced/widowed) :
Inform client : the event of marriage invalidates any will made prior to that marriage. If they wish their will to remain valid after their marriage to a specific person, please inform us so that we may insert the appropriate clause into their will.
Have you had a previous marriage?
If yes, did this end on the death of your former spouse?
(The reason for asking this question is that if a former marriage ended on the death of your spouse, you may inherit their nil-rate tax allowance for IHT purposes).
BUSINESS INTERESTS (share holder/special instructions) – Please use separate sheet if necessary
(What is the business you own? Are you a shareholder? What are your wishes/instructions for your business in the event of your death? Do you require separate business Trustees?).
EXECUTORS (it is advisable to choose 2-4 people). Please list your Executors full names and addresses and state their relationship to you.
(You may name more than 4 Executors but only up to 4 of them would be able to apply for a Grant of Probate).
Inform client : we will be writing to your Executors to inform them that they have been appointed as such under your will.
SEPARATE TRUSTEES (it is common to appoint the same people as you have chosen to be Executors, but this does not have to be the case.). If separate Trustees, please provide full names and addresses and their relationship to you.
Inform client : we will be writing to your Trustees to inform them that they have been appointed as such under your will.
BRIEF SUMMARY OF SIGNIFICANT ASSETS AND ROUGH ESTIMATION OF THE VALUE OF YOUR ESTATE (Please complete separate Assets and Liabilities spreadsheet) Do you own your house jointly or tenants in common? This is vital to know, if you are considering leaving your 'share' of the property to somebody other than your husband (i.e. your children)
CHILDREN (please state the full names, dates of birth and addresses of all of your children and state whether they are natural/adopted/step children etc.)
GUARDIANS (please give details of who you would like to appoint as guardians for your children in the event of the death of both adults with parental responsibility. Please provide full names and addresses and state their relationship to you).
SUBSTITUTE GUARDIANS (in the event that your chosen guardians are unable or unwilling to take on the role, it is advisable, but not compulsory, to appoint substitute guardians. Please provide full names, addresses and their relationship to you).
Directions as to the upbringing of your children (i.e. remain at the same school, maintain a close relationship with certain people etc). This is optional.
PETS (please state who you would wish to appoint to take on the care of any pets in your possession at the time of your death. Please provide full details.).
BEFORE DEALING WITH THE DISTRIBUTION OF THE MAJORITY OF YOUR ESTATE, ARE THERE ANY SPECIFIC GIFTS THAT YOU WOULD LIKE TO LEAVE TO OTHERS (i.e. items of jewellery, special items of value or sentimentality). Please give a full description of the item and full details of who you wish to leave it to.
DISTRIBUTION OF YOUR ESTATE – 1st LEVEL (please state how you wish your estate to be distributed on the event of your death). Please give the beneficiaries full name(s), address(es), date(s) of birth and relationship to you. Please see explanatory notes at the end of this document
DISTRIBUTION OF YOUR ESTATE – 2nd LEVEL (if the gift to the person or persons named above fails, for example if they die before you, please give full details of how you would like your estate to be distributed). Please see explanatory notes at the end of this document
PER STIRPES TO APPLY? (If you have left assets to, for example, your children and that child or children predeceases you, would you like their share of the inheritance to pass down to any children they have, or to go elsewhere (i.e. to a surviving sibling)?
AGE OF INHERITANCE (At what age would you like your children to receive their inheritance – i.e. 18/21/25?):
(If your children are under 18 at the time of your death any money due to them would be placed in Trust and looked after by your nominated Trustees).
WOULD YOU LIKE A MINORS RECEIPT CLAUSE INCLUDED IN YOUR WILL? Please see explanatory notes at the end of this document
FUNERAL WISHES : (Please state whether you would like to be buried or cremated and provide any other funeral wishes you may have)
WOULD YOU LIKE A MEMBER OF OUR LEGAL TEAM TO CALL YOU TO DISCUSS ANY ASPECTS OF YOUR WILL IN MORE DETAIL? Yes/No
WOULD YOU LIKE AN INDEPENDENT FINANCIAL ADVISOR TO CALL YOU TO DISCUSS MATTERS SUCH AS INHERITANCE TAX (additional fees may apply)? Yes/No
PLEASE ADVISE THE CLIENT THAT AN INVOICE WILL BE POSTED TO THEM THE DAY AFTER THEIR APPOINTMENT AND IS PAYABLE WITHIN 7 DAYS OF RECEIPT. BANK TRANSFER IS PREFERABLE. CHEQUES PAYABLE TO 'Heritage Estate Planning LLP'. WE DO NOT ACCEPT CASH PAYMENTS.
CHARITABLE DONATIONS – Would you like to leave any legacies to charity? Charitable gifts are IHT exempt and if your estate is over the IHT Threshold, a gift of at least 10% of the valiue of your net estate will reduce the IHT rate payable from 40% to 36%.
Ask client/s to read through this document to ensure that the information is wholly correct and then print, sign and date below.
I AGREE THAT THE INFORMATION PROVIDED IN THIS DOCUMENT HAS BEEN CHECKED BY ME AND ACCURATELY REFLECTS MY WISHES. I CONFIRM THAT I WOULD LIKE MY WILL TO BE DRAFTED ACCURATELY REFLECTS THE INFORMATION PROVIDED IN THIS DOCUMENT.
Full name/s :
THANK YOU FOR YOUR INSTRUCTIONS!
ADVISE CLIENT OF OUR £10 M&S INCENTIVE SCHEME!!!
FIRST AND SECOND LEVEL OF RESIDUE
It is common for spouses to leave their entire Estate (other than specified gifts and assets placed in Trust) to one another and stipulate that if the gift fails (i.e. if their Spouse dies before them) their Estate will pass to substitute beneficiaries, for example, their children, in equal shares.
However, in some cases, testators wish to secure a greater level of protection of their children’s inheritance to avoid such scenarios as one spouse, following the death of the other, remarrying and leaving their entire Estate, including assets passed to them under the will of their deceased spouse, to their new husband or wife. One way of avoiding such a scenario is to place a significant asset, for example, your share of the family home, into a Trust for the intended long-term beneficiaries, but give your spouse a ‘Life Interest’ in the property. This means that although, upon the event of your death, your share of the property would be placed in Trust for the eventual benefit of your children, your spouse would be able to remain livening in the property until the end of the Trust period (namely the death or remarriage of the surviving spouse). If you wish to take this course of action it is vital that you own the property as Tenants in Common (as opposed to Joint Tenants), otherwise your wishes will not be legally enforceable. If you own your property as Joint Tenants and wish to change this to Tenants in Common the process is very simple and the appropriate form can be obtained from Heritage Legal Estate Planning.
MINORS RECEIPT CLAUSE
This clause gives additional powers to your Trustees, enabling them to pay a money bequest or other specific bequest, to the parents or guardians of a beneficiary who is under the age of 18. The Trustees do not have to utilize this power but may do so if they see fit upon considering the particular circumstances.
ADDITIONAL INFORMATION (OPTIONAL)
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