Question 1

What is financial planning?

Accepted Answer

Financial planning is ensuring that your long-term financial plans align with your financial goals by making your money work best for you. Impartial financial planning services such as those offered by RK Wills will support your plans for retirement, for passing on your wealth, your business goals and personal finances.

Question 2

What is inheritance tax?

Accepted Answer

Inheritance tax is a tax that is charged after someone dies on an estate worth more than £325,000 (correct as of June 2023). Tax is charged at 40% of the value of the estate over £325,000. The majority of estates are usually valued at less than this threshold but it is worth considering tax planning if your estate may be worth more than this to manage the amount of inheritance tax your executors will pay.

Question 3

What is a trust?

Accepted Answer

A trust is a way of managing financial assets for people. There are a variety of different types of trust depending on what the trust is required to do, each subject to different taxes.

Question 4

What is probate?

Accepted Answer

Probate is the process of dealing with the financial and legal aspects of a person's possessions, property, money and assets after they die. Probate is not always needed but our team of experienced advisors will be able to advise you on next steps.

Question 5

How long does will writing take?

Accepted Answer

This is entirely dependent on how you choose to distribute your assets upon your death. More complicated wills and wills that involve trusts will take longer to write than simple wills.

Question 6

What is a discretionary trust?

Accepted Answer

A discretionary trust is a type of trust that allows the trustees discretionary decision making power over how the trust funds are spent and when.

Question 7

How much does financial advice cost?

Accepted Answer

We offer free initial consultations and will do our best to give you an estimate of our service cost and time to help manage your expectations and budget.

Question 8

How much is inheritance tax?

Accepted Answer

Inheritance tax is 40% in the UK on estates worth over £325,000. The 40% is charged on the value over £325,000.

Question 9

How much do wills cost in the UK?

Accepted Answer

Again this is entirely dependent on what you decide to do with your possessions following your death. More complicated wills will take longer to write and therefore cost more than a simple will. Get in touch with us to arrange a free consultation and we can give you a quote based upon your requirements.

Question 10

How long does probate take?

Accepted Answer

Probate will usually take at least 6 months but can take up to a year, even for relatively simple estates.

Question 11

When is probate required?

Accepted Answer

Probate is required when the assets of the deceased are their sole assets and a grant of probate or grant of representation is requested by a bank or financial institution.

Question 12

Are wills public record?

Accepted Answer

Usually wills are a private document unless and until a grant of probate is issued upon a person’s death.

Question 13

Why do I need to set up a trust?

Accepted Answer

You may not need to set up a trust at all, however those who have assets they wish to pass onto children, dependants with limited capacity, before or after they die, may prefer to set up trusts to ensure the funds are protected.

Question 14

What is critical illness cover?

Accepted Answer

Critical illness cover is a type of insurance that pays you a lump sum of money if you are diagnosed with certain illnesses, disabilities or injuries. Your individual critical illness policy will detail how much you’re due and specify what they pay out for what conditions.

Question 15

What is income tax?

Accepted Answer

Income tax is the tax you pay on your earnings and income. This includes your salary from your employer, profits made if you’re self-employed, rental income, trust income, some grants and benefits you receive and interest on savings.

Question 16

Who can witness wills?

Accepted Answer

In order for a will to be a valid legal document it must be signed by the testator and two independent witnesses who are not beneficiaries of the will. These witnesses must be over 18, of sound mind and should witness the person making the will, the testator, signing the document.

Question 17

How much is income tax?

Accepted Answer

How much you pay and at what rate will depend on the value of your earnings.

Question 18

What is life insurance?

Accepted Answer

Life insurance is a type of insurance that pays either a lump sum or regular payments to a nominated beneficiary in the event of the insured’s death. The amount of money is determined by the agreement between the insurer and the insured and will sometimes be affected by the circumstances of death.

Frequently Asked Questions

Wills

How long does will writing take?

How much do wills cost in the UK?

Are wills public record?

Who can witness wills?

Wills

How long does will writing take?

How much do wills cost in the UK?

Are wills public record?

Who can witness wills?