Creating a will is essential for ensuring that your estate, including your finances, property, possessions, and investments, are distributed to the individuals and causes that hold significance to you.
• What happens if I don’t make a will?
How do I value my estate?
To ensure thorough coverage of your assets, it is recommended to generate a list detailing all of your possessions and liabilities. This will provide you with a comprehensive understanding of the value of your estate, aiding in the decision-making process for distributing it appropriately.
Typically, an estate consists of assets such as:
Any assets you possess domestically or internationally; financial holdings in banks, building societies, or other places like Premium Bonds; insurance policies like life assurance or endowment plans; pension funds that include a lump sum payout upon death; investments such as stocks, shares, or investment trusts; personal property like vehicles, jewelery, antiques, and other valuable items; as well as furniture and other belongings in your home. Possible debts could encompass:
Regularly assessing the value of your assets is wise. The market value of your home, for example, may have significantly fluctuated since your previous evaluation.
How do I divide my estate?
Your will must clearly outline how your estate will be divided and designate who will handle its distribution. Consider the following factors: beneficiaries, specific gifts to individuals, where any remaining property or funds should go, contingency plans in case a beneficiary passes away before you, and any charitable donations you wish to make.
Executors bear the legal responsibility of managing an individual’s estate after their passing. It is a significant undertaking that requires careful consideration when selecting an executor (or multiple executors). During this process, it is crucial to have open communication with potential executors to ensure they comprehend the responsibilities involved and are willing to take them on.
How do I write my will?
There are a few different ways you can write your will:
1-When it comes to writing your will, seeking guidance from a lawyer, such as a solicitor or chartered legal executive, is recommended. It could be beneficial to select one who specialises in wills and probate and ensure they are licensed by the relevant professional body, such as the Solicitors Regulation Authority.
2-Several organisations provide complimentary will-writing services in order to motivate individuals to create wills and include donations to charities. To learn more, you can visit Will Aid or Free Wills Month – both initiatives that Age UK is involved in.
3-Certain banks provide services for writing wills and guidance on estate planning. An advisor at the branch nearest to you can provide a detailed explanation of these offerings. It is crucial to thoroughly review any fine print, as certain banks may have steep charges for these services.
While it is an option to enlist the services of a professional will writer, it is important to note that they may not be qualified solicitors and may lack regulation. Therefore, before choosing this route, ensure that the individual is a member of either the Institute of Professional Willwriters or the Society of Will Writers.
Creating your own will is possible, but it can lead to errors or omissions. Although it may seem like a good choice at present, it could result in expensive legal complications for your executors and beneficiaries in the future. Therefore, seeking professional guidance is typically the wiser course of action.
How do I make sure my will is valid?
For a will to be valid:
To create a valid will, it is necessary for you to sign it and have it witnessed by two people. In addition, you must possess the mental capacity to understand the implications of making this decision, and it must be done without any external influence. Please include a statement at the beginning of the will stating that all previous versions are no longer valid. If you have an older will, it is recommended to safely dispose of it by either burning or tearing it up according to government guidelines.
Signing and witnessing the will
To ensure the validity of your will, it must be signed by two independent witnesses in your presence. Therefore, all three individuals should be present in the same room when signing. Inaccurate signatures will result in an invalid will.
It’s important to note that any person named as a beneficiary in the will should not serve as a witness, as this would result in forfeiting their inheritance. It’s advisable for these individuals to also avoid being present during the signing of the will. Additionally, it’s not recommended to ask the executor to fulfill the role of a witness.
In the event that you are unable to sign your will, it may be signed on your behalf as long as you are present in the room and giving directions. However, please note that any will signed on your behalf must include a provision acknowledging that you were aware of its contents prior to its signing.
Even for those with a serious illness or dementia, it is possible to create a will. However, it must be done while you still possess mental capacity. Your solicitor will ensure this is the case and you may also require a statement from a medical professional at the time of signing, confirming your comprehension of the document.
Where should I store my will?
You have a few options for storing your will: with a solicitor, bank, or the Probate Service. Another safe option is to keep it at home.
To locate your nearest Probate Service, refer to the directory on GOV.UK.
Remember to inform your executors of the location of your will. It is crucial not to attach any additional documents with paperclips or staples, as this may cause confusion about missing parts or changes to the will.
How do I update my will?
It is recommended to regularly review your will, ideally every 5 years, or whenever a significant event occurs in your life, such as the birth of a new grandchild or moving to a new house. However, it is crucial that you never make changes directly to the original document. Instead, you can add a supplement, called a codicil, which must also be signed and witnessed in accordance with the same rules as the original will. Note that these witnesses do not necessarily have to be the same as those who witnessed the initial document.
To implement a significant shift, creating a fresh will and revoking the previous one is recommended.
Do I need to change my will if I get remarried or divorced?
Entering into a marriage, remarriage, or civil partnership will nullify any previous will you may have had. Keep in mind that divorce does not automatically void a will created during the marriage, but it does remove your ex-spouse or ex-civil partner from receiving any benefits outlined in the will. In such cases, it is important to consider creating a new will.
What happens if I don’t make a will?
Not having a will means dying intestate, and the distribution of your estate may not align with your wishes. If you are in a relationship without marriage or a civil partnership, your partner does not have an automatic entitlement to inherit from you unless specified in a will, regardless of how long you’ve been together or if you have children.
Intestacy rules state that:
-If you have a spouse or civil partner and children, they will inherit your personal possessions and a minimum of £270,000 from your estate. Any amount above this will be divided equally between your spouse or civil partner and children.
-In the event of your passing, if you do not have any children but are survived by a spouse or civil partner, they will inherit your entire estate, including all personal belongings.
-In the event that you do not have a spouse or civil partner at the time of your passing, your children will inherit everything. The division of assets will be split evenly among them.
-In the absence of a spouse, civil partner, or children, other relatives will inherit in a predetermined order.
-In the event that you do not have any living family members who are eligible to receive your inheritance, your estate will be transferred to the Crown.
Find more about intestacy rules on GOV.UK
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