Regardless of your age and responsibilities, everyone should have a will in place.
Whilst death might not be something we like to think about, planning for it can protect your loved ones, as well as ensure your wishes are carried out.
A will often makes things far easier for those who you love once you have left, and that in itself can be a driving factor that encourages someone to create a will.
What is a will?
A will is a legal document specifying how a person wants their assets distributed after they pass away.
It can include property, money, and personal items.
The person creating the will, known as the testator, appoints an executor to manage the distribution process after they have died.
The executor has the responsibility to follow the instructions written in the will.
In the UK, a will must meet specific requirements to be legally valid.
It must be in writing, signed by the testator, and witnessed by two adults who are not beneficiaries.
If these conditions are not met, the will may be contested, leading to potential legal battles.
Why you need a will
You need a will to ensure your wishes are honoured, your assets are distributed as you intend, and your loved ones are protected.
A will also allows you to appoint guardians for minor children and give specific gifts to friends, charities, or other organisations.
By writing a will, you ensure that your personal and financial affairs are managed the way you want, providing peace of mind for you and security for your loved ones.
Common misconceptions
Many people believe they do not need a will if they have minimal assets or assume everything will automatically go to their spouse or children. This is not always the case.
Without a will, the distribution of assets is handled according to intestacy laws, which may not reflect your wishes.
This can lead to family disputes and prolonged legal procedures.
Another misconception is that wills are only for the elderly. Unexpected events can occur at any age, so it’s wise to have a will regardless of your stage in life.
There’s also the false belief that creating a will requires a solicitor. While seeking legal advice can help ensure your will is legally sound, you can draft a will yourself as long as it meets legal requirements.
Funeral arrangements
Sharing funeral arrangements in your will can be useful, it’s not always something people share with one another leaving those who will plan upon your death without guidance if you do not specify.
You can outline your preferences for burial or cremation, the location, and any specific rites or rituals you wish to be included.
Creating a letter of wishes might also be helpful, as this document can detail your desires without complicating the will itself.
Special gifts and donations
Designating special gifts and donations helps distribute your assets to specific individuals or organisations. For example, you might leave a family heirloom, like a piece of jewellery, to a particular relative. These specific bequests can also include sentimental items such as a keepsake or the contents of a bank account.
Monetary gifts are common and can be set as fixed sums. This can be helpful in ensuring that designated parties receive what you intend.
Including specifics in your will helps ensure no misinterpretations occur, and your gifts are honoured correctly.
Updating your will
An often forgotten task, but updating your will is as important as writing one in the first place to ensure your wishes are accurately reflected as circumstances change, and to avoid any dispute or question over your intentions after you have passed.
When to update your will
You should consider updating your will if:
- Family changes: Births, deaths, marriages, or divorces.
- Asset changes: Significant changes in your financial situation or property.
- Changes in the law: New rules that might affect your will.
How to update your will
You can update your will using:
- Codicil: A legal document that makes changes to your existing will.
- New Will: Sometimes it’s easier to create a new will, revoking the old one.
Writing a will
If you haven’t yet put a will in place, we would strongly recommend you do so, and if you are uncertain about how to proceed, we are here to help.