Why should you make a Will?
Recent studies show that over half of the population currently do not have a Will. By making a Will you will give a clear indication of your wishes to your executors, as to where your real and personal estate, (this comprises of your ready money, property, possessions and investments) is to go. This will usually be to your loved ones and people that you care about, and possibly charitable causes, that you have supported during your lifetime, leaving a lasting legacy. If you want to leave a gift to a charity in your Will, be sure to include the charity’s full name, address and registered charity number to make sure they receive it.
What happens if you do not make a will?
If you don’t make a will, you are said to have died intestate – the law dictates that your estate will pass down your blood line and your estate may pass to people you have little or no contact with or indeed have never met.
If you have a partner and you are not married or in a civil partnership, they have no automatic right to inherit from you if you have not made a will – even if you’ve lived together for a long time or have children (they may be able to make a claim on your estate but this will involve time and expense at a stressful and upsetting time
Intestacy rules state that:
- If you are survived by a spouse or civil partner and children, your spouse or civil partner will inherit all your personal possessions and at least the first £322,000 of your estate, plus half of anything above this amount. Your children are then entitled to the other half of this balance on statutory trust.
- If you are survived by a spouse or civil partner but do not have children, your spouse or civil partner will inherit your whole estate, including any personal possessions.
- If you are survived by children but no spouse or civil partner, your children will inherit everything, divided equally between them.
- If you do not have a spouse, civil partner or children, then other blood relatives inherit in a set order.
- If you have no surviving relatives who can inherit, your estate will pass to the Crown.
How much is my Estate worth?
It is a good idea to compile a list of all your assets and liabilities, and update this regularly, as investments and property may increase in value considerably. This will give you a clear up to date idea of how much you are worth, which may go to helping in deciding how it is distributed. Below are a few examples of assets and Liabilities that may make up your Estate
Assets:
- any property you own (in the UK or abroad)
- savings in banks, building societies or elsewhere (Premium Bonds, for instance)
- insurance such as life assurance
- pension funds that include a lump sum payment on death
- investments such as stocks and shares, cryptocurrencies or investment trusts
- motor vehicles
- jewellery, antiques and other valuable personal belongings
- furniture and other house contents- (Chattels)
Liabilities:
- a mortgage or equity release
- a credit card balance
- a bank overdraft
- loans
Who inherits your Estate?
Your Will needs to state clearly how you want your estate to be distributed, some points to consider are:
- Executor/s – They will be the person(s) who are legally responsible for dealing with your Estate on death. It can involve a lot of work and responsibility, so it is imperative to choose your executor (or executors) carefully.
- Guardians– who will look after any minor children
- Beneficiaries -who you want to benefit from your Will
- Specific Gifts– whether you want to give any specific gifts such as jewellery, cars antiques to specific people
- Pecuniary Legacies – gifts of money
- Residuary Estate – where the net estate is to go (any property or money left over after paying funeral and testamentary expenses, legacies and taxes)
- Trusts– simple age specific trusts/detailed Trusts – what you want to happen if any of your beneficiaries should die before you
- Funeral Wishes– this will help your executors in giving you a personal send off
How do I write my Will?
- It’s usually best to get advice from a professional Wills and Probate lawyer. Do your research and check they are licensed with the relevant professional body, such as the Solicitors Regulation Authority (SRA) which Straw and Pearce are.
- Some charities and campaigns offer free will-writing services to encourage people to make wills and leave charitable legacies.
- Some banks offer will-writing services and advice about estate planning. An adviser at your local branch can explain what is on offer, this service is usually charged at a high premium.
- A professional will writer, but these are not always qualified solicitors and may not be regulated – it would be prudent to check whether they’re a member of the Institute of Professional Will writers or the Society of Will Writers.
- Make your own will – it is normally prudent to get professional advice as it can be easy to make mistakes and miss out on important information, that may make the Will invalid, or the intended beneficiary miss out.
Where should I store my will?
You can leave your will with a solicitor or bank or with the Probate Service. Alternatively, you can store it safely at home. At Straw and Pearce there is no charge for storing your will or other important documents – such as title deeds.
You must let your executors know where your will is kept. It is important not to attach any documents to the will with paperclips or staples – if they detach and leave marks it will raise questions about whether the will is missing any parts or amendments.
How do I update my will?
You should review your will every 5 -8 years or after a significant life event– such as the birth of a new child/grandchild or moving house or when your financial position changes i.e. due to an inheritance. It is important you never mark or make alterations to the original document as this could render it invalid.
If you want to make a minor change to your will, you can add a supplement, known as a codicil. This must be signed and witnessed in the same way as the will – although the witnesses don’t have to be the same as the original ones.
Do I need to change my will if I get remarried or divorced?
If you marry, remarry or enter a civil partnership, this cancels a previously existing will. Divorce does not automatically invalidate a will made during the marriage – but it does exclude your ex-spouse or ex-civil partner from benefitting if they are mentioned.
You should arrange to make a new will if you marry, separate or divorce.
How we can help
Here at Straw and Pearce our experienced team is led by Julie Brown, who is the head of the department and partner of our firm and Dharmesh Tanna, solicitor, who are both supported by Nicole Porter, paralegal.
Our solicitors have decades of service in the legal profession and are committed to offering you a bespoke , friendly, personal service, guiding you through the will writing process, which you may find not as daunting or complex as anticipated.
Please do not hesitate to get in touch on 01509 632086 and speak with a member of the team today to find out more or to book an appointment
