A Will, also known as a “Last Will and Testament”, sets out the distribution of your money, property and personal belongings after your death. It also allows you to name guardians for your children under 18 and appoint someone to manage your estate.
If you die without a Will, the government will handle your estate according to the rules of intestacy. These fixed legal rules may not reflect your personal wishes or relationships, which could result in loved ones missing out on the support you intended for them.
Why Should You Make a Will?
There are many important reasons to make a Will:
- You decide who inherits your money, home and possessions
- You can appoint legal guardians for your children
- You choose the people (the executors) who will carry out your wishes
- You can leave gifts to charities or specific individuals
- You may reduce the amount of Inheritance Tax your estate pays
Without a Will, unmarried partners and step-children have no automatic right to inherit. The courts may also decide who looks after your children or pets. By creating a Will, you avoid confusion and reduce conflict.
What Should You Include in Your Will?
A well-structured and legally sound Will typically includes:
- A list of beneficiaries and what each should receive
- The names of guardians for children under 18
- The names of your executors
- Instructions for what should happen if a beneficiary dies before you
- Any charitable donations you wish to make
- Your funeral wishes (optional)
What Happens If You Do Not Have a Will?
Dying without a Will means the government divides your estate according to their strict legal rules. These rules often do not consider modern family dynamics. Keep in mind:
- Unmarried partners receive nothing automatically
- Step-children and foster children do not inherit
- The courts decide who becomes guardian for your children
This can create disputes and unintended consequences. A Will ensures your estate goes where you want it to.
How to Make Your Will Legal
For your Will to be legally valid in England and Wales, you must:
- Be at least 18 years old
- Make it voluntarily and without pressure
- Be of sound mind when creating it
- Write it down (typed or handwritten)
- Sign it in front of two witnesses
- Have both witnesses sign it in your presence
Your witnesses must be over 18 and cannot be beneficiaries or married to someone who is. While you do not have to date your Will, doing so can help avoid confusion.
When Should You Make or Update Your Will?
You should write or update your Will whenever your personal situation changes. Examples include:
- Marriage or forming a civil partnership (this cancels all previous Wills)
- Going through a divorce or legal separation
- Having a child or adopting
- Buying a home or acquiring new assets
- Starting or ending a business
- Receiving an inheritance
- When an executor or beneficiary dies
Even if your circumstances remain the same, it is a good idea to review your Will every five years.
How to Make Changes to Your Will
You cannot simply write on your existing Will to make changes. To amend your Will, you need to:
- Create a codicil (a legal addition that updates parts of your original Will)
- Or, write a completely new Will that revokes all earlier versions
Codicils must be signed and witnessed just like your Will. While you can have multiple codicils, rewriting your Will is often clearer when you have significant updates.
Where to Store Your Will
Once you have made your Will, you need to store it safely. Common storage options include:
- A secure place at home
- With your solicitor
- In a bank’s secure document facility
- At the National Probate Registry in Newcastle
You should also avoid attaching any extra documents to your will, as this can cause legal issues. Moreover, make sure your executor knows where your Will is kept.
Do You Need a Will?
Our experienced team is here to help you protect your legacy with expert will writing and estate planning advice. Contact us today to speak with a specialist and discover how our personalised solutions can give you and your loved ones peace of mind.
Give us a call on 01452 698 989 or email us at office@willguardian.co.uk