Writing a Will, Estate Planning and Executor Services

Why Should I Make a Will?

If you don’t make a will the state will decide who inherits your property. This means many of those you care about may not get their fair share, including good friends, relatives and your favourite charities.

Without a will you are relying on the state to read your mind.

If you are in a relationship when you die but are not married or in a registered civil partnership your partner may not inherit your property as you intend. There is no such thing in law as a ‘common law’ marriage. This means that, even if you have been together for many years, your partner may not be recognised as your legal heir and may get nothing. This can even include the home you share.

You can also specify in your will how your children or any dependent adults are to be cared for and who is to provide for them.

There is also the question of inheritance tax. Even if your wishes are clear and understood they might not be performed in the best way to minimise tax liability.

So, unless your circumstances are very straightforward – perhaps there is no one you would like to inherit your property – a will is always a very good idea.

Some Circumstances where a Will is Essential

Although it’s not a legal requirement, you should certainly make a will if any of these apply to you:

·         You have a financial interest in a business (you own all or part of a business)

·         You own property abroad or you live overseas

·         You are not a British citizen

·         There are several people who depend on you financially and who could therefore make a claim on your estate

·         You want to provide for children or dependent adults, reduce inheritance tax or protect your assets by means of a trust

Before You Write Your Will

Before you can write your will you need to gather together information and decide the following: 

·        What you currently own – property, valuables, investments, bank accounts and savings, pensions and so on

·         Who you want to leave these things to. It’s entirely up to you to decide who should get what and how your assets are to be divided. You or your solicitor can then draw up a will that sets these wishes out in a clear and unambiguous way. Any conditions you want to impose can also be included

·        Names of your family and other beneficiaries. It’s important not to make any assumptions and to state very clearly who your beneficiaries should be. Spouses and civil partners should be named, as should children and adult dependants. Anyone who depends on you can challenge a will in court so you must be very specific

·          Name your executors. These are the people you appoint to carry out your wishes, although you should check with them first that they are prepared to do this. A solicitor will of course be happy to do so. A younger family member or friend who’s comfortable with financial affairs would be a good choice as joint executor

·         Any other wishes. For example, you might need to name a guardian for any children under 18, you may want to be cremated rather than buried, or vice-versa

Should I Use a solicitor?

You can write your own will and many people do. When they do this, people are often relying on the goodwill and understanding of their executors (people who carry out the wishes expressed in the will) and their beneficiaries, because many ‘self-made’ wills wouldn’t withstand a legal challenge.

So it’s almost always better to get a solicitor’s help because there are usually complications and implications that untrained people simply don’t know about. There are also legal formalities to be observed that make a will valid and legally binding. Small mistakes can potentially lead to big problems for your family after your death. 

Your solicitor’s work isn’t finished once the will is drawn up. There are likely to be a lot of changes in your circumstances over the course of the rest of your life. You might marry, remarry, divorce, have more children, and so on. These changes may make your original will inadequate, so amendments would need to be made. Again, a solicitor is best qualified to advise you what changes are necessary and to help you make those changes in a legally valid way.

Signing and Witnessing Your Will

A will that isn’t signed and properly witnessed is invalid and anyone likely to be a beneficiary of the will cannot be a witness to it. This usually rules out close family and some friends as witnesses. You can ask any adult non-beneficiary to act as witness and a solicitor will often ask members of staff to witness the signing of a will.

Keeping the Will Safe

Paperwork gets lost in the average home, and expecting a document to remain safe for decades is risky. Keep your will in a safe place, like a personal safe, a bank or with your solicitor. There might be a small fee for this but most solicitors will do it for free if they’ve helped you draw up your will or are named as executors. 

Updating Your Will 

Any major changes in your circumstances will mean you need to review your will. You should do so every few years anyway, because it’s easy to overlook the significance of even small changes. Major changes will probably be covered best by drawing up a new will but small changes can be covered by amendments (or ‘codicils’) to you will.

What will it Cost?

Charges will vary quite a lot between solicitors, depending on a number of factors like the seniority and experience of the solicitor and how complicated your will is.

You should certainly ask for some idea of how much they charge, but the most important thing is to find a solicitor you can feel comfortable with and who gives you advice you understand.