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Make a Will: Everything You Need to Know

Articles

Death is an undeniable fact of life; nevertheless, it is still a topic we often struggle to discuss. However, planning for it is essential. By taking the necessary steps, you can ensure peace of mind about the security of your wealth and the inheritance of your loved ones. Join us as we delve into everything you need to know about making a will.

What is a will, and why is it essential to make one?

Making a will tells people how you want your money and assets shared after death. It is essential to make a will to ensure your loved ones benefit entirely from the inheritance you want them to receive.

You should make a will to give financial and emotional security to those closest to you upon your death. If you do not make a will, authorities may take minor children into Care while appointing guardians.

There is one death every 51 seconds in the UK.
– source: United Kingdom Population Clock

Writing a will offers you and your family peace of mind. It alleviates the pressure of “doing what is right” by you during these challenging times.

Critically, it is never too early, but it is often too late to Make a will!

Who can make a Will, and what considerations must they consider?

By planning your estate, you can leave it to whomever you want upon your death. To do this, you must make a will.

You are classified as a ‘Testator’ if you make a will. You must have the legal and mental ability to make or alter a valid will (Testamentary Capacity).

When you make a will, you must consider the following:

Executors
Guardians
Legacies
Residue
The country in which the individual owns assets.

When you make a will, you should set out the following:

who you want to benefit from your will
who should look after any children under 18
who will sort out your estate and carry out your wishes (your Executor)
what happens if the people you want to benefit die before you.

You can also include a charity in your will.

How do I make a will legal?

To make a will legally, you must fulfil several requirements.

be 18 or over;
make it voluntarily;
be of sound mind;
make it in writing;
sign it in the presence of two witnesses who are both over 18;
have it signed by your two witnesses in your company.

You and your witnesses must sign the same document.

Both of your witnesses must see you and the act of signing. You can ask someone to sign on your behalf if you cannot do it.

When your witnesses sign your will, you must have a clear view of them and the act of signing. Your witnesses do not need to sign it at the same time as each other.

You cannot leave your witnesses (or their married partners) anything in your will.

You must follow the same signing and witnessing process if you change your will. In England or Wales, you can sign a will remotely (for example, by video conferencing).

When do I need to seek legal advice?

It is best to seek professional advice before you make a will. If your will is not straightforward, you must seek professional advice to protect your wealth and legacy. These scenarios may include:

you share a property with someone who is not your husband, wife or civil partner
you want to leave money or property to a dependant who cannot care for themselves
you have several family members who may claim on your will, such as a second spouse or children from another marriage
your permanent home is outside the UK
you have property overseas
you have a business

What happens if my will is lost?

If the original copy of the will cannot be found after your death, the authorities will presume that you have revoked it by destruction. As a result, it is then for those ‘seeking’ to prove the will to dispute that presumption.

If you lose your will, unintended Beneficiaries may inherit your estate under the rules of Intestacy.

Where should I store my will?

You must keep your will safe; the original will is the only will. However, you should never keep an original will at home! If you store your will at home, it could suffer damage in various ways, such as through a fire, flood, or burglary, which may lead to its potential invalidation.

Your Solicitor or Will writer may store your will for you at their offices. Equally, the National Will Safe Document Storage facility is a unique national, central storage facility for wills and is a secure way of caring for your important legal documents.

Who inherits my estate if I do not make a will?

If you die without making a will, the division of your estate will follow strict ‘Intestacy’ rules. These rules grant inheritance or estate claims only to individuals who are married to Civil Partners or close relatives of the deceased.

You cannot be sure those you wish to benefit will If you do not make a will. Your spouse or civil partner will not automatically inherit ALL of your estate. Plus, ‘Common Law’ partners may not receive anything if you do not make a will.

One in two (50%) UK adults don’t have a will.
– source IFA Magazine.

They will need legal advice to figure out your estate’s net value and who will inherit what. Authorities could take minor children into Care while appointing guardians. Not legally expressing your wishes could mean lengthy delays for your Beneficiaries and disputes. You cannot prevent certain family members from benefiting if you do not make a will. You cannot leave something to friends, colleagues or charities that fall outside the rules of Intestacy (leaving a valid will).

Is a will the most tax-efficient way of distributing my estate?

No. A basic will is not necessarily the most Tax efficient way of distributing your estate. It is only suitable in limited circumstances. A more detailed will allow you to consider all or some of the following provisions:

Business / Agriculture clause dealing with assets that attract Business or Agriculture Relief;
Life Interest in Property Trust gives a right to reside for either life or a specified period;
Protecting assets in the hands of Beneficiaries from possible creditors (e.g., Divorce, Bankruptcy, Care Home Fees, etc.);
Limiting your exposure to Inheritance Tax;
Limiting your Beneficiaries’ exposure to Inheritance Tax;
Tax efficient ways of protecting business assets.

How can a Trust protect my assets?

Instead of leaving assets to specific individuals, it is possible to leave assets to one (or more) Trusts. The Trust(s) would hold the assets on behalf of the individuals you choose so that it offers some protection rather than if the assets belonged to the individuals. Trusts have the added benefit of being Tax efficient and can reduce Inheritance Tax for future generations.

Who can help me make a will?

You can make your own will, but you must ensure its validity by signing and witnessing it correctly. At Grenfell James, our trusted experts can help with your estate planning needs and support you in making a will. To ensure your loved ones benefit entirely from the inheritance you want them to receive, call us today at 01789 294 484.