How to make your will
16/01/2019
Author: Emma Wood
Ever thought about making your will then busied yourself with something else? You’re not alone; more than two thirds of people in the UK don’t have one.
Drafting a will is the only way to make sure your money, investments, property and possessions go to those who you want to benefit from them. Without a will, you’ll ‘die intestate’ which means that it's the state that decides who inherits your assets, not you.
For those who have never done it before, it can be a daunting process, so we’ve outlined the things you’ll need to know when making your will:
Value your estate
The first thing to do is to understand what your estate will be worth by making a list of your assets and debts. Assets will include your home or any property you own, savings, stocks and shares or premium bonds. It'll also include life insurance, endowments policies, pensions or policies that pay out on your death. And, don’t forget about online accounts as they can easily be missed if there’s no actual paperwork to evidence them.
Other assets to consider are the physical ones - your car or any other vehicles you own, jewellery, artwork, family heirlooms or antiques. Do you have any other items that are of value? Most households contain a variety of goods, such as televisions, music systems, gadgets and other contents that are considered valuable, either financially or sentimentally, so don’t forget those.
Next, outline your debts. Do you still have a mortgage, a loan, a credit card balance to pay? Any overdrafts or equity release arrangements also need to be accounted for.
What about the kids?
If you have children under the age of 18, a will helps you to plan for their future by allowing you to nominate their guardians in the event of your death. Without a legally binding instruction from you, via your will, your children will be cared for by who the law states should look after them.
Who do you want to benefit?
It’s really important to be clear about who you want to leave your estate to and what exactly you want them to have. This doesn’t just mean your next of kin, but cousins, friends, organisations or charitable causes too.
Are there specific items or monies that you would like to go to people who may not be a blood relative? Do you want to donate some money to a local charity or perhaps contribute to a cause close to your heart?
It’s also worth bearing in mind what should happen if any beneficiaries you elect die before you do – who will you gift their inheritance to instead?
Donating to a charity
If you decide to leave money in your will to a charity, ensure you include its full name, address and registered charity number. Without it, your charity may not be eligible for your gift.
Choose your executor
Executors are the people who’ll deal with distributing your estate after you've died, so you need to make sure that whoever you choose, they’re capable of doing it and want to as it can involve a lot of work and responsibility. You can choose anyone to be your executor, as long as they’re over 18 years old.
Writing your will
It’s always advisable to seek guidance from a solicitor. They’re regulated by industry bodies, such as the Law Society or the Solicitors Regulation Authority to ensure that they have a duty of care to you and are insured.
Unregulated will writers can hold themselves out to be experts when they may not be and DIY online wills only take into account straightforward circumstances, which could leave your loved ones in a legal minefield if your estate is a little more complicated.
How do I make sure my will is valid?
Your will needs to be signed by yourself and two independent witnesses in each others presence. If it’s signed incorrectly, it won’t be valid.
The witnesses, their spouses or civil partners can’t be a beneficiary of your will otherwise they’ll lose their right to their inheritance. In fact, they shouldn’t even be present when your will is being signed. It’s also wise not to ask an executor to be a witness.
If you can’t physically sign the will yourself, it should be signed on your behalf with you present and having your consent that you’ve made the will voluntarily and without pressure from anyone else. In these instances there needs to be a clause added stating that you understood the contents of the will before it was signed.
If you’re diagnosed with a degenerative mental illness, such as dementia you can still make a will as long as you have mental capacity and understand the effect it will have. Again, you’ll need to add a clause saying you understood the contents of your will before it was signed. You may also need a medical practitioner’s statement at the time the will is signed, certifying that you understand what you are signing.
Store your will safely
It’s advisable to store your will with your solicitor who can provide you with a copy for reference. It’s also important to let your executor know where your will is kept. Crucially, don’t attach any documents to the will with paperclips or staples because if they become separated and leave marks it could raise questions about whether the will is missing any parts or amendments.
Keeping it up to date
Making sure your will is kept up to date can’t be stressed enough. If your circumstances change it invalidates your will. So if you get married, divorced or have children, for example, you need to account for it in your will. Once you’ve updated your will, make sure you destroy any earlier versions to avoid confusion.
At Russell & Russell, we specialise in will writing. We’re accredited to the Law Society Wills and Inheritance Quality Scheme, which sets the benchmark for best practice and transparency in setting up wills and estate planning. We offer a free, no obligation consultation so that you can decide what you want to do and what’s best for you.