Did you know, a third of adults over the age of 55 do not have a will in place? While many of us don’t like to like about future planning, putting a will together doesn’t have to be a complicated process. In fact, most people’s wills are fairly straightforward.
Read through our top 9 must-read considerations when writing a will.
9 Considerations When Writing a Will
When thinking about your own will, make sure you’ve considered each of these 9 areas.
1. Assets
Ask yourself, what are my assets? Make a list of all your assets, including real estate, investments, bank accounts, vehicles, personal belongings, and digital assets. This will help ensure that all your assets are accounted for and can be properly distributed according to your wishes.
2. Appointing Executors
Whom do you trust enough to appoint as your executor? Choose a trustworthy person or a professional executor who will be responsible for managing your estate, ensuring that your wishes are carried out, and handling any administrative tasks, such as paying debts, filing tax returns, and distributing assets to beneficiaries.
3. Choosing Beneficiaries
Whom would you like to support after your passing? Nothing is guaranteed without a will, even passing on assets to your spouse or children. A will can be left to a sole individual or a selection of people, it is even possible to leave money to certain organisations and charities.
4. Distributing Assets
Decide how you want your assets to be distributed among your chosen beneficiaries. You can specify precise instructions or establish trusts to manage assets for specific purposes or individuals. Consider different scenarios, such as simultaneous death provisions or alternative beneficiaries, to account for unforeseen circumstances.
5. Guardians
For those who have minor children, naming a guardian is an important consideration when writing your will. Consider naming a person whom you would feel comfortable entrusting with the responsibility and care for your child in the event of your death. Selecting someone you trust and who shares your values and parenting approach is crucial.
6. Inheritance Tax
It is important to be aware of the potential inheritance tax implications on your estate. Understanding the applicable tax laws and seeking professional advice can help you plan ahead and explore strategies to minimise tax liabilities, such as making use of exemptions, reliefs, or gifting strategies.
7. Personal Circumstances
Take into account your personal circumstances, such as family relationships, dependents, marital status, and any potential challenges or unique considerations. Ensure that your will reflects your current situation and addresses specific needs or concerns.
8. Witnesses
Choose witnesses who are independent, competent, and not beneficiaries or spouses/civil partners of beneficiaries. They must be present when you sign your will and should sign it themselves to validate its authenticity.
9. Storage
Decide how and where you will store your will to ensure its safekeeping. Inform your executor, loved ones, or trusted individuals about the location of your will so that it can be easily accessed when needed. Consider storing it with a solicitor, a bank, or a secure digital storage platform while ensuring it remains confidential.
Quality Over Cost
When it comes to writing a will it must be carried out properly so your wishes are valid. When seeking professional advice or assistance in creating your will, prioritise the quality and expertise of the solicitor or will writer over cost. A well-drafted will can help avoid future complications and legal disputes.
What to Look For in a Will Writing Solicitor
When selecting your trusted solicitor, here are some things to look our for.
- Qualifications: Make sure your advisor is legally qualified, specialising in Trusts and Estates. Look for the trusted qualification of a Trusts and Estates Practitioner, ensuring expertise and up-to-date knowledge of relevant laws.
- Experience: Seek someone with practical experience in advising clients, writing wills, and handling estates. This ensures they understand the real-world impact of your decisions.
- Turnaround Time: Consider appointment availability, draft preparation time, and necessary updates. Timeframes can vary, so ensure they suit your needs.
- Regulated and Insured: Since will writing is unregulated, it's your responsibility to verify if your advisor is properly regulated and insured. Look for advisors regulated by reputable organisations.
- Location: Consider whether you prefer face-to-face or virtual meetings. If in-person meetings are important, check if the advisor charges extra for home visits.
Our Will Writing Solicitors
Creating a will is a significant decision, and seeking professional legal advice is recommended to ensure that your will accurately reflects your wishes and complies with the relevant laws and regulations.
If you are looking for experienced will writing solicitors in and around Birmingham, Northampton or London, contact us today. Arrange a consultation with one of our team by sending an email to info@witansolicitors.co.uk.
FAQ
What are the considerations should you make when writing a will?
Considerations when writing a will include identifying your assets, choosing an executor, naming guardians if necessary, prioritising quality over cost, considering inheritance tax implications, deciding on asset distribution, considering personal circumstances, selecting witnesses, and deciding on where you will store your will.
Does a spouse in the UK automatically inherit everything through a will?
No, a spouse in the UK does not automatically inherit everything through a will. The distribution of assets depends on the specific provisions outlined in the will. However, spouses are typically entitled to inherit a significant portion of the estate, and certain laws protect spouses in case of intestacy (when a person dies without a valid will).
Is a will necessary if I intend to leave everything to my wife?
Having a will is still advisable even if you intend to leave everything to your wife. A will ensures that your wishes are legally documented and can help prevent potential disputes or complications after your death. It allows you to specify your exact wishes and provide clarity regarding the distribution of assets, guardianship of children, and other important matters.
Can a beneficiary also serve as an executor in a will?
Yes, a beneficiary can also serve as an executor in a will. However, it is important to consider potential conflicts of interest. The executor's role involves impartially administering the estate and making decisions in the best interests of all beneficiaries. In some cases, selecting an executor who is not a beneficiary may be more appropriate to ensure impartiality and avoid potential disputes.
