Although not an exhaustive list, we’ve listed out our top 10 Do’s and Don’ts when it comes to making a Will.
In the UK there are no hard and fast rules on who can write your Will for you. However, that’s not to say that there isn’t a right or wrong way to go about it.
You may have seen the DIY Wills you can collect from the local post office, or perhaps a cheap will template online. Although legally binding when done correctly, who’s to say they have been done correctly?
When making a DIY Will it’s easy to make mistakes which could have a negative impact on the estate or be invalid altogether. These errors could easily be avoided by using a professional Will writing service.
DIY Wills have also been attributed to a 60% rise in estates being contested*, resulting in costly legal fees and family fallouts. Our advice? Leave it to the professionals.
Executorship and Guardianship are legal roles which you are appointing in your Will. However, just because you have appointed people for these roles does not make them legally obligated to follow-through with them.
It is absolutely essential that you carefully consider who takes on these roles and that they are aware they have been named.
Executorship can be carried out by professional estate administration companies should this be a preferred option. Guardians, on the other hand, will need to be someone appointed by you. If not, they will fall under the care of the state until a suitable guardian can be found.
Don’t worry, we’re not saying you need an itemised account of your bits-and-bobs drawer. But higher value or more sentimental items should be listed in your Will to avoid family disputes. It can be difficult for executors to fairly distribute higher value items such as jewellery, expensive paintings, sentimental photo albums etc. Therefore, by listing these items out when making your Will you will be saving potential arguments in the future.
Unfortunately, writing a Will isn’t something you can do just once and forget about. Depending on your stage in life, there may be circumstances in the future that would require your Will to be updated.
Marriage, divorce, the birth of a child etc. are all reasons to re-evaluate the contents of your Will and potentially make some changes.
We do appreciate that checking your Will isn’t always at the forefront of your mind. This is why we offer all of our customers an annual courtesy call to ensure their Will still reflects their wishes.
It’s all well and good writing a Will and getting it signed correctly, but if it can’t be found you may as well not have bothered at all. It is essential that the original Will document can be found after death for the contents to be carried out. Without this, you will be classed as dying without a Will.
We would always recommend using our Will storage service to ensure your Will is kept safe and intact. This also comes with free Will registration with Certainty, a national Will register, to ensure your Will can be found.
If you’re reading this, we’re assuming you’re at least considering making a Will. Life is full of surprises and we never know what’s around the corner. Writing your will shouldn’t be something you put off for the future, because you never know when it’s going to be needed.
It can be tempting to try and save a bit of money now by doing a DIY will or using a less-qualified online service. But this is a false economy. When it comes down to it, by spending a bit more now to ensure your Will is a true reflection of your wishes and legally binding, you could be saving thousands in future legal costs over Will disputes for your family.
Which is why you’re writing a Will anyway, right?
Your estate includes any policies, investments or shares that you own at time of death – not just what’s in your current or savings account. Your Will should be drafted to include all of these assets, with policy and account numbers. This ensures that all of your assets can be easily found by your executor and distributed to the relevant beneficiaries.
For instance, joint bank accounts are not yours solely and therefore the contents are automatically left to the other holder of the account. Similarly, if you jointly own a home, unless you have a Tenancy in Common agreement, your share of the home will refer back to the surviving owner(s).
Once you have written your Will it needs to be signed correctly to become a legally binding document. Generally, anybody can sign a Will as long as they are of sound mind, over 18 and not blind. However, one big caveat is that they cannot be of benefit to the estate.
Anybody who you have left gifts to in your Will (including their partners or children) should not be chosen as witnesses. To be on the safe side, it’s best to avoid direct relations acting as witnesses. Instead, choose impartial parties such as neighbours or friends.
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