What is a Will and why should you get one?
Explore what a will is, how to write it, and why you should probably get one just in case.
What is a will?
A will is a legal document that outlines your final wishes once you’ve passed away.
In your will, you’ll instruct the executor (the person who carries out your wishes) on how to your possessions, assets, and money are divided among your beneficiaries (the people who receive an inheritance).
For a will to be valid and legal:
You must be 18 or over
You must have mental capacity
It must be made freely and voluntarily
It must be made in writing
It must be signed by two witnesses in front of you
It must be signed by you in front of two witnesses
Why do I need a will?
People draft wills for all sorts of reasons but one of the main reasons is peace of mind.
No-one knows what might happen in the future. With a will in place, you give stability to your loved ones eve, no matter what life throws at you. Without a will, your estate is distributed as the state sees fit, not how you wish – so your family and friends risk losing out on their inheritance.
A significant change in life events is another reason many choose to get a will. You should consider a will if you have:
Bought or sold property
Married, divorced, or entered a civil partnership
Had a baby
Bought or sold a business
Bought or sold high-value or important assets
Finally, a will lets you minimise inheritance tax when leaving property to friends and relatives. A solicitor will be able to advise on how best to do this.
How do I make a will?
There are three ways you can write your will:
DIY will
A do-it-yourself will is a document template that lets you ‘fill in the blanks’. You can download them online or buy in newsagents, but they’re not comprehensive or suitable if you possess anything of value.
Will-writer
A will-writer is legally permitted to draft your will – but they usually can’t offer additional services, like Power of Attorney, and they’re restricted when giving advice as they’re not trained solicitors.
Solicitor
A solicitor handles all will-writing aspects, making sure it’s correctly worded, formatted, and helping you get it right first time. They’ll be able to offer expert advice on writing a valid will.
When it’s time to write your will, you’ll need to choose:
An executor: this will usually be your solicitor, but it can be anyone over the age of 18 who you trust to carry out the instructions in your will to the letter.
Two independent witnesses: if your will is later challenged in court, your witnesses will be asked to state that your will was made freely and you know what you were doing when you made it.
Remember: witnesses and their spouses cannot benefit from your will in any way.
How can I change my will?
Your will may be a static document, but life definitely isn’t. For that reason, it’s straightforward to make changes to your existing will.
You should aim to update your will whenever your circumstances significantly change.
You can do this in two ways:
Add a codicil
A codicil is an additional document that’s attached to your will, providing additional information. For example, it might state your change in address. It’s best used for minor changes.
Write a new will
Your will should be as clear and explicit as possible – and too many codicils can make it a bit too complex (and open to challenges). If you’ve added too many, or there has been a major change in your life, it’s probably best to write a new will.
Our friendly, professional legal experts here at Hannah Solicitors are always on hand to guide you through the will-writing process. Use our quick contact form and together we’ll help you and your loved ones prepare for the future.