Writing a Will is about choice. We all have a Will, but we either choose what happens by writing our own will or the Law decides for us, this is known as ‘intestacy’.
A Will is a legal document that ensures you have a say in who gets what after you die. This includes ensuring that certain people will benefit from an inheritance, while others do not. A Will can establish:
Failure to make a Will detailing your wishes causes added stress for those left behind.
Your family may suffer financial hardship due to delays in accessing your estate and a court claim may need to be made against other beneficiaries including your children.
Without writing a Will the law assumes you wanted your estate distributed according to the tight and restrictive rules of the law of intestacy which means:
You can do it yourself but a Will is a legal document. What you think is logical and clear may not be interpreted that way in Law. Take advice, especially as you can’t always know exactly what you don’t know.
If you died tomorrow, who would sort out your affairs, look after your children and where would your money go?
A Will helps those you’ve left behind with knowing how to carry out your wishes
Always use somebody who is a member of STEP (Society of Trust and Estate and Practitioners). You’ll know if someone is a member because they will have ‘TEP’ after their name. STEP members are the most qualified in this field of work.
It is advisable to review your Will every 3-5 years to check it is still relevant for your circumstances. Having an out of date Will can often be as problematic as having no Will.
Yes, getting married invalidates any previous Wills. Unless your current Will states ‘in contemplation of marriage’ you will need to make a new one.
For immovable assets, e.g. real estate, it is advisable to get a separate Will in the country of origin. However, it is important for this to be done in conjunction with your UK Will so as not to invalidate either of them.
Changes to your Will can be made at anytime while you have the mental capacity to do so. Changes can be made using amendments (called a Codicil) or by simply issuing an updated Will reflecting the changes.
IMPORTANT
Will writing is not regulated by the Financial Conduct Authority.
We have excellent partnerships with two of the country’s leading law firms and will writing firms. Each can help with Will Writing, Probate Services and Lasting Power of Attorney. We will put you in touch with them for an initial no obligation chat about your individual needs.