UK Will Writing Guide
A will is a legal document that outlines how you want your assets (including property, money, and possessions) to be distributed after your death. It also lets you name guardians for minor children. Having a will is crucial for anyone, regardless of age or financial situation. Without one, your wishes may not be legally honored, potentially leading to complications for your loved ones.
Key Considerations Before Writing Your Will
Before you start writing your will, take some time to carefully consider these essential aspects:
Assets: A Comprehensive Inventory
Before deciding how to divide your belongings, you need a clear picture of everything you own. Taking a thorough inventory of your assets is the first step towards drafting a will that truly reflects your intentions. Let's break down the different types of assets you'll need to consider.
Property
- Your Home: Do you own your residence outright, or is there a mortgage to consider? Your home is likely one of your most significant assets, so it's important to be clear about its ownership status.
- Additional Properties: If you own rental properties, holiday homes, or other real estate, these also need to be included in your will, specifying how you want them handled.
Bank Accounts & Investments
- The Basics: Don't forget to list all your savings and current accounts. Think about everyday banking as well as less frequently accessed savings vehicles.
- Investment Accounts: Detail any stocks, bonds, ISAs, or other investment accounts held in your name.
Retirement Accounts/Pensions
- Preparing for the Future: Any pension schemes, retirement savings plans, or investment portfolios related to your post-work life need to be factored into your will.
Life Insurance
- Protecting Loved Ones: If you have any life insurance policies, make sure to include them in your will. Be specific about the beneficiaries and any conditions on these policies.
Business Ownership
- Enterprises & Investments: For business owners or those holding shares in private companies, your will needs to outline what happens to these assets in the event of your passing.
Vehicles
- Modes of Transport: Cars, motorcycles, and other vehicles in your ownership should be included in your asset inventory.
Valuable Possessions
Jewelry, art, antiques, or items with strong sentimental value may hold significance beyond their monetary worth. Think about whether you want to pass any of these specific items down to individuals.
Beneficiaries: Who Will Inherit?
Consider the following when deciding who will receive your assets:
- Spouse/Civil Partner: Your spouse or civil partner is likely a primary beneficiary. Be clear if you intend them to inherit everything or a specific portion of your assets.
- Children: Think about how you want assets divided among your children. This includes children from any previous relationships.
- Extended Family: Do you wish to include other relatives like siblings, nieces, nephews, or cousins in your will?
- Friends: You may choose to leave certain assets or gifts to close friends who have played a special role in your life.
- Charities: If there are any particular causes you hold dear, consider donating a portion of your estate.
Executors: Appointing Responsible Individuals
- Your executors will be tasked with handling the practicalities of carrying out your will. It's one of the most important decisions you'll make. Here's what to keep in mind:
- Understanding the Role: Explain the duties of an executor so readers understand the weight of this responsibility.
- Choosing Wisely: Emphasise the importance of trustworthiness, competence, and ideally some familiarity with financial/legal matters. Potential executors should also be in reasonably good health considering their age.
- Multiple Executors: Briefly explain why naming more than one executor can be beneficial.
Guardianship: Protecting Your Children
- Crucial for Minors: If you have children under the age of 18, your will must name a legal guardian to care for them should you pass away.
- Factors to Consider: Choose someone who shares your values, has the means to support the children, and is ideally someone your children know and trust. Consider their lifestyle, location, and ability to handle the responsibility. Have open conversations with potential guardians beforehand.
How to Write a Will in the UK
When it comes to creating your will in the UK, you have three main options:
Do It Yourself (DIY)
Will-writing kits and online templates can provide a basic structure for a straightforward will. However, it's crucial to understand that even minor errors can render your will invalid. Here's why you should carefully consider this option:
- Limited Scope: DIY solutions are best suited for simple wills with a small estate and straightforward distribution wishes. If your family situation is complex, you have significant assets, or your wishes are not typical, using a DIY approach may not be the best choice.
- Legal Validity: The burden of ensuring your will is legally sound rests entirely on you. Even seemingly minor mistakes like incorrect wording or improper witnessing can invalidate your will, potentially causing unnecessary complications and delays for your loved ones.
Online Will Writing Companies
Several reputable online companies, such as Farewill, offer guided will-writing services. These can be a more user-friendly and affordable alternative to traditional solicitors. Here are some things to keep in mind:
- Focus on Simplicity: Like DIY options, online services typically cater to uncomplicated estates and situations. While some may offer consultations with legal professionals, the level of customisation may be limited.
- Understanding the Company: Research the company's experience, qualifications, and customer reviews before proceeding. Ensure they provide clear information on their terms of service and any limitations of their service.
Using a Solicitor
Consulting a solicitor specialising in wills and probate offers the most comprehensive approach.
- Expert Guidance: A solicitor can guide you through the entire will-writing process, ensuring your wishes are clearly and legally documented. They can address complex family situations, minimise tax liabilities, and help you navigate various inheritance options.
- Peace of Mind: Having a qualified professional draft your will gives you peace of mind knowing it's legally sound and will be executed as you intended. This can minimise the risk of future disputes or delays for your beneficiaries.
Ultimately, the best choice depends on your individual circumstances. If you have any doubts or your situation is not straightforward, consulting a solicitor is always advisable.
Witnessing and Storing Your Will
You've put thought into your will, making sure it reflects your wishes. Now, let's discuss how to safeguard its validity and make it easily accessible after your passing. We'll cover the requirements for witnessing your will and the best options for storing this important document.
The Importance of Proper Witnessing
Your will is not legally valid in the UK unless it's witnessed correctly. Witnesses play a crucial role in verifying the following:
- Your Intent: They confirm that you signed the will of your own free will and were not pressured or coerced.
- Mental Capacity: They attest that you were of sound mind and understood the contents of your will and its implications.
- Protection from Disputes: Proper witnessing helps protect your will's validity, minimising the possibility of future challenges or disputes among your loved ones.
Choosing Witnesses Carefully
- Legal Requirements: Witnesses must be over 18, mentally capable, and must not be beneficiaries or spouses/civil partners of beneficiaries in your will.
- Reliability: Choose trustworthy individuals who understand the importance of their role and are likely to be traceable in the future if their testimony is needed.
- Avoid Potential Conflicts: It's wise to avoid naming your executor as a witness, as this can create complications if your will is contested.
The Witnessing Procedure
- Presence: You and your two witnesses must sign the will while in each other's physical presence.
- Order: You must sign first, followed by each of your witnesses in your presence.
- Dating: Each signature must include the date to ensure clarity and validity.
Safe Storage Options
- At Home: If storing your will at home, invest in a high-quality fireproof and waterproof safe. Most importantly, clearly tell your executor and/or a trusted family member where the will is stored and how to access it.
- With Your Lawyer: Lawyers often offer will storage as part of their service. This provides professional security and the benefit of automatic notification to your legal representative upon your passing.
- Will Storage Services: Specialist companies offer secure will storage facilities and have processes in place to promptly release your will and notify your loved ones.
Updating Your Will
Your will should always be a true reflection of your current circumstances and intentions. Let's look at the key events that might require a will update, ensuring your assets are distributed according to your wishes.
Life Events that Demand Will Updates
Review your will regularly and pay special attention to these major life changes that should prompt updates:
- Marriage/Civil Partnership: Marriage or entering into a civil partnership will automatically revoke any prior will. Update yours as soon as possible after the event.
- Divorce/Dissolution: While divorce doesn't always directly invalidate a will, it's crucial to review your beneficiaries. You might unwittingly leave assets to an ex-spouse unintentionally.
- Children: The birth or adoption of a child, decisions about guardianship, or even evolving relationships with existing children all necessitate changes to your will.
- Buying/Selling Significant Assets: Major acquisitions or sales of property, businesses, or other high-value assets warrant a will update to ensure proper distribution.
- Death of a Beneficiary or Executor: If someone named as a beneficiary or executor in your will passes away, make the necessary revisions.
- Changes in Your Own Wishes: Even without external changes, it's wise to re-evaluate your will periodically. Your priorities or intentions for your assets may evolve over time.
Methods of Updating
- Codicil: This is a formal, legal document that amends an existing will. It's ideal for minor adjustments and must be signed and witnessed the same way as your original will.
- New Will: For extensive changes, especially if your original will is complex, creating a new will is usually recommended. This offers the most clarity by clearly revoking any previous wills.
What Happens if You Die Without a Will (Intestacy)?
If you pass away without a will, the law dictates how your estate is distributed. Unfortunately, this may not align with what you would have wanted. This could lead to unexpected outcomes for your loved ones. Dying intestate means your assets will be distributed according to a strict legal formula. Here's a basic overview, but specific rules can vary based on circumstances:
- Married/Civil Partnership with Children: Your spouse inherits your personal belongings, a statutory sum and half of the remainder. On the 27th July 2023, the statutory legacy was increased from £270,000 to £322,000. The other half of the estate is split between your children.
- Married/Civil Partnership, No Children: Your spouse inherits the entire estate
- Unmarried, with Children: Your children will inherit everything, divided equally.
- Unmarried, No Children: Your estate may pass to parents, siblings, or more distant relatives. If no eligible relatives exist, the estate passes to the Crown.
Potential Problems of Intestacy
- Not Reflecting Your Wishes: Intestacy rules may not match how you wanted your assets distributed. Unmarried partners, stepchildren, and close friends don't automatically inherit.
- Family Conflict: The rigid rules can create tension or conflict among your loved ones.
- Delays and Additional Costs: The administration of an intestate estate is often more complicated and can take significantly longer.
Conclusion
Writing a will is a significant step towards ensuring your wishes are respected and your loved ones are taken care of. While it may not be the most lighthearted task, it ultimately offers peace of mind, knowing that you've done your part to protect your legacy. Don't hesitate to seek professional guidance if you need help along the way.
Helpful Resources
Find a solicitor: https://solicitors.lawsociety.org.uk/
National Will Register: Stores will and offers certainty will search services - https://www.nationalwillregister.co.uk/
Citizen's Advice: https://www.citizensadvice.org.uk/family/death-and-wills/wills/
How do I write my will?
You have a few options when it comes to writing your will in the UK:
- Do-it-yourself: You can find will-writing templates online or at stationery shops. This is the cheapest option, but it's important to follow the instructions carefully to ensure your will is valid. Mistakes could lead to it being contested after your death.
- Use a will-writing service: There are companies that specialise in helping people write their wills. This can be a good option if you have a complex estate or want professional guidance. These services are often cheaper than solicitors.
- Instruct a solicitor: This is the most expensive option, but it gives you the peace of mind of knowing your will has been drafted correctly by a legal professional. Solicitors can also advise on more complex estate planning matters.
How do I make sure my will is valid?
For a will to be valid in England and Wales, it must meet the following requirements:
- Be in writing: This can include typing or handwriting.
- Be signed by the testator (the person making the will): This must be your usual signature.
- Be witnessed by two independent witnesses: The witnesses must be present when you sign and must then sign the will themselves in your presence. They cannot be beneficiaries of the will or spouses/civil partners of beneficiaries.
Where should I store my will?
- At home: You can store your will in a safe place at home, such as a fireproof box or locked drawer.
- With a solicitor: Many solicitors offer secure will storage facilities.
- With a will-writing service: Some will-writing services also offer storage.
- The Principal Registry of the Family Division: You can deposit your will with the Probate Service for a fee.
It's important to let your executors know where you've stored your will so they can easily access it after your death.
How do I update my will?
You can update your will by making a codicil, which is a supplementary document that amends your existing will. Codicils must be signed and witnessed in the same way as a will. However, if you're making significant changes, it's usually best to make a new will altogether.
You should review your will regularly, and definitely update it after major life events such as marriage, divorce, the birth of a child, or a significant change in your financial circumstances.
What happens if I don’t make a will?
If you die without a valid will in the UK, you are said to have died "intestate". This means your estate will be distributed according to the rules of intestacy. These rules are complex and may not reflect your wishes. For example, unmarried partners have no automatic inheritance rights under intestacy rules.
Dying intestate can also cause delays and complications for your loved ones at an already difficult time.