The Importance of Having a Will
A will is a legal document that lets you state what happens to your possessions, money and property (otherwise known as your estate) when you die.
There are many benefits to having a will, such as:
- If you are unmarried or not in a civil partnership, you can ensure that your partner is cared for
- You can assign specific belongings to certain individuals – such as a painting or jewellery that you would like to go to a particular person
- If you are separated but not divorced from your partner, they can still make a claim to your estate
- There are inheritance tax benefits – wills can be used to save on inheritance tax bills
- If you have children under the age of eighteen, your will lets you outline the care you wish for them to receive
- You can donate to any charitable organisations of your choosing
- Your family will be shielded from making crucial decisions at a difficult time
The list could go on and on, but the benefits of making a will certainly outweigh any costs of creating one.
If you do pass away without a will, the law will decide who inherits the estate.
How to Write Your Will
Unfortunately, you can’t just write your wishes down on a piece of paper and expect it to be legally binding. There is a legal process to follow in order to create a valid will.
Writing Your Own Will
In simple cases, such as you wanting all your assets to go to your wife/husband/civil partner, then you could write your own will. However, it’s always best to seek legal advice before doing so, especially if the case is more complex.
With changing family structures such as step children, children from a previous marriage, ex-partners etc. it has become a much more complicated process.
When You Need a Solicitor
You should certainly seek legal advice if your will is not straightforward, such as:
- You cohabit with someone who is not your wife/husband or civil partner. Even if you have lived with your partner for years, you do not have the same rights as a married couple, or those in a civil partnership
- You’re trying to limit your inheritance tax
- You have a property overseas
- You own a own business
- You wish to leave money/property to dependants who can’t care for themselves
The family structure is complex – such as ex-partners who may have claim to your estate
Getting a professional to look at your will ensures that your specific wishes are carried out and are not open to misinterpretation.
Make Sure Your Will is Legal
For your Will to be legal, you must
- Make sure you sign and date your will in front of two witnesses over the age of eighteen
- Ensure these witnesses also sign and date your will
- Make your will in writing
- Make your will voluntarily and be of sound mind
- Be aged over eighteen
