The only way to ensure that your estate and assets are divided according to your wishes in the event of your death is to make a will. If you don’t make a will, the people that benefit from your money, property and valuables may not be the people you would want to.
If you die without a will, known as “intestate”, your estate will be divided according to the laws of intestacy. The law may not mirror who you would wish to benefit, particularly if you are not married. Not having a will could therefore cause your loved ones additional upset at a time they are grieving for you.
Making a will is an essential task which you should undertake at the earliest opportunity. It is very important you have a will if you have children under the age of 18, or if you have possessions of your own. Making a will is usually very simple and makes dealing with your estate on your death much easier. We have put together a short guide to making a will, and ensuring your will is valid.
What is a will?
In simple terms, a will is a legal document which determines how you want your assets to be divided in the event of your death. You can make a will yourself but it is advisable to use the services of a solicitor to ensure the will is valid. Your solicitor can also advise on issues such as inheritance tax and asset protection.
In order to be valid, you must be over 18 years of age, and the will must be:
- Signed by you in the presence of two witnesses. The witnesses should then also sign your will, in the presence of you and of each other. The signing of the will is very important. If the will is signed incorrectly, it may not be valid.
- Produced when you have the mental capacity to know what you are doing
- Produced by you voluntarily, i.e. you were not coerced into making the will by someone else with designs on elements of your estate.
Once the will is complete and is valid, it is usually stored with a solicitor or a bank, and you would usually retain a copy yourself.
Where do I start when making a will?
Our specialist solicitors will guide you through the process of making a will and will be able to take all relevant details from you and answer any queries you have during an initial meeting.
The best place to start when making a will is to list all your assets and valuable belongings. In some cases, your assets may be a house, a car and a bank account, but assets can also be more complex and include insurance policies, pension funds, investments in trusts or stocks and shares. Valuables can include jewellery, family heirlooms or collections (art, rare books or music). You should also make a note of any liabilities and debts you have. This could include a mortgage, credit card balances, outstanding loans and overdrafts.
You should then consider who you want to benefit from these assets. Typically this will be a wife/husband, civil partner, unmarried partner, children, or other family members and friends. Some people also leave assets to a nominated charity.
You should also consider who you would like to deal with your estate on your death, known as your executor/s. If you have children under 18 or intend to have children in the future, you may also wish to appoint a guardian in your will.
Important considerations when making a will
Property – When a property is purchased jointly you will be asked whether you wish to own it as “joint tenants” or “tenants in common”. If you co-own your property as joint tenants, this means the property will automatically pass to the co-owner on your death, outside of your will. It would be important, therefore, to change this if you wish your share of the property to pass elsewhere, such as to your children. Our specialist solicitors can check the way you own the property and change this is necessary.
Bank accounts – If your money is in a joint account then the account will usually pass to the joint holder of the account on your death. You may also have accounts or savings in your own name, in which case you will set out who benefits from these in your will.
Businesses – Business ownership can be complex and in most cases you would agree with business partners and shareholders how your share of the business would be distributed in the event of your death. That is not always the case though, so it is important that you get legal representation to ensure this element of the will is done correctly to reflect your wishes.
Funeral – A will is also an opportunity to express a wish of how you wish arrangements for your funeral to be carried out, such as cremation or burial, location and details such as flowers, music and themes.
Executor – You must appoint an executor, whose task it is to act on your behalf to ensure the will is distributed according to your wishes. As there is a significant amount of work and responsibility involved in this task, you should appoint someone you trust first and foremost, but also someone who is reliable and able.
Review – Once a will is complete and valid, it can still be changed. You should review a will periodically to ensure it still accurately reflects your wishes. People often change a will upon key milestones, such as marriage or divorce, having children, the death of a family member (although you can state in the will what you want to happen should this occur before your own death) or buying new property or other valuable assets. Changing a will immediately revokes any previous version of the will, and any previous version should also be destroyed in order to avoid confusion or conflict in the future.
Contact Ison Harrison for support and assistance in making a will
At Ison Harrison we have specialist solicitors trained in the process of wills and probate, who can guide you through this process to ensure the will accurately reflects your wishes, and that the will is valid. We can also help and support loved ones in the event of your death, and with the subsequent process of applying for probate and distributing the estate’s assets, so contact our team at Ison Harrison today.
