What is a Will, and should you be making one?
The short answer is yes. This article will tell you what a Will is, exactly why you should be making one, the misconceptions around Wills and why a Will should be prepared by a professional.
What is a Will?
A Will is a legal document which specifies how your assets and estate should be distributed after your death. It provides you with the opportunity to make clear decisions about who will inherit your assets, who will be responsible for managing your estate and who will take care of any minor children that you may have.
If you do not have a Will, your assets will be distributed according to the laws of intestacy, which may not align with your personal wishes.
Why Should You Make a Will?
Here are some compelling reasons to make a Will:
- Protecting your Loved Ones
- A fundamental reason for making a Will is to ensure that your loved ones are provided for in the manner that you intend. It will remove any uncertainty around your wishes and can ensure that your loved ones know exactly what you want to happen to your assets. This can help avoid any misunderstandings between family members.
- Save Time and Costs
- Without a Will, your estate may go through lengthy legal processes, potentially increasing the costs, delaying the distribution of your assets, and reducing the amount of assets available for distribution to your loved ones. Having a Will in place can help minimise the emotional and financial stress during this difficult time.
- Ensure your wishes are honoured
- Creating a Will puts you in control of your legacy and ensures that your possessions will go to the people that you care about.
- Provide for Minor Children
- Naming a guardian is crucial if you have young children because this ensures that they will be cared for by someone that you trust in the event of your death. Having no Will or not appointing a guardian in your Will could mean that any young children you may have could be cared for by someone that you would not have wanted.
Common Misconceptions About Wills
There are many myths surrounding Wills, which can prevent people from creating one. I will be dispelling some of the most common misconceptions:
- “I don’t have enough assets to need a Will”
- Making a Will is not about your level of wealth and the amount of assets that you have, it is about having clarity over your wishes for your loved ones. Even if you have no assets, you should appoint guardians in your Will as mentioned above and executors to deal with your funeral and formalities.
- “I’m too young to make a Will”
- Life is extremely unpredictable, and anything can happen suddenly at any time. Having a Will in place is a good safeguard at any age and as long as your are over 18, you should consider making a Will.
- “It’s too expensive”
- Executing a Will avoids the potential increased costs and stress of dying intestate. In the long term, the investment in paying to having a Will professionally drafted is worth it.
- “I can just write my own Will”
- Homemade Wills might seem simple but often miss crucial legal details which may end up leading to disputes or invalidate the document.
How to create a valid Will?
For a valid Will to be created, it must conform to certain legal requirements. The person making the Will must have the capacity to do so, meaning they must be of sound mind and understand the implications of their decisions. This can be assessed by a solicitor and if there is any doubt in relation to capacity, a qualified medical professional can be instructed to complete a formal capacity assessment. This can protect the estate against challenges from disappointed beneficiaries.
Invalid Wills or badly drafted Wills are often the cause of Will disputes between beneficiaries and loved ones of the deceased. If your Will is invalid, it could result in your estate being divided according to the laws of intestacy. The laws of intestacy state that if you die with no valid Will, the first £322,000 of your estate as well as all of your personal possessions will pass to your spouse. Your spouse will also receive half of the remainder of the estate with the other half divided equally amongst any surviving children (or their children if they did not survive you). Where there is no spouse, your estate passes to your closest living relatives starting with your children. This may not reflect your personal wishes or preferences or may not be the most tax efficient way of dealing with your estate. There are strict legal requirements to follow when executing a Will to ensure it is valid. A solicitor can ensure that this is carried out correctly.
Why a Will should be drafted professionally?
Creating a Will involves more than just writing down your wishes, it must meet specific requirements to be valid and effective. Working with a professional is essential to:
- Avoid Errors
- A professional will ensure that your Will is legally sound consequently minimising the risks of it being invalid or challenged.
- Provide Tailored Advice
- A professional can offer personalised advice based on your assets, family dynamics, goals, and overall estate planning.
- Account for Complexities
- Professionals can help you navigate any complexities that may arise in your situation especially if you own a business, have international assets, or want to establish a trust.
- Keep It Updated
- A professional can help you update your Will as life changes and your circumstances evolve.
- Have Peace of Mind
- If you know that your Will has been drafted correctly, it provides you with confidence that your loved ones will be taken care of in the event of your death.
Summary
A Will is something that everyone who is over eighteen should consider making as it a responsible and caring step to take for the benefit of your loved ones. We would be happy to discuss your requirements and to prepare a new Will for you. Please contact the Preston Redman offices on 01202 292424 and ask to speak to one of our Private Client secretaries who can make an appointment for you with one of our experienced solicitors.
