FAQs about Wills
1. What is a will?
A will is a legal document that sets out your wishes regarding the distribution of your property and assets, and it can appoint guardians of any minor children after your death. It names executors, who are the people you choose to be responsible for distributing your estate and ensuring your wishes are followed.
2. Why should I make a will?
Making a will ensures that your assets are distributed according to your wishes. Without a will, the rules of intestacy will apply, which may mean your assets are inherited by family members whom you do not intend to benefit. A will also allows you to appoint guardians for minor children, avoid costly family disputes, and it can be a useful tool in minimising inheritance tax liabilities.
3. What happens if I die without a will?
If you die without a will (intestate), your estate is distributed according to UK intestacy rules. This could mean that your spouse, children, or other relatives receive shares you didn’t intend, and partners who are not legally married may receive nothing.
4. Who can make a will?
Anyone over the age of 18 who has mental capacity can make a will in the UK. The person must understand the nature and effect of the will and those people they ought to consider, and the document must be properly signed and witnessed.
5. Can I change my will?
Yes, you can change your will at any time by creating a new will or adding a codicil (a legal amendment). It’s important to review your will regularly, especially after major life events like marriage, divorce, the birth of children, or if your financial circumstances significantly change.
6. How do I ensure my will is legally valid?
The best way to ensure a will is legally valid is to have one professionally prepared by an SRA regulated lawyer so that you can be sure that all of the requirements have been met. A will must be in writing, signed by you, and witnessed by two people who are not beneficiaries. If these conditions aren’t met, the will may be deemed invalid.
7. Can I write my own will?
While it is possible to write your own will, using a lawyer ensures that your will is technically accurate and minimises the risk of disputes after your death. The structure of a will is very important and as experienced professionals we can prepare a will which best suits your circumstances, and which might save you some tax along the way.
