If you are an adult in the UK, you probably need a Will.
Making a Will is the only way to ensure your assets are passed on to the people you want to benefit from them after your death.
If you die without a Will, any assets that belonged to you must be distributed according to the strict rules of intestacy – which may not be how you expect or would want your estate to be shared.
This can be hugely distressing for loved ones.
However, despite their importance, the Association of Lifetime Lawyers has revealed that almost half (49%) of UK adults don’t have a Will and one in ten adults in the UK have started making a Will but have failed to finish it.
These statistics have prompted the organisation to run an annual campaign ‘Update Your Will Week’, which this year runs from 3 to 9 March.
To show our support for the initiative, in this blog, our experienced Wills Solicitors consider the key steps involved in writing a Will.
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Work out your assets and liabilities.
The first stage of the Will-writing process is to work out what your estate is worth, which you can do by drawing up a list of your assets and liabilities.
Assets that typically comprise an estate include:
- Any property you own (both individually and jointly, in the UK or abroad).
- Money held in banks and building societies.
- Pension funds.
- Insurance policies.
- Investments.
- Jewellery, antiques, cars, furniture and other personal items and household goods.
Debts might include:
- Mortgages.
- Loans.
- Credit card debt.
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Speak to a Wills solicitor.
It may be tempting to use a cheap, unregulated Will writer or create a DIY one at home, but a Will is an important document and should be prepared by a solicitor.
Without the advice of a regulated legal specialist, a homemade Will can easily fall foul of complex legal and tax rules, creating unexpected problems and, in some cases, leading to severe consequences.
At Bookers & Bolton, we know that it may be difficult to take time off work and visit an office to talk to a solicitor about your Will, which is why we launched our new Will writing service, designed with working homeowners in mind.
Now, writing your Will can be done during your lunch hour and you are guaranteed the same high standard of legal advice as you would if you were to meet us in person.
Find out more here or get in touch with Amy on 01420 558335 or amy@bookersandbolton.co.uk.
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Consider how you wish to distribute your estate.
Once you have established what comprises your estate, you will need to decide who you wish to benefit from it after your death.
Deciding who should inherit your estate is largely a personal choice, but your solicitor will also make you aware of your legal obligations.
For many people, their spouse or civil partner, children, and other dependants are primary beneficiaries in a Will, and you can also choose whether you wish to give any specific gifts to specific people.
You might want to include provision for what happens to your assets if any of your beneficiaries die before you.
Some people also choose to leave a donation to a charity in their Will, in which case you will need to include the charity’s full name, address and registered charity number.
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Appoint an executor and guardian.
When making your Will, you also need to appoint an executor who is responsible for administering your estate after your death.
The tasks involved in estate administration vary according to the specific assets and their value, but generally include preparing Inheritance Tax forms, closing bank accounts, selling property, settling debts, and distributing assets.
Being an executor can be stressful and time consuming and you should always check with someone in advance that they are willing to act.
Testators can choose to appoint a professional such as a solicitor or accountant to administer their estate. A professional executor has extensive experience in probate and can ensure every task is completed correctly.
If you have children, you will also need to appoint a guardian in your Will to ensure they are cared for by a person of your choosing in the event of your death.
For more information about Wills, read our frequently asked questions by clicking here.
Wills Solicitors Alton
A Will is one of the most important legal documents you need and provides valuable peace of mind and security for you and your family.
You are never too young to make a Will. Everyone over the age of 18 can – and should – make one.
At Bookers & Bolton Solicitors, our experienced Will-writing solicitors are here to make writing your Will as stress free as possible.
From our offices in Alton, Hampshire, our friendly and approachable solicitors assist clients in the local area with their Will writing needs.
If you are too busy to come to the office, we can do your Will remotely, working with you via video call and using our electronic ID system.
Whether you require a solicitor to help you write your Will, want specialist advice on how to contest the terms of a Will, need help with the administration of a Will, or require wider inheritance tax and estate planning advice, our lawyers can assist with all of your needs.
For more information about our Will writing services, click here.
