Have you asked yourself, do I need a Will?
What is a Will and Why do I need one?
A Will puts you in control of what happens on your death. You choose who will benefit from your estate and how much they are entitled to. Should you die without a valid Will then your assets will be distributed according to the law of intestacy, which may not be what you had wanted to happen.
Making a Will is not something that we all do regularly as part of our daily lives. More and more people are now making a Will as they realise that the wealth that they have built up needs to be managed properly and effectively through a Will. Most people accept this - but simply do not get around to doing anything about it.
Nobody ever benefits themselves from making a Will unless you count peace of mind. But the reality is that your loved ones will find that dealing with your affairs will be a lot easier, quicker and probably cheaper when a Will has been written.
Do I need a Will if I have no assets?
If you have children under 18 years old you will be able to appoint Guardians, these are people who will look after your children.
Do I need a Will if I don't own anything?
You may not have many assets today but do think about any life insurance that you have and any inheritance that you are likely to inherit in future years.
Do I need a Will if I am Married?
Yes. Your wishes may not be in line with what the current law is that would decide how your assets are distributed. Are you concerned that if your spouse or partner remarries and leaves what you have left to them to their new partner, thus disinheriting your children? If so, by making a Will including trusts, you can ensure that what you have worked for goes to whoever you choose, while ensuring the financial security of yourself and your loved ones.
Do I need a Will to leave everything to my Wife?
If you own property or assets worth more than £20,000 the answer is yes as it will make dealing with your estate after you die a lot smoother. If there is any risk of other people having a claim to your estate, then a Will is essential.
Do I need a Will to buy a House?
No but there are legal implications in how a house is owned that you may want taking into account in a Will.
The value of your property means that your estate will be a lot easier to administer if you make a Will.
Do I need a Will if I have life insurance?
Yes, if the life insurance falls into your estate on your death.
Do I need a Will if I only have one child?
Yes, you will be able to appoint Guardians for the child and specify the age of any inheritance and set up trusts catering for your wishes.
Do I need to write a Will?
Without a Will you will not have made the decisions that will direct how your assets are to be distributed. Unmarried partners, second marriages, step children, family disputes and so on often lead to competing interests, none of which are recognised by the law. By making a Will, you will be able to address the different needs of everyone in your family unit.
At what age Do I need a will?
From 18 years old. There are special rules for serving military.
Do I need a last will and testament?
Without this then you will not have made the decisions that will protect and cater for your loved ones’ future financial security.
Do I need a solicitor to write a will?
No, there are choices. First make sure that whoever you deal with is trained and qualified in Wills. Make sure that the person you deal with at the firm is trained and qualified in Wills - not all solicitors are - and not everyone who works at a firm of solicitors is a solicitor. Make sure that any Willwriter has professional indemnity insurance, is a member of a professional body and subscribes to a Code of Practice which includes a complaints procedure which is independent from the Willwriter.
Do I need a will if I am Single?
Yes if you have any dependents such as children and if you have assets of more than £20,000.
What Do I need to know before making a Will?
Estimate the value of your estate.
Think about who you wish to appoint as your Executors - you can have a maximum of four.
If you have children think about who you would want to act as their Guardians.
Decide who you want to benefit from your Will.
Make a list of any specific gifts of items or money that you wish to leave.
Have available the full names and addresses of every one you are including in your Will.
What Do I need to make a Will?
3 stages in making a Will:
1) Taking information and getting advice on how best to structure the Will. This is key to the whole process, if this is not done at all, or not done fully and accurately, the remaining stages will be pointless.
2) Drafting your Will.
3) Signing the Will - another key process because if this is not done correctly (or not done at all), then your Will won’t be valid.