Why do I need to make a will? Do I need a solicitor to make one? And where do I start?

Nov 9

With many people stating they simply “never get around” to making a will, we weren’t surprised to learn that recent research from insurance and financial services firm Canada Life found that 31million adults (59%) in the UK don’t have a will in place.

However, ensuring you’ve made a will can save many complications for your loved ones at a time that is already filled with emotion and stress, if and when you pass away.

Here, the Holden Smith team have shared our advice and answered some of the most frequently asked questions about making a will.

What is a will?

A will is a legally binding document that sets out instructions for who will inherit your estate and what should happen after you die. It states how you would like your possessions (your ‘estate’) to be distributed when you die and can also include details such as who you want to bring up any children you have, and what kind of funeral you might like. It can also be known as your last will and testament, and it is a legally binding document.

Why do I need to make will?

When you make a will, you are essentially taking control over what happens to the major things in your life when you pass away, such as your home, your children and your spouse or partner. There are lots of different benefits and reasons to make a will, so we’ve rounded a few up for you:

· Choosing who you want to settle your affairs

By making a will, you can name your executor – the person you want to be in charge of making sure your final wishes happen. Having an executor as part of a will means you have confidence that someone you love and trust will be taking care of your wishes when you pass away. Often, the executor will be someone you’re close to and is known by your close family, which can help make things slightly easier to manage.

· Protecting your partner and ensuring they are looked after

If you aren’t married to your partner, they are not entitled to anything from your estate when you pass away, unless you specifically state that they are in your will. By writing a will to include them, it ensures they receive the share of your estate that you would naturally want them to have when you die.

· Naming who you want to look after your children

Deciding who you’d like to take care of your children should you pass away is hugely important to every parent. In a will, you have a say about who you want to look after your dependants, and you can also appoint their legal guardians if they are under 18. Unfortunately, named friends, family members and godparents are not legally binding and a family court could end up choosing someone you don’t want.

· Distributing your assets

Your assets are essentially all your belongings that have a monetary value and could be sold. This covers lots of things but might typically could include your house, any stocks or shares you own, cars, the contents of your home, or family heirlooms such as jewellery or antiques.

When you make a will, you decide how your assets will be distributed when you pass away, among family, friends or charities. You can specify which person receives which asset, such as who gets your house or receives the contents of a bank account.

Do I need a solicitor to make a will?

We would always suggest using a solicitor to make a will, or at least have a solicitor check over a will you have drawn up yourself. This ensures your will has the effect you want and avoids any problems after you have passed away due to mistakes in your will. Trying to sort disputes and misunderstandings after your death can incur additional legal costs and can reduce the amount of money in your estate.

How do I start making a will?

To start making a will, first you need to value your estate and get an idea of what it will be worth by writing a list of your assets and any debts. You then need to think about how you want to divide it all up and what you want to leave to who, and if you want to leave any donations to charity. You should also think about who you want your executors to be as they will be the people in charge of seeing that your wishes are carried out.

Would you like help to make your will? Contact our expert Wills & Probate team today, email hello@holdensmith.co.uk or call 01484 55 66 77.