Writing a Will

What happens if I don’t write a will?

If you don’t make a will then, upon your death, you’ll be dying ‘intestate’. This means that, as there are no clearly named beneficiaries, the onus for deciding what happens to your possessions, property and that ill-advised art purchase falls to the law.

If you’re married or have a civil partner, then being intestate isn’t much of a problem, as they’ll usually inherit everything that you’ve left behind. It does mean you’ll also be leaving them a bit more paperwork, waiting and angst. It also means that people you might have wanted to leave something to – a romantic partner who you haven’t married, a good friend, the local cat’s home – won’t inherit anything unless your family members allow them to.

How will my family benefit from my will?

The main benefit of you leaving a will is that it makes matters much simpler for your family. If you don’t have a married partner or children, it will also make things easier for your unmarried partner, family and friends. It leaves a clear, legally-binding record of how you want your estate to be divided and disposed of.

The downsides of not leaving a clear will – or leaving several conflicting ones – have been depicted in films and literature many times, and you don’t want grieving friends and relatives to have the added burden of having to figure out your intentions. It’s also worth noting that if you don’t have a will, and don’t have any surviving family members, The Crown will claim your possessions and property.

Are the rules around inheritance different if I’m not married?

In a word – yes. Married couples have certain protections in law that unmarried couples don’t enjoy. If you don’t write a will, your wife or husband would still inherit your assets. However, an unmarried partner would not. Common law spouses don’t have any rights, even if you have children together – the children would inherit instead.

One of the key issues for unmarried couples to consider is property. If your significant other isn’t named in the deeds or on the mortgage, there’s a good chance they’ll have to move out upon your death. The other thing to consider when drawing up a will leaving assets to your common law spouse is that they won’t benefit from inheritance tax relief, so it’s a good idea to get some estate planning advice in this situation.

What do I need to include within my will?

The main things you need to think about including in your will are:

• Property
• Possessions (valuable or sentimental)
• Insurance policies – Savings
• Pensions
• Shares and similar assets.

You may wish to leave everything to one person such as your spouse or partner, but you can also make provisions for children, friends and even charities.

In addition to deciding who you leave the bulk of your assets to, you may choose to make singular gifts, such as an item of sentimental value to a friend. Working with a solicitor will help ensure that you list all the major items you may wish to leave, such as furniture, vehicles, jewellery and more.

What else do I need to consider when writing a will?

There are some other key considerations when drafting a will. If you have no partner, but have children under 18, you’ll need to choose a guardian or guardians for them until they reach adulthood. Obviously you’ll need to discuss this with the relevant people. You’ll also want to take into account any debts you may have, and how they’ll be paid off.

It’s also essential to choose an executor, who will be named in your will. An executor – you can choose more than one – is responsible for making sure the wishes expressed in your will are carried out. They will handle issues such as telling relevant authorities about your death, making funeral arrangements and distributing your assets.

Can I change my will later?

You can change your will as frequently as you like. It’s particularly important to revisit your will when your circumstances change – if you marry, divorce and have children. You might also want to make changes if you’ve liquidated assets that were included in your will, have new ones to add, or to reflect changes in businesses you own.

If you do make changes you must make sure that new, updated wills are clearly dated, signed and witnessed, and that your executors know where the will is kept. This will help to avoid confusion about which is the most recent version of a will. To make changes you can either create an entirely new will, or use a codicil, which is an update to an existing will.

What’s the best way to write a will?

There are numerous ways to write a will. You don’t have to work with a law professional but they will be able to guide you through the process and ensure that your will is not only correctly completed, signed and witnessed, but they’ll also retain a copy.

You can read more in our quick guide to ‘why make a will’ here