Please note: this article a lies to residents of England, Wales and Northern Ireland and is pr
Please note: this article a lies to residents of England, Wales and
Northern Ireland and is provided for general information only. It does
not co titute financial advice.
Its not something that anyone likes to think about, but deciding what
ha e to your estate when you die is crucially important for e uring
that your loved ones are looked after when youre gone and that your
a ets are distributed as you would have wished.
Many people think that wills are only nece ary for people with a great
deal of wealth, but this i t the case. There are certain laws
governing how a perso estate is divided if they die intestate
(i.e. without a will), which might not be what you would expect or
intend. For example, if youre not married or in a civil partnership,
even if you co-habit with your partner, they will not be entitled to
inherit anything from you unle you ecifically mention them in your
will. Even if you are married, without children, your ouse will not
inherit your entire estate other living relatives such as your
parents and siblings will be entitled to a share. Also, if your
circumstances change, for example if you get married, divorced or
remarried or have children, this could make your estate more
complicated to settle. Another important point to bear in mind is that
if you dont have a will, you wont have a named executor to carry out
the administration of your estate and the re o ibility will fall upon
your beneficiaries, whom you may deem u uitable to handle your affairs.
Making a will has other advantages too pla ing your estate and who
will inherit may help you to minimize the impact of the inheritance tax
laws.
To make a will, you must be 18 years of age or older. You must be
co idered to be of sound mind and it should be written without
pre ure from any other party. A will must be recorded in writing, and
it needs to be signed by yourself in the presence of two witne es, who
must also sign. Beneficiaries of the will and married partners of
beneficiaries ca ot act as witne es. If they do, the will wont be
invalidated, but their inheritance will be. The completed and signed
will can be kept anywhere you want at home, at your bank, at your
solicitors office, at a Probate Sub-registry, a District Registry or
the Family Division Registry of the High Court.
The big question for many people is whether its nece ary to employ a
solicitor to set up a will. The a wer is no, but it is certainly
recommended, particularly if your estate and personal circumstances are
rather complex. Its also easy to make seemingly simple mistakes which
could end up having significant co equences. Common errors are not
understanding what has to be done to make a will legally valid,
changing the will without having it signed by witne es, failing to
make alteratio in the event of a change in personal circumstances,
forgetting about parts of your estate, or not taking into account that
the beneficiary might die before inheriting.
Solicitor charges for setting up a will can vary between solicitors and
will also depend on how complex your estate is. If youre a member of a
trade union, your membership may entitle you to a free will-writing
service or free legal advice. You can bring down costs by co idering
in advance what your a ets are and to whom you would like to leave
them whether family, friends or charity. This will include property,
po e io , bank accounts, i urance policies, pe io and shares.
Also think about who you want to a oint as executor of your estate and
who you want to look after your children should you die before they
reach the age of 18.
You should certainly co ider using a solicitor if you have complicated
personal circumstances, for example if you live with someone who i t
your ouse or civil partner, if you have a dependant who is unable to
look after themselves, if you have a busine or own property abroad,
if you dont live in the UK or arent a UK citizen, or if you have lots
of family members who may make claims on your estate, such as
ex- ouses or children from previous marriages.
If you dont want to use a solicitor, its po ible to purchase DIY
will kits from many high street stationers and booksho or online
providers, which will provide basic guidance.
Remember to make amendments your will any time you have a change in
circumstances such as marriage, remarriage, divorce, civil partnership
or the birth or adoption of children. Youll need to be careful in how
you amend your will to e ure that it remai valid. Its not po ible
to write alteratio onto an existing will. I tead you must either
write whats known as a codicil or draw up a new will entirely. A
codicil is like an addendum to your will. It doe t replace the
original will, but makes alteratio to one or more of the sectio .
Only the person who created the original will can make a codicil, and
it must be signed and witne ed in the same way as the original will
(although not nece arily by the same witne es). Its only suitable
for making small and uncomplicated changes such as increasing or
decreasing the amount of money left to a beneficiary, adding a new beneficiary or changing the
executor. You can add as many codicils as you want to your will, but if
you have lots of amendments or complex changes its best to start
afresh with a new will altogether. When you draw up your new will, you
should i ert a clause at the begi ing to explain that this new will
revokes all previous wills and codicils. Your old will is no longer
valid after you do this (and have your new will signed and witne ed),
and you should therefore destroy it. You must destroy it yourself too,
or have it destroyed in your presence otherwise it may still be
co idered valid.
Your will may be challenged if a person feels that it ha t left them
with adequate provision or they dont believe it to be valid for
example, if it ha t been drawn up in line with the legal requirements
outline above.
Northern Ireland and is provided for general information only. It does
not co titute financial advice.
Its not something that anyone likes to think about, but deciding what
ha e to your estate when you die is crucially important for e uring
that your loved ones are looked after when youre gone and that your
a ets are distributed as you would have wished.
Many people think that wills are only nece ary for people with a great
deal of wealth, but this i t the case. There are certain laws
governing how a perso estate is divided if they die intestate
(i.e. without a will), which might not be what you would expect or
intend. For example, if youre not married or in a civil partnership,
even if you co-habit with your partner, they will not be entitled to
inherit anything from you unle you ecifically mention them in your
will. Even if you are married, without children, your ouse will not
inherit your entire estate other living relatives such as your
parents and siblings will be entitled to a share. Also, if your
circumstances change, for example if you get married, divorced or
remarried or have children, this could make your estate more
complicated to settle. Another important point to bear in mind is that
if you dont have a will, you wont have a named executor to carry out
the administration of your estate and the re o ibility will fall upon
your beneficiaries, whom you may deem u uitable to handle your affairs.
Making a will has other advantages too pla ing your estate and who
will inherit may help you to minimize the impact of the inheritance tax
laws.
To make a will, you must be 18 years of age or older. You must be
co idered to be of sound mind and it should be written without
pre ure from any other party. A will must be recorded in writing, and
it needs to be signed by yourself in the presence of two witne es, who
must also sign. Beneficiaries of the will and married partners of
beneficiaries ca ot act as witne es. If they do, the will wont be
invalidated, but their inheritance will be. The completed and signed
will can be kept anywhere you want at home, at your bank, at your
solicitors office, at a Probate Sub-registry, a District Registry or
the Family Division Registry of the High Court.
The big question for many people is whether its nece ary to employ a
solicitor to set up a will. The a wer is no, but it is certainly
recommended, particularly if your estate and personal circumstances are
rather complex. Its also easy to make seemingly simple mistakes which
could end up having significant co equences. Common errors are not
understanding what has to be done to make a will legally valid,
changing the will without having it signed by witne es, failing to
make alteratio in the event of a change in personal circumstances,
forgetting about parts of your estate, or not taking into account that
the beneficiary might die before inheriting.
Solicitor charges for setting up a will can vary between solicitors and
will also depend on how complex your estate is. If youre a member of a
trade union, your membership may entitle you to a free will-writing
service or free legal advice. You can bring down costs by co idering
in advance what your a ets are and to whom you would like to leave
them whether family, friends or charity. This will include property,
po e io , bank accounts, i urance policies, pe io and shares.
Also think about who you want to a oint as executor of your estate and
who you want to look after your children should you die before they
reach the age of 18.
You should certainly co ider using a solicitor if you have complicated
personal circumstances, for example if you live with someone who i t
your ouse or civil partner, if you have a dependant who is unable to
look after themselves, if you have a busine or own property abroad,
if you dont live in the UK or arent a UK citizen, or if you have lots
of family members who may make claims on your estate, such as
ex- ouses or children from previous marriages.
If you dont want to use a solicitor, its po ible to purchase DIY
will kits from many high street stationers and booksho or online
providers, which will provide basic guidance.
Remember to make amendments your will any time you have a change in
circumstances such as marriage, remarriage, divorce, civil partnership
or the birth or adoption of children. Youll need to be careful in how
you amend your will to e ure that it remai valid. Its not po ible
to write alteratio onto an existing will. I tead you must either
write whats known as a codicil or draw up a new will entirely. A
codicil is like an addendum to your will. It doe t replace the
original will, but makes alteratio to one or more of the sectio .
Only the person who created the original will can make a codicil, and
it must be signed and witne ed in the same way as the original will
(although not nece arily by the same witne es). Its only suitable
for making small and uncomplicated changes such as increasing or
decreasing the amount of money left to a beneficiary, adding a new beneficiary or changing the
executor. You can add as many codicils as you want to your will, but if
you have lots of amendments or complex changes its best to start
afresh with a new will altogether. When you draw up your new will, you
should i ert a clause at the begi ing to explain that this new will
revokes all previous wills and codicils. Your old will is no longer
valid after you do this (and have your new will signed and witne ed),
and you should therefore destroy it. You must destroy it yourself too,
or have it destroyed in your presence otherwise it may still be
co idered valid.
Your will may be challenged if a person feels that it ha t left them
with adequate provision or they dont believe it to be valid for
example, if it ha t been drawn up in line with the legal requirements
outline above.
