Writing a will is one of the best things you can do to make sure your loved ones are looked after once you’re gone. It’s where you get to decide what happens to all the assets you’ve worked so hard for, so your family and other beneficiaries get what you want them to. Despite its importance, many UK adults don’t have a will in place, and if they die intestate, their estate could be distributed according to the rules. In this article, we’ll look at the key parts of writing a will, the importance of professional will writing services, and how to make sure your wishes are legally binding. For further guidance, visit Redkite Solicitors Swansea.
Why You Need a Will
Many people think their estate will automatically go to their spouse, civil partner, or children when they die. But without a legally binding will, your estate could be distributed according to the intestacy rules, and your property, money, and assets could be divided in a way you don’t want. This is especially important for civil partnerships and unmarried couples, as they don’t have the same automatic inheritance rights as married couples.
By writing a will, you can make sure your estate is distributed as you want. This means deciding on specific beneficiaries, such as: children, family members, or even a registered charity number if you want to leave a residuary gift. You can also make provision for complex situations, such as owning overseas property or having several family members you want to leave different parts of your estate to.
Executors and Beneficiaries
One of the most important parts of writing a will is choosing executors. You can choose more than one executor to share the responsibilities of administering your estate. This person, or people, will be responsible for making sure your wishes are carried out, and your assets are distributed correctly. You can appoint a family member, close friend, or professional service as the executor of your will. For more complex wills, such as those involving trust planning or overseas property, you may need additional legal support or advice from a will writing firm to make sure everything is done correctly.
Now you’ve chosen your executors, you can start writing your will and decide who your beneficiaries will be. This could be family members, loved ones, or even an organisation such as a registered charity number. If you’re married or in a civil partnership, you may want to consider mirror wills, which will leave your estate to your partner in the same way. If you get divorced or remarried, you’ll need to update your will, as these events will automatically invalidate previous wills.
Will Writing Services
Some people may choose to write their own will, but it’s highly recommended to get professional advice to make sure your will is legally binding. Professional will writers, or solicitors regulated by the Solicitors Regulation Authority, can advise on how to create a valid will. This is especially important if you have a complicated financial situation, such as owning overseas property or multiple beneficiaries. Writing services can also help with probate services, so your estate is distributed correctly after you’re gone.
Free will writing services are also available through some local branches, registered charities, or even legal firms offering promotions. These free will writing services are a great option if you have a simple will, but still want to make sure it’s legally valid.
Making Your Will Legally Binding
For your will to be legally binding, it must meet certain requirements. It must be signed and witnessed by at least two witnesses who are not beneficiaries of the will. You must also be of sound mind when writing your will, meaning you understand the implications of the document you are creating. This will ensure your wishes are carried out and prevent challenges to your will after you’re gone.
If you want to make changes to your will at a later date, you can create a new will or add an additional document called a codicil. This document allows you to change specific parts of your will without rewriting the whole thing. However, you must make sure any changes are made in the same legally valid way as the original will to avoid disputes.
Different Types of Wills
There are several types of wills to consider, depending on your situation. A simple will may be enough for someone with a straightforward estate, while complex wills are more suitable for those with several family members, business interests, or overseas property. For civil partners or married couples, mirror wills may be the best option to make sure the surviving partner is looked after once you’re gone.
You should also consider trust planning, which can help protect your assets for future generations. This is especially important if you have children or other dependants who may need financial support once you’re gone. Inheritance tax planning is also a critical factor, as proper planning can reduce the amount of tax your estate pays.
What Happens if You Die Intestate?
If you die without a will, your estate will be distributed according to intestacy rules, which may not reflect your wishes. For example, unmarried couples or civil partners who are not married may not automatically inherit your estate, leaving your loved ones vulnerable. Dying intestate can also cause confusion and conflict among surviving relatives, especially if there’s tens of thousands of pounds at stake, or if you have more than one family member who could benefit from your estate.
Final Steps
Once your will is done, make sure it’s stored in a safe place, and your executors know where to find it. Many people store their will with a solicitor, at their bank, or with a will writing firm. You should also review your will periodically, especially after major life events such as marriage, divorce, or the birth of a child. By reviewing your will regularly, you can make sure your wishes are always up to date.
Making a will doesn’t have to be scary. By getting professional advice from will writers or legal support from a probate service, you can make sure your estate is distributed exactly as you want it to. Whether you have a simple will or a complex financial situation, the right will writing service will make sure your wishes are legally binding, and your loved ones are looked after once you’re gone.
