A frightening fact to kick off our blog post….the majority of adults in the UK don’t have a Will….or indeed a valid one.

It’s a scary thought when we begin to look at the importance of a Will, knowing where your assets will be distributed, who will take over guardianship of any minors you leave behind, and what about your beloved pets, family heirlooms, and more?

This is the importance of Wills and testament.

They help you put in place very clear instructions about what you would like to happen to your assets when you die and outline many other of your final wishes.

In this post, we look at the purpose of a Will and why we’re encouraging more people to get a Will put in place.

What is the purpose of having a Will?

Wills and testaments are legal documents that ensure your money, possessions, and estate are inherited by the people you want to leave them to – they outline, in detail, how you want your assets to be distributed after you die.

Writing a Will ensures:

Your loved ones receive their inheritance
Children are looked after by the legal guardian you want to take care of them
What should happen if the people you want to benefit die before you
A clear position on who will manage your affairs when you pass
Family heirlooms are passed down to your named persons.

Benefits of writing a will

It protects the people and things you care about the most.
It helps to settle arguments and disputes.
Provides you with peace of mind.
Allows you to appoint the guardians you want for children under the age of 18.
It can help you to minimise inheritance tax.

We often get asked, but what is the main purpose of a Will?

Our reply….

…if you pass without a Will, this is known as `intestacy.` Intestacy is, in two words, risky and costly. It is costly to your family members that you leave behind as they have to manage your affairs, and risky because it could mean that your possessions could go to people you don’t see anymore or who you’re no longer close with. This can sometimes lead to legal disputes for your living family members, placing them in awkward situations.

Joint Wills

There are various types of Wills available for you to choose from and it’s important to take time to find the best Will to meet your needs.

Things to consider when writing your Will include:

Who do you want to manage your Will and carry out your wishes?
How will you protect your estate if your partner remarries?
How will you protect your children’s inheritance from divorce?
Choose executors who are willing and able to take on the task of managing your Will and the requests within.

This is where we come in.

Professional Will writers help to ensure that every aspect of your estate is covered. Providing complete protection and peace of mind, a professional will consider and present you with every scenario. Taking away stress and the possibility of any disagreements.

If you already have a Will in place:

Check to ensure your Will is valid and covers new areas and potential changes. We advise you to check and review your Will every five years or after important life events, i.e., marriage, divorce, kids, death, a move, new circumstances, you’ve simply changed your mind, and more.

Note: Rather than change the entire Will, you can look to add a Codicil, which allows you to include a modification to the Will if required.

What is typically included in a Will?

Beneficiaries – details of those people who will receive your possessions/assets. Be extremely explicit with your beneficiaries to avoid confusion – tell them exactly who gets what and why.

Gifts – outline what each beneficiary gets and if you have any special wishes or specific requests.

Guardians – specify who will take care of any children under the age of 18 when you’re gone. This is incredibly important as you don’t want to place them in the wrong hands. We would also advise that you inform your chosen beneficiaries so that they’re not caught by surprise when the Will comes into effect. Don’t forget to also name beneficiaries for beloved pets.

It’s important that once you have your Will, you’re happy with everything, and it has been officially witnessed and signed, that you keep it in a safe place, and ideally tell a family member or friend where this is stored for reference.

You must also always keep the original Will document.