What is a Will?
A Will is an important legal document that reflects your wishes for what should happen to your money, property and possessions after you die. Well, this is a common perception but it’s actually about so much more than that and in this article, we’ll go through all elements of Will Writing.
We’ve already talked about the fact that a Will is an important legal document. It’s probably one of the most important documents you’ll ever make.
It can include instructions on who will inherit your assets, and name a guardian for minor children, but it should also include arrangements for payment of debts and taxes, who will be the executor of your estate (the person responsible for carrying out your wishes), and any other instructions related to your wishes.
Who can write a Will?
In England and Wales, for a Will to be legally binding it must be written by someone who:
– is over 18 years old;
– has the mental capacity to make decisions; and
– understands what the document means and the implications of signing it.
Do keep in mind that if you don’t write a Will, your estate will be distributed in accordance with the Laws of Intestacy.
What are the Laws of Intestacy?
The Laws of Intestacy is a set of rules which govern who will inherit your estate if you don’t make a Will. This means that if you do not write a Will, the court will decide who inherits your assets.
If this applies to you, and you have children, your assets can be split among them in the manner specified by the law. Click here to view our Intestacy Flow Chart.
Some common Will myths
There are some common misconceptions about writing a Will and we’ll try to clear them up here. First, it is not true that Wills are only for people who have many possessions or a lot of money. If you have any assets at all, it’s important to write a Will to make sure they are distributed according to your wishes.
Also, contrary to popular belief, you do not need a solicitor to write a Will. People living in England and Wales can draw up a Will themselves, as long as they are over 18 and have mental capacity. This doesn’t mean you should. We’ve been in the profession for over 35 years and have seen some terrible examples of DIY Wills. When firms like SLS Wills and More offer a free consultation, it’s worth having a chat and understanding the complexities surrounding your wishes with no obligation to accept the advice and proceed.
Many people think that they have a simple estate and therefore only need a simple Will. More often than not, some complexities have not been taken into account or that you simply wouldn’t know as a lay person.
What is an Executor?
An executor is the person responsible for carrying out the wishes you write into your Will. An executor must be a person of legal age and mental capacity, so it is important to choose someone who you trust and who is capable of handling the responsibility.
The role of an executor includes distributing assets to beneficiaries, filing tax returns, collecting debts and managing cash flow, among many other responsibilities. This means it’s important to pick your executor carefully – they have a lot of responsibilities including legal responsibilities.
What is a Trustee?
A trustee is a person appointed to look after assets held in trust for the benefit of someone else. Trustees have a fiduciary responsibility to make sure the assets are managed and distributed in accordance with your wishes, as stated in your Will. They are also appointed in the Will.
How do you revoke a Will?
You can revoke your Will at any time, as long as you have the mental capacity to make decisions. It is important to remember that any changes you make to your Will must be made in writing, and it should be signed and witnessed.
If you’re revoking a Will, it might be because you’re writing a new one in which it’s common for there to be a clause in the new Will revoking the old Will.
If you’re not writing a new Will but simply want to revoke a previous Will you can simply destroy it.
It is important to note that if you destroy your Will, it must be done with the intention of revoking it.
Why would someone make a Will? Here are 7 common reasons people write a Will.
1. To ensure that your assets are distributed according to your wishes when you pass away.
2. To provide for any dependents who may be left without financial support if you don’t make a Will.
3. To name guardians for your children, should both parents die before the children reach adulthood.
4. To appoint an executor who will be responsible for managing and distributing the assets by your wishes as stated in the Will.
5. To appoint trustees and set up trusts, which can help protect or ringfence assets for the benefit of intended beneficiaries.
6. To make specific gifts of money, items or property to particular individuals.
7. To reduce the burden of taxes, by using available exemptions or planning tax liabilities in the most efficient way for your estate.
How do you sign a Will (in England and Wales)?
In England and Wales, Wills must be signed in the presence of two witnesses who are over 18 years old. Neither witness must be a beneficiary of the Will as this will invalidate any gifts made to them. Commonly, friends or neighbours act as witnesses but we can guide on this.
The signing should take place in one go – all parties should be present at the same time when signing the document on the attestation page. There is no obligation to sign each page or even read the Will over to the witnesses.
The Will should also be dated correctly, with the month and year clearly written at the end of the document.
Is there a Will register?
Yes, this is known as The National Will Register run by Certainty. Because someone doesn’t need to write a Will, there is no requirement to register a Will, and whilst Certainty – The National Will Register exists to help people locate Wills, if someone writes a new Will and doesn’t register the location or existence of the new Will, problems can arise. It’s therefore important that documents are stored correctly.
How should you store your Will?
The safest place for any important legal document is generally with the estate planning practitioner, however, if keeping it at home, make sure that it is kept in a secure and safe place. It should also be kept away from direct sunlight and sources of heat.
In conclusion, it is important to understand the legalities of writing a Will and ensuring that your wishes are respected if you die. At SLS Wills and More, we offer a professional service tailored to meet our client’s needs. If you have questions or would like to book an appointment please contact us today. We are members of the Society of Will Writers and STEP to provide added assurance as to the professionalism of our team and service.
Be sure to read our Google Reviews from clients who have already used our estate planning service.
