Introduction
Nobody likes to think about making a will, despite it being something that we all should act on. Around one in three people do not have a will, meaning that upon your death you are considered “intestate”. This is far from ideal, as potentially your estate may not distributed in the way you may have intended. Instead, the Estate will be distributed in the order prescribed by the law. Making a will is does not need to be complicated and will provide certainty for you and your loved ones.
The Kingsfords Private Client team are able to provide expert advice, when advising you on the important aspects of a will. The key points to consider before making a will are:
Legal Requirements.
Wills can be made by anybody aged 18 or over, who are doing so of their own free will, without pressure from other people. The person, (known as the “testator”), will need to be of sound mind and ensure the will is made in writing. It must be signed, in the presence of two witnesses, who should then subsequently sign in the presence of the testator making the will. Any witness, (or the married partner of a witness) cannot benefit under a will. The will itself would still be valid in those circumstances, but the intended beneficiary would not inherit under the will.
Clear Identification
Before seeking advice on making a will you may wish to prepare a thorough list detailing everything that you own. (Known as your “estate”) and how you would like it to be distributed. This is to ensure your wishes are carried out correctly, with no loose ends. This will include, any properties owned, whether jointly or singularly, assets held in trust – like any pension benefits, or life insurance policies. Other finances, including bank account details, shares, bonds and ISAs should be included. You may also wish to list your physical assets such as jewellery and cars, together with thinking about how your “digital legacy”, including on-line photos, music and Aps together with any social media accounts is to be dealt with.
Consult a professional
The cost of having a will made with the benefit of expert advice from wills solicitors and lawyers, as compared to the value of your estate is modest. To avoid the risk of any mistakes being made, whilst ensuring that all considerations when drafting the will are covered, we consider it advisable to appoint expert wills solicitors and lawyers. Any mistakes can have serious implications for your family or loved ones after your death. This is especially important, as any will should be written in clear, unambiguous language to ensure it is correctly understood. Experienced wills solicitors and lawyers can ensure that the language used is very clear and are able to discuss with you your aims and the procedures involved.
Appoint an Executor
Ordinarily it is advisable to appoint at least two (and up to four executors), who will be responsible for distributing the estate amongst your beneficiaries, paying any taxes, and discharging any outstanding debts. This can include a nominated Solicitor or Lawyer – or empower the Executors to appoint expert wills Solicitors and lawyers to administer the estate on their behalf. An executor can include a close family member who is a beneficiary, providing they are over 18 years old. Administering an estate can be complicated and time-consuming even if straightforward. That thought will have a bearing on who you wish to appoint including any expert wills solicitor or lawyer.
Seeking advice on wills Beneficiaries
Choosing a trusted friend or family member often makes sense, as their appointment will give you peace of mind. The added advantages are that they understand your personal wishes and the legacy you wish to create. Often it makes sense to appoint a wills solicitor or lawyer, as they better understand the legal system and processes. That expert wills advice will help you identify beneficiaries and how your estate could be shared. On the other side of the coin the wills advice may identify someone not listed as a beneficiary, who may attempt to sue your estate for a share. Your wills solicitors and lawyers can make provisions to avoid those risks.
Children under 18 years of Age
If when making your will you have children under the age of 18, you should consider who is to be appointed as their guardian. As ever communication is key. Discuss with your spouse or partner, the person best suited for that role and speak to the intended guardian too. In an age of ‘blended families’ consideration for any step children should also be made.
Ordinarily children can inherit at 18, but you may wish to specify an alternative, older age if you think that more appropriate. (Such as reaching 21 or 25 etc).
Asset Distribution
It is likely that your assets will be shared amongst more than one beneficiary. Your will should precisely explain how the assets are to be shared, such as a fixed sum of money, or a percentage of the residual value of the estate. It is sensible to set out a list of people you wish to benefit, alongside a list of all your assets, prior to making the will so that no one, or item is missed out.
It is sometimes easy to overlook the fact you had wanted to leave a charitable donation or are unaware of the different ways assets can be divided, or how best future generations can benefit from your bequests. In any event, your expert wills solicitor or lawyer is best placed to advise you.
Funeral Instructions
Although not necessarily legally binding, detailing any preferred arrangements for your funeral can be of help to your Executors and provide some certainty whilst helping to avoid disagreements between family members. This could involve your preferred undertakers, any details for the funeral itself, together with an expression of where your ashes are to be spread, or if your body/organs can be donated for medical or scientific purposes.
Contingencies
There is always something to consider. For example, what happens if an intended beneficiary passes away before you do? Do you wish to stipulate who should receive that inheritance if the intended beneficiary cannot? If you wish to exclude someone who would have benefited from the estate if you had not made a will, it may make sense to give you wills solicitors and lawyers a side letter providing an explanation. That may help defeat any claim despite your passing.
Review and up-date regularly.
Life’s circumstances are ever evolving and accordingly it makes sense to regularly review and if needed up-date your will from time to time.
For example, a marriage will automatically revoke a will, unless the will is made expressly for that purpose. Accordingly, if you marry, or re-marry that is a good time to write a fresh will to ensure your wishes are followed.
Sign and Witness
As mentioned, the will should be signed by the testator in the presence of at least two witnesses, who should also sign and witness the will in the presence of each other. The witnesses should not proceed, if they are not satisfied the testator is the correct person or is not signing of their own free will. Finally, they should not sign if they are a spouse or civil partner, or a beneficiary.
Store Safely
Ensuring the will is stored safely is of paramount importance. You should ensure any executor is aware of where the will is and can access it. It often makes sense to entrust it to the solicitor or lawyer drafting your will, or even with your bank.
Start the conversation by contacting our expert wills solicitors and lawyers via 01233 665544 or get in touch via our website by CLICKING HERE or by contacting our offices in Ashford, Cranbrook or Hythe.