Research shows that over half of UK adults currently have no Will. This may be understandable if they are young and in good health, but figures show that even in the over-55 age group approximately 37% of people have still not drawn up a Will.
When someone dies without leaving a will the UK intestacy laws will determine how their property and assets are distributed. This can be difficult for family members left behind, who will already be distressed by the loss of their loved one. Family disagreements over the presumed wishes of the deceased can lead to arguments and even long-term fall outs. And where the make-up of the wider family group is complicated, or where unmarried couples are involved, the distress is often made worse by conflicting claims on the estate of the deceased.
Checklist for making a Will
- Personal Details – full name, date of birth, address, plus names and dates of your children and how you are related to them.
- Your Estate – list any assets you own, including those in joint names. Assets are things such as property, vehicles, bank accounts, stocks and shares, and other valuable items like jewellery or antiques. You should include your debts and other liabilities, such as mortgages or loans, in order to give a true value for your assets.
- Your Beneficiaries – decide who you want to receive your Estate after your death. You may choose to leave everything to one person, such as your spouse, or if your spouse pre-deceases you, to split your assets between your children. Or you may decide to make specific bequests, or gifts, to named individuals or organisations, with the remaining assets to go to your wife or children.
- Your Executors – decide who you want to dispose of your assets after your death, according to the terms of your Will. An executor is normally someone you know and trust, most often a relative or friend.
- Legal Guardian for your Children – if you have a child under 18 you must make provision for their welfare by naming a Legal Guardian, who will be responsible for the child should both parents die before they are 18 years of age.
- Your Trustees – you need to appoint Trustees to manage any assets (usually money or property) that you wish to put into Trust on behalf of a beneficiary you have named.
- Any other wishes – such as specific wishes regarding your funeral. Writing an additional Letter of Wishes to accompany your will can help to explain the motivation behind your decisions, and assist your Executors in understanding your wishes. It can also prevent claims being made against the Will by anyone who feels they have lost out.
There are a number of options for drawing up a Will. You could:
- a) Do it yourself and buy a Will-writing pack from a supermarket or newsagent, or download a form from the internet. This should only be used for the simplest of Wills without complicated family ties.
- b) Use a Will writing company. This can be a cost effective solution, but few Will writers are fully legally qualified. Regulation is less strict and you will have less protection if things go wrong than if you’d consulted a solicitor. Safe storage of your Will is not guaranteed.
- c) Get a solicitor to draw up the Will for you. Here’s why this can be the best option:
- Accuracy and clarity – members of the public and unqualified Will writers may not have the necessary skills to convey exactly what is intended in the Will, or may use words and phrases which can be interpreted in different ways. After your death, your executors must carry out the instructions set out in your Will so it is essential that the demands are clear and unambiguous. Sometimes it is necessary to use specific legal wording to avoid confusion or misinterpretation. A solicitor will have the benefit of years of training and experience, enabling them to prepare a Will that fully carries out your wishes and avoids costly and unpleasant disputes over your assets.
- Protection – because we are monitored by the Solicitors Regulation Authority (SRA) you have someone to complain to if things go wrong. Solicitors must also carry professional indemnity insurance, so funds will be available to compensate you or your estate for a mistake. In contrast, Will writing firms can operated with no regulation, have no governing body to deal with complaints, and are not required to carry insurance.
- Safe storage – once you have made a Will you need to know that it is kept somewhere safe, confidential and can be easily found when needed. The SRA sets out rules for solicitors keeping Wills, and keeps track of your Will should the solicitor go out of business or be taken over. There are no rules as to how Will writers should keep track of documents, nor any planning for what happens if they go out of business.
- Background knowledge – a solicitor will not just record your wishes on paper. They will look behind what you say and suggest other ways of achieving what you want, as well as pointing out possibilities and consequences which you may not be aware of. For example, your solicitor may be able to save inheritance tax via your Will, protect against nursing home fees or safeguard vulnerable beneficiaries. A solicitor’s expertise is vital in complicated family situations, where the client might be unaware of the rights of children and step-children, or of the inheritance rules and pension rights governing unmarried couples.
- Legal challenges – it is possible to challenge a deceased person’s Will if doubts are raised about the circumstances in which it was drawn up. For example, objections could be raised over the mental capacity of the deceased, or whether the Will was made under pressure from someone else. Using a solicitor monitored by the SRA will help to ensure that any doubts about the Will are avoided.
- Validation – strict rules exist governing how a Will should be signed and witnessed. It is easy to unwittingly contravene these rules, which could mean that your Will becomes worthless. Using a qualified solicitor will ensure this does not happen.
- Independence – many banks offering Will writing services require that you appoint them as executors, enabling them to recoup the cost of making your Will as they administer your estate. Under the solicitors code of professional ethics the choice of executors is left entirely to the client.
The prospect of making a Will can be traumatic for many people, as they address things in their lives which they would rather not think about. Others may regard making a Will as simply an administrative exercise, designed to keep their affairs in order and avoid unnecessary stress and disputes for their family once they are gone. Either way, it is vital that the process is handled efficiently and correctly, so that the wishes of the deceased are met and arguments among the beneficiaries are avoided.
At Bretherton Law we have been helping the people of Hertfordshire to manage their affairs for over 50 years. Our expert team can guide you through the Will Writing process, as well as dealing with Lasting Powers of Attorney, Court of Protection, trust or probate services on your behalf. Contact us on 01727 869293 or us the contact form below.
