Is it Time to Make Your Will?
Over half of UK adults do not have a will, according to financial services provider Canada Life, and one in eight people they surveyed said they did not intend to write one in the future! A properly drafted will is probably one of the most important documents you can have in your life and it can help protect your loved ones after you die and ensure that your estate is distributed the way you choose.
However, you may have some questions that might be putting you off from creating a Will which we will talk about and explain how to get started.
Am I too young to make a Will?
Here at JW Hughes & Co, we believe that it’s never too early to make a will and there are some milestones in life, such as getting married, becoming a homeowner, and having children, where you should have a valid will in place.
For example, if you are a joint homeowner and you are tenants in common, your share of the house will go to whoever is named in your will. However, if you do not have one, it will be distributed according to intestacy rules. If you are joint tenants, the property would automatically go to the surviving owner.
But if you do not own property or have significant assets, there may still be other things you can pass on in your will – such as your pension. Pensions can be passed on to your beneficiaries without them having to pay inheritance tax on the money they receive.
What if I do not have enough to pass on?
According to Canada Life, the top reason for not making a will is believing you do not own enough assets or wealth to warrant creating one (26% of people surveyed said this).
However, when writing a will, you are not just deciding how your estate is divided up, you can also have a say as to who should look after your dependents and you can appoint their legal guardians if they are under 18.
If you have dogs, cats, or any other pets, they may also need to be looked after if you pass away which you can put in your will.
Nowadays, your estate may include digital assets, such as photographs or cryptocurrency not purely physical and financial assets, such as money in the bank. If you have social media accounts, you can request specific people to delete them or take them over on your behalf.
Does my partner automatically inherit my estate?
If you die without a will, your estate will be shared according to the intestacy rules which means you could inadvertently disinherit the people closest to you, including those who were dependent on you. For example, if you’re not married to your partner, they have no automatic rights to inherit under intestacy rules. In this case, any children you have will inherit the estate.
If you do not have a spouse or children and you die without a will your estate will go to your other relatives. This is decided by a set order of priority, starting with parents and followed by brothers and sisters.
I already have a will, do I need a new one?
Research done on behalf of The Association of Lifetime Lawyers has found that almost half of UK wills could be out of date due to life-changing events such as marriage, divorce, or death. In England, Wales, and Northern Ireland, getting married or forming a civil partnership revokes a pre-existing will (this isn’t the case in Scotland).
While divorce will not automatically invalidate a will, your former spouse is treated as though they are deceased, which means you will not be able to name them as either an executor or a beneficiary unless you create a new will.
We recommend reviewing and updating your will (if needed) every three years, or after a life-changing event.
Can I change my existing Will?
You cannot amend your will after it has been signed and witnessed, but you can make official alterations with what is known as a codicil. This must be witnessed and signed in the same way.
A codicil is appropriate for something simple like changing your executor, and there are no limits to the number of times you can add one. But it should not be used for major changes – for example, removing a beneficiary. In these situations, it would be best to draw up a new will.
Can I afford it?
Most people only need a simple will. These normally cost around £100 to make. If your affairs are more complex the cost may be more but contact us first for advice on creating a specialist will. We are proud to support Will Aid in November so contact us for more details about this scheme.
Can you visit me if I am unable to come to the office?
We are happy to come and visit you in your home, care home, or hospital if you are unable to attend our offices.
If you would like to make or update your Will please contact us on 01492 874774/596596 today and speak to one of our solicitors.