Writing a will

Writing a will

It is understandable why so many of us put off writing our wills, after all, who wants to think about what will happen when they die? But by protecting ourselves from a little unpleasantness now we may well be causing more grief for those we leave behind.

There are many reasons for writing a will, from finding that your possessions have had a sudden rise in value, plans to travel or live abroad, or thinking of buying a home – maybe you are thinking about getting a divorce and you will want to stop someone from inheriting from you, or have discovered that you are pregnant or have had a serious illness.

If you die without writing a will, you are said to have died intestate, around 60% of people are thought to die without leaving a will. There are strict laws governing how your estate will be handled if this happens. For example, this could mean for people who live England or Wales, are in civil partnership or are married and have children, the estate will be split so that your partner gets the first £125,000 and a life interest on half the remainder and any children will inherit the rest.

If you aren’t married or not registered as having a civil partnership, your need for a will is even greater, as your partner will only be able to inherit any assets that were joint owned, and everything else will be inherited by the deceased’s next of kin. If there are no surviving relatives when you die intestate, the crown will inherit your estate.

Wills aren’t just about dividing up whatever money you may have or about your home, they also allow you to make provisions for children and pets, specifying what you want to happen to them once you die, this makes sure that they will still be cared for in accordance to your wishes after your death.

It also allows you to perhaps return special gifts upon your death, which might mean the world to the person who gave it to you and gives you the chance to attach specific clauses to your bequests. Just remember though that things change, and so if you attach a clause be sure to allow some flexibility to allow for changes of circumstance.

There are many ways to write a will now, including online and “write your own” will packs. While these may be good if your situation is very straightforward, if you have a partner that you aren’t married to, or have children, live abroad or maybe have got a divorce and want to stop your ex-partner from claiming on your estate in the event of your death, you should really should consult a probate law solicitor. It costs an average of about £150 to have a solicitor check your will over, but for the peace of mind it brings, it is a small price.

Solicitors can also help make sure that you haven’t forgotten anything while writing your will, also by seeking advice early, you may be able to reduce the amount of inheritance tax payable for those you leave behind. Probate solicitors can also act as executors for a will, if your situation is fairly straightforward though, you may wish to appoint a trusted friend or family member as many solicitors and other organisations like banks take a percentage of the estate in fees to act for you and this can work out expensive – explore all your options thoroughly.

As no-one knows what the future holds, it is never to early to start thinking about writing a will, or to take the next step and protecting your loved ones by actually writing it. It is also important to remember to keep it up to date if your circumstance change.

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