WILLS

A Will is probably one of the most important things that you can do to ensure that when you do pass away then your estate is distributed to the people that you want to receive the benefits. There may be challenges as you have to wait for Probate to be granted however having a Trust can mean an immediate distribution of the Will.

59%

of UK adults have NOT written a Will

1:5

Nearly a fifth of people think they are not wealthy enough to need a Will

-yet the everage homeowner has over £214,000 worth of property alone to bequeath to loved ones (up from £205,000 in 2015 ad £182,000 in 2014)

£4.6

£4.6 billion was due to be paid in unnecessary tax in 2016,

includeding 595 million in inheritance tax. some of which can be avoided through proper financial planning.

Percentage of UK adults without a Will – by age range

76% of UK

Adult aged 18-34

68% of UK

Adult aged 35-54

36% of UK

Adult aged 55+

Four reasons why you need a Will?

1

A Will makes it much easier for your family or friends to sort everything out when you die – without a Will the process can be more time consuming and stressful.

2

If you do not write a Will, everything you own will be shared out in a standard way defined by the law – which is not always the way you might want.

3

A Will can help reduce the amount of Inheritance Tax that might be payable on the value of the property and money you leave behind.

4

Writing a Will is especially important if you have children or other family who depend on you financially, or if you want to leave something to people outside your immediate family.

Your Will tells people two very important things:

1. Who should have your money, property, and possessions when you die?

2. Who will oversee organizing your estate and following the instructions you leave?

In your Will – this person is called your ‘Executor’, and you can name more than one person if you want to. You can also use your Will to tell people about any other wishes you have, like instructions for your burial or cremation.

Your Executor will do their best to make sure your wishes are followed as long as; they do not involve breaking the law. It might not always be possible for your Executors to carry out your instructions. For example, a person you want to leave something to might die before you do, but if you have a Will there is a better chance of things happening the way you want.

Make sure your Will is legally valid.

Your Will does not have to be on special paper or use a lot of legal language.

A document is a valid Will if it:

  • Says how your estate should be shared out when you die.
  • Was made when you were able to make your own decisions and you were not put under pressure about who to leave things to.
  • Is signed and dated by you in the presence of two adult, independent witnesses, and then signed by the two witnesses in your presence – the witnesses cannot be people who are going to inherit anything from you (or their husband/wife or civil partner.)

How to start making a Will

If your family is small and you want to leave everything to them, making your Will is fairly straightforward.

If your situation is more complicated – for example, if you have a second family or you want to leave money and gifts to lots of people – you will need to plan more carefully.

Either way, do not put it off – make sure that what you leave behind will go to the people you intended.

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