Latest News - 15 February 2010
15 February 2010 - GUIDE TO MAKING A WILL
Who should make a Will?
If you care about what happens to your property after you die, you should make a Will. Without one, the State directs who inherits, so your family, friends and favourite charities may get nothing.
It is particularly important to make a Will if you are not married or are not in a registered civil partnership. This is because the law does not automatically recognise partners who live together as having the same rights as husbands, wives or civil partners. As a result, even if you have lived together for many years, your partner may be left with nothing if you have not made a Will.
A Will is also vital if you have children or dependants who may not be able to care for themselves. Without a Will there could be uncertainty about who will look after or provide for them if you die.
You should consider take legal advice about making a Will if:
• several people could make a claim on your estate when you die because they depend on you financially;
• you want to include a trust in your Will (perhaps to provide for young children or a disabled person, save tax or simply protect your assets in some way after you die);
• your permanent home is not in the UK or you are not a British Citizen;
• you live here but you have overseas property; or
• you own all or part of a business.
Once you have had a Will drawn up, some changes to your circumstances, i.e. marriage, civil partnership, separation or divorce can make all or part of your Will invalid or inadequate. This means that you must review your Will regularly to reflect any major life changes.
What your Solicitor will need to know
What you own
Details of everything you own, including property, cars, personal valuables, stocks and shares, bank accounts, insurance policies, any businesses you own, and pensions.
Who gets what?
Who do you want to leave these assets to? How do you want to divide your property between your loved ones, friends or charities? Are there any conditions you want to attach to these gifts (for example, that young people must reach a particular age before they are paid money you have left them)?
Family and other beneficiaries
Details of your family and status. Are you divorced or has your civil partnership been dissolved? Have you remarried or entered into a new civil partnership? Or are you living with someone without being married to them or being their civil partner? do you have any children or other dependents? Anyone who depends on you financially can ask a court to review your will if they feel you have not provided properly for them. If you give your solicitors relevant details, they can tell you about any legal pitfalls.
Guardians
If you have children that may still be under 18 when you die, you may need to name someone as their legal guardian.
Other wishes
Do you have any particular wishes for your funeral? Do you want to be buried or cremated? Are there any other instructions?
Executors of your Will
You must also name the people you want to appoint as "Executors" of your Will – the people who will carry out the administration of your will after your death. These can be friends or family members or a professional such as your solicitor. A good combination would be a good friend, family member and a professional. Ideally, you should choose someone who is familiar with financial matters. It is a good idea to speak to them first to ask whether they would be happy to carry out this task for you.
Signing the will
Once the will has been drawn up it is not effective until it is signed. There are several rules affecting the signature process which, if not followed correctly, will make your will invalid. Many people use staff at their solicitor’s office to act as their witnesses to avoid this problem.
Where to keep the will
It is important to keep you will in a safe place and tell your Executors, close friend or relative where it is. Most solicitors can store your wills for free.
For a comprehensive, caring and professional service, please call Kenneth Bush Solicitors on 01553 692233 and ask to speak to someone in our Probate Department.