(3 minute read)
A Will is a legal document that outlines how you want your assets to be distributed after your death. It also specifies who will be responsible for carrying out your wishes and who will take care of your children if they are minors. Most importantly, a Will enables you to plan and ringfence your assets in a way that minimises inheritance tax liabilities and ensures that more of your hard earned cash and assets go to your loved ones.
Anyone over the age of 18 who is of sound mind can make a Will.
However, it’s important to note that there are certain legal requirements that must be met in order for a Will to be considered valid.
The Legal requirements
First and foremost, the testator must have testamentary capacity, meaning they must be of sound mind and legal age. Additionally, the creation of the Will must be voluntary, without any undue influence or coercion from others e.g. family members often find themselves in a pickle trying to ‘help’ their older parents, uncles or aunties to get their Will ‘sorted out’.
Therefore the formalities involved in will writing play a crucial role; typically requiring the Will to be in writing (you’ll be surprised where people have written their wills!), signed by the testator (not their best mate or cousin) and witnessed by two or more competent witnesses (ideally not down the pub!). Any previous Wills should be expressly revoked, and the document should comply with specific legal requirements of the jurisdiction. Clear provisions for asset distribution and beneficiary identification are essential, along with signatures and dates from both the testator and witnesses. Adhering to these legal requirements helps ensure the validity and enforceability of the Will and minimises the chances of the Will being unravelled or challenged (and yes… it is possible to nullify someone’s will after they die).
What happens if someone dies without a Will?
When someone dies without a Will it’s not the end of the world, but it can make things significantly difficult for your loved ones and they’ll potentially have all of the tax implications to deal with (not ideal when your loved ones are in the process of mourning the loss of their favourite person 🙁 ). In this case the person is said to have died “intestate” and the distribution of their assets is determined by the rules of intestacy in their jurisdiction. The specific rules vary depending on the jurisdiction, but generally speaking, the estate will be distributed among the deceased’s heirs according to a predetermined hierarchy. Top of the list is normally the surviving spouse and children (beware of hidden children from other relationships past and present… yup! It can get that dramatic) are the first in line to inherit, followed by other relatives such as parents, siblings, or more distant relatives (remember that TV series Heir Hunters?). If there are no living relatives, the estate may ‘escheat’, meaning it goes to His Majesty’s Treasury (a.k.a. HMRC). Without a will, the deceased’s wishes regarding asset distribution, guardianship of minor children, and other important matters may not be honoured, and the probate process may be more complex and time-consuming. Therefore, it’s generally recommended to have a will in place to ensure your wishes are carried out and to simplify the administration of your estate for your loved ones.
What should be included in your Will?
Your Will should include a list of all your assets, including property, bank accounts, investments, and personal belongings. You should clearly identify your beneficiaries, including family members, friends, or charities, and specify how your assets will be distributed. Additionally, you should name an executor who will be responsible for carrying out your wishes. The nominated executor will oversee the probate process, manage the assets, settle any debts, and distribute the assets to the beneficiaries according to the deceased’s wishes.
How often should you update your Will?
You should review your will periodically, and in any event every seven years to ensure that it still reflects your wishes. You should also update your will if you experience any major life changes, such as getting married, having children, or acquiring new assets and don’t forget… getting divorced! You don’t want your ex inheriting your assets!
Writing a will can be a daunting task, but it’s an important one. By taking the time to create a will, you can ensure that your assets are distributed according to your wishes and that your loved ones are taken care of after you’re gone.
If you are ready to write your Will, contact Hillary Cooper Law today to book your initial strategy and advice session on 020 3627 9727. We’re better, on your side.
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