Contemplating one's own mortality is never a pleasant task, yet preparing for it through a well-crafted will can substantially alleviate the burden on surviving family members. A will ensures that your assets—including money, property, and personal belongings—are distributed according to your wishes upon your death. Without a will, your estate is subject to intestacy rules, which may not align with your intentions.
The Importance of a Valid Will
Simon Mitchell, head of wills and tax planning at Thomson Snell & Passmore, emphasises that intestacy rules prioritise spouses, civil partners, and children, followed by parents, siblings, and other relatives. He clarifies a common misconception: "Contrary to popular belief, there is no such thing as a 'common law spouse' and unmarried partners will not automatically inherit." This highlights the critical need for unmarried cohabiting couples to draft a will if they wish their partner to inherit.
Five Key Factors to Consider When Writing a Will
1. Proper Witnessing of the Will
Merry Abbott, a trusts, estates, and tax lawyer at Freeths, outlines the formal requirements: "A will must be in writing and dated when signed. It must be signed by the testator in the presence of two independent adult witnesses, who must also sign in each other's presence." She notes that witnesses cannot benefit from the will, as any gift to them would be invalid. To simplify this process, many individuals opt for a solicitor to oversee the signing, with staff members often serving as witnesses.
2. Updating After Major Life Events
Neglecting to update a will after significant life changes can lead to unintended consequences. Abbott explains, "Marriage can automatically revoke an existing will, and divorce may result in a former spouse being treated as deceased in terms of executor or beneficiary roles, potentially creating gaps." Regular reviews ensure the will reflects current wishes, especially after events like marriage, separation, divorce, or becoming a parent. For those with children, a will also allows for the appointment of guardians in case both parents pass away.
3. Treatment of Joint Assets
Assets owned jointly, such as a home or bank account, do not need inclusion in a will. Fiona Mainwaring, head of wills and probate at ORJ, details, "Property held jointly is governed by survivorship rules, meaning it passes directly to the surviving partner, regardless of will provisions." The distinction between joint tenancy and tenancy in common is crucial: joint tenancy ensures automatic transfer to the co-owner, while tenancy in common allows bequeathing one's share to chosen beneficiaries.
4. Appointing Executors
Selecting executors—the individuals responsible for administering your estate—is a pivotal decision. Mitchell advises, "It is usually desirable to appoint at least two executors to ensure continuity if one is unable to act." Beneficiaries over 18 can serve as executors, and family members are common choices. Alternatively, appointing a solicitor provides expertise but incurs significant costs.
5. Correct Storage of the Will
Only the original signed and witnessed will holds legal validity; copies cannot be used for probate. Therefore, secure storage is essential. Options include a fireproof box at home, safe deposit boxes, or professional services like National Will Safe, which stores documents in an insured archive for an annual fee, offering replacement if damaged or lost.
In summary, drafting a will involves careful attention to legal formalities, regular updates, and secure storage to ensure your estate is managed as intended, providing peace of mind for you and your loved ones.
