Creating a will is one of the most important steps you can take to ensure that your assets are distributed according to your wishes after you pass away. Yet, many people delay this process, often unsure where to begin. In this guide, we’ll walk you through the essential steps of how to start making a will, helping you safeguard your family’s future and your legacy.
Understand the Importance of a Will
A will is a legal document that outlines how you want your assets (property, savings, personal belongings) to be distributed after your death. Without a will, the laws of intestacy will apply, meaning the state will decide who inherits your estate, which may not align with your wishes. Additionally, making a will allows you to appoint guardians for your minor children and express other personal preferences, such as funeral arrangements.
Take Inventory of Your Assets
Before you start writing your will, it’s important to take stock of your assets. This helps ensure that everything you own is accounted for and distributed properly. Your inventory might include:
- Property (homes, land, or rental properties)
- Bank accounts (savings and current accounts)
- Investments (stocks, bonds, ISAs)
- Personal belongings (jewellery, cars, artwork)
- Pensions and life insurance policies
- Business interests (if applicable)
Make a list of these assets and estimate their value. You should also note any outstanding debts, such as mortgages or loans, as they will need to be addressed before distributing the remainder of your estate.
Decide Who Will Inherit Your Estate
Once you’ve identified your assets, you need to decide who will inherit them. These individuals are called beneficiaries, and they could include:
- Spouse or partner
- Children or grandchildren
- Other family members (siblings, parents, nieces, nephews)
- Close friends
- Charities or organisations
You can leave specific items or amounts to different people or groups, or divide your estate in percentages. If you are leaving assets to minor children, you may want to consider setting up a trust to manage their inheritance until they reach adulthood.
Appoint Executors
An executor is the person or people you appoint to carry out the instructions in your will. This is a crucial role, as they will be responsible for managing your estate, paying off debts, and distributing assets to your beneficiaries.
Your executor could be:
- A trusted friend or family member
- A solicitor or professional executor
- A combination of both (e.g., a family member with the support of a professional)
It’s important to choose someone responsible and reliable, as they will have to handle complex and potentially emotional tasks after your death.
Appoint Guardians for Minor Children
If you have children under the age of 18, you should appoint a guardian in your will to care for them if something happens to you. This ensures your children are looked after by someone you trust, rather than leaving the decision to the courts.
When choosing a guardian, consider:
- Their ability to take on the responsibility
- Their values and parenting style
- Their relationship with your children
- Their willingness to take on the role
It’s a good idea to speak with the person you want to appoint as a guardian beforehand to make sure they’re willing to take on this responsibility.
Consider Setting Up Trusts
If you want to ensure that certain assets are managed in a specific way, especially for minors or vulnerable beneficiaries, you may consider setting up a trust in your will. A trust allows you to appoint trustees who manage the assets on behalf of the beneficiaries.
Trusts can be used for various purposes, such as:
- Ensuring children or grandchildren receive their inheritance at a certain age
- Providing ongoing financial support for dependents with disabilities
- Protecting assets from being misused by beneficiaries
You can discuss your options with a legal professional to decide if a trust is right for your situation.
Write Your Will
There are several ways to write a will, depending on your budget and the complexity of your estate: Regardless of the method you choose, your will must meet certain legal requirements to be valid, including:
- Being in writing
- Signed by you (the testator)
- Witnessed by two people who are not beneficiaries of the will
Have Your Will Witnessed and Signed
For your will to be legally binding, you must sign it in the presence of two witnesses, and they must also sign it. Witnesses should be over the age of 18 and not beneficiaries of the will or married to anyone who stands to inherit, as this could invalidate the will.
After signing, keep the original document safe, either at home in a secure place or with your solicitor. Make sure your executors know where to find it when needed.
Review and Update Your Will Regularly
Life circumstances change, and your will should reflect these changes. It’s important to review your will regularly—at least every few years—or after significant life events, such as:
- Marriage or divorce
- Birth of children or grandchildren
- Significant changes in assets
- Changes in relationships with beneficiaries
Updating your will ensures it remains accurate and aligned with your current wishes. If you need to make minor changes, you can add a codicil, which is an amendment to your existing will. For major changes, it’s best to create a new will entirely.
Seek Legal Advice
Making a will can be straightforward, but for more complex estates, it’s wise to seek legal advice. A solicitor can help ensure your will is valid, minimise any potential disputes, and offer solutions to protect your assets, such as tax planning and trust creation.
Creating a will is a crucial step in securing your legacy and protecting your loved ones. While it may seem daunting, starting with a simple plan and following these steps will make the process manageable. By clearly outlining your wishes, appointing trusted executors and guardians, and regularly updating your will, you can ensure that your assets are distributed as intended and your family is well taken care of after your death.
0 Comments