Did you know that nearly half (49%) of UK adults don’t have a Will in place? Or that one in ten adults in the UK have started making a Will but haven’t finished it yet?
The Association of Lifetime Lawyers has published these figures to coincide with this year’s Update Your Will Week (3–9 March), in the hope that more people in the UK will be inspired to make or update their Will.
If you’re an adult in the UK, and have children, own a house or have a pension or even a bank account, you will probably need a Will.
A Will is a written legal document that sets out how your estate (property, financial assets and personal possessions) should be distributed after your death.
Making a Will is the only way to ensure your assets pass on to those you wish to benefit. If you have young children or are the guardian to a person under 18, a Will can also indicate who should look after them if anything happens to you.
If you die without a Will, the intestacy rules determine how your estate is divided. Cohabiting partners do not automatically inherit under the laws of intestacy, which means your estate may not go to the people you would like.
At Langley Wellington LLP, our Wills, Trusts and Probate lawyers will ensure you have the necessary legal protections in place to secure your future and protect your loved ones.
With offices in Cheltenham and Gloucester, we have provided legal advice on Wills, Trusts, inheritance tax and estate planning to clients in the local area and beyond for many years.
To find out more about our Will Writing service in Gloucestershire, or to speak to one of our specialist Wills lawyers, please call 01452 521286, email lawyers@langleywellington.co.uk or make an online enquiry.
Here, to mark Update Your Will Week, our Will Writing Solicitors give their top tips for making a Will.
- List your assets.
Before you make your Will, you need to establish what comprises your estate by making a list of your assets.
An estate’s assets can include:
- Property
- Money in bank accounts
- Saving and investments
- Any assets held in Trust
- Pensions
- Life insurance policies
- Cars, jewellery and other personal possessions
It can also be helpful to list your liabilities, such as outstanding debts, loans and mortgages.
- Seek specialist legal advice.
Some people try to write their Will themselves by using a template they have found online or by enlisting the help of an unregulated Will Writer, usually to try to save money.
However, this can often backfire, and many DIY Wills have errors which can make them invalid or open to dispute at a later stage.
The only way to ensure your Will meets the right standards and minimise the risk of any problems further down the line is to instruct a lawyer specialising in Wills.
An experienced Wills lawyer will guide you through the Will writing process, ensuring your Will is drafted clearly and accurately, providing you with valuable peace of mind.
Click here for more reasons why you need a lawyer to write a Will.
- Decide on your beneficiaries.
Once you have established what your assets are, you need to decide who to pass them on to after your death.
When deciding on your beneficiaries, the more specific you are the better. Careful drafting is crucial. Your solicitor will ensure your Will is written so that it accurately reflects your wishes.
- Choose your executors.
An executor plays an important role in the estate administration process and should be someone you trust. Think carefully about who you want to appoint as executor in your Will and it is preferable to check beforehand that they are willing to act.
You must name at least one executor in your Will, though you can name up to four. An executor of a Will is responsible for various duties, including:
- Ascertaining the assets and liabilities of the deceased’s estate
- Informing the relevant authorities, such as council tax, HMRC and the Department for Work and Pensions
- Valuing the estate
- Paying any inheritance tax (IHT) due
- Applying for a grant of probate
- Gathering the estate’s funds
- Settling any debts
- Distributing assets
If you have children under the age of 18, you will also need to appoint a guardian (or guardians) in your Will.
- Review it regularly.
It is advisable to review your Will every three years or after any significant life event (for example, if there is a birth in the family, if you get married, divorced, buy a property, or there is a death in the family) to ensure that it continues to reflect your wishes.
Some events, such as a marriage, can invalidate a Will, so it is important to keep it up to date and ensure it remains legally valid.
Will Writing Solicitors in Gloucester and Cheltenham
At Langley Wellington LLP, we have an experienced team providing comprehensive legal advice on Wills, Trusts and Probate matters.
We have a range of options available to ensure that you get the Will, and the advice, that suits your needs.
To speak with our Will Writing lawyers in Cheltenham and Gloucester, please call 01452 521286, email lawyers@langleywellington.co.uk or make an online enquiry.
This blog is not intended to be taken as advice or acted upon. If you are seeking legal advice, please get in touch with our team of solicitors.
