What To Consider When You Are Writing a Will

Writing a will is an essential part of estate planning, ensuring that your assets are distributed according to your wishes. Your will should clearly outline who will inherit your estate, how it will be managed and any special provisions you wish to include.

Despite the importance of having a will, many people fail to create one. This can lead to complications and unintended outcomes for their loved ones. By drafting a legally sound will, you can avoid uncertainty and ensure your estate is handled as you intend.

What Is Included in a Will?

A well-structured will should contain the following key elements:

• The appointment of an executor to manage your estate
• A list of your assets, including property, savings and investments
• Named beneficiaries who will inherit your assets
• Guardianship arrangements if you have dependent children
• Instructions for any debts or liabilities to be settled
• Specific gifts or donations to individuals or charities
• Funeral wishes, if you want to include them

Ensuring that these details are clearly outlined in your will can help prevent disputes and ensure your estate is handled smoothly.

How Can You Provide for Your Loved Ones in Your Will?

One of the primary reasons for writing a will is to provide for your loved ones after your passing. You can specify how your estate is divided among family members, ensuring financial security for your spouse, children or other dependents.

Without a will, intestacy laws determine who receives your assets, which may not align with your wishes. By creating a clear and legally binding will, you can make sure your assets go to the people who matter most to you.

Do You Need a Solicitor to Write Your Will?

While it is possible to draft a will yourself, using a solicitor ensures that your will is legally sound and minimises the risk of challenges or errors. A solicitor can provide expert advice on complex matters such as inheritance tax, trusts and potential disputes.

If you do not have a will, there is a risk that your estate will receive unintended distribution. Seeking legal assistance can help avoid these issues and provide peace of mind.

How Can Charitable Giving Reduce Your Tax Liability?

Leaving a portion of your estate to charity can not only support causes that are important to you but also reduce inheritance tax. Charitable donations in a will are exempt from inheritance tax, and if you leave at least 10% of your estate to charity, the inheritance tax rate on the remainder of your estate can be reduced from 40% to 36%.

According to HM Revenue & Customs, charitable donations through wills have steadily increased, with over £3.4 billion donated in 2023. Including a charitable gift in your will can be a meaningful way to leave a lasting legacy.

How Often Should You Change Your Will?

It is important to review and update your will regularly, particularly after significant life events such as marriage, divorce, the birth of a child or acquiring new assets. An outdated will may no longer reflect your current wishes, potentially leading to complications for your beneficiaries.

Legal experts recommend reviewing your will every 5 years to ensure it remains relevant. Keeping it up to date ensures that your estate is distributed in the way you intend.

What Happens if You Do Not Have a Will?

If you die without a will, your estate will be distributed according to intestacy laws, which prioritise spouses, children and other close relatives. This can result in unintended outcomes, such as distant relatives inheriting your estate while close friends or unmarried partners receive nothing.

To avoid uncertainty and ensure your estate is handled according to your wishes, it is essential to have a legally binding will in place.

Can You Exclude Someone from Your Will?

Yes, you have the legal right to exclude certain individuals from your will. However, some family members, such as spouses and dependent children, may have grounds to challenge your will under the Inheritance (Provision for Family and Dependants) Act 1975 if they believe they have not been adequately provided for.

To minimise the risk of disputes, it is advisable to document your reasons for exclusion and seek legal advice to ensure your wishes are upheld.

What Role Does an Executor Play?

An executor is responsible for administering your estate according to your will. This includes obtaining probate, settling debts, distributing assets to beneficiaries and ensuring all legal obligations are met.

Choosing a reliable and competent executor is essential, as they will oversee the entire probate process. Many people appoint a solicitor or professional executor to ensure their estate is managed efficiently and impartially.

Concluding Thoughts

Writing a will is a crucial step in managing your estate and ensuring that your assets are distributed according to your preferences. By carefully considering your beneficiaries, seeking legal guidance and updating your will when necessary, you can provide clarity and security for your loved ones.

Taking the time to create a comprehensive will not only protects your estate but also gives you peace of mind so that you know your wishes will be honoured.