Why you need a Will

It’s important to make sure that after you die, your assets and possessions (known as your estate) will go to the people and organisations (known as your beneficiaries) you choose, such as family members and charities you want to support.

Your estate includes your personal possessions, as well as assets such as:

• property (in the UK or overseas)

• savings and investments

• insurance funds

• pension funds

If you die without a valid Will, it could be difficult for your family to sort out your affairs. Your estate will be shared out according to the

rules of intestacy.

Under the intestacy rules, only married partners, civil partners and certain close relatives can inherit your estate.

If you and your partner are not married or in a civil partnership, your partner won't have the right to inherit – even if you’re living together.

It’s important to make a will if you:

• own property or a business

• have children

• have savings, investments or insurance policies

 

Writing a will for the first time

We strongly recommend that you use a solicitor to draw up your Will. You can write one yourself, but suggest you get a solicitor to check it over. A qualified solicitor can guide you through any unfamiliar legal language, as well as any areas that may be involved such as Probate Law, Inheritance Tax and Capital Gains Tax that may affect your estate. ​  

Using a solicitor can give you peace of mind and the opportunity to set out everything clearly, to ensure there is no misunderstanding of your wishes in your will. 

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To find a Solictor you can contact the Law Society 'Find a Solicitor' Lists here

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Information you'll need to give your solicitor

Start by making a list of the assets you want to include in your will,such as property, vehicles, savings and investments, including rough estimates of what they might be worth, then decide

  

• details of who should have these assets and be your beneficiaries after you die

• details of any children and family members, including children who are not biologically yours – such as step-children or adopted children

• how you want them shared among your beneficiaries.

• any other wishes – such as the type of funeral you want

• a list of any outstanding debts you may have

 

Ideally, you should also:

 

• choose the executors of your Will – these are the people who will carry out your wishes in your Will

• If you have children under 18 –choose guardians for your children, making sure you discuss it with them before including them in your Will

• decide whether you’d like to be buried or cremated – there are a few other options available now, including eco-friendly or natural burials

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If you want to leave a donation to a charity, you must include the charity’s full name, address and its registered charity number.

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A solicitor can give you advice about any of these issues.

Types of Gifts in Wills

Residuary gift (A Share of your Estate)

This type of gift is a share of your estate, for example 5%. Many people divide their estate into 100 equal units. After giving to family and loved ones, they then gift a certain number of units to charities such as Cure4DM.

Unlike a cash gift, leaving a share of your estate means your gift won't devalue over time. This type of gift is the most useful to us.

 

Pecuniary gift (A fixed Sum of Money)

A cash gift, is known as a pecuniary gift, which is a fixed sum of money, for example £500. These gifts are paid out of your estate first, and then what's left is divided up as per the instructions in your will.

 

Specific gift (A specific item, such as Jewellery or Art)

A specific gift is a nominated object, for example an artwork, a collection of records or an antique.

If you want to keep a particular item in your family, then this could be a good way to pass the item on.

Executors

Executors are people named in your will who will carry out your wishes after you die. They can be family or friends, but you should ask them first if they’re willing to take on this role as it involves a lot of responsibility.

An executor can also be a professional person, such as your solicitor. If you use a solicitor for this service, you’ll have to pay a fee.

Most people have two executors, but you can have up to four. You should at least have a second executor in case your main one is unable to act on your behalf.

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After you have made your Will - make sure it is valid

Once your Will has been written, and you’re happy that it reflects your wishes, it needs to be signed by you and witnessed by two other people  that see you signing it (although they do not need to know what is in the Will), all in the presence of each other. A witness cannot be a direct family member. Your solicitor may be able to arrange suitable witnesses on your behalf.

Your witnesses must:

• be over 18

• not be your beneficiaries

• not be your beneficiaries’ spouses or civil partners

Keep it Safe and Keep it Up-to-date

Make sure your executors know where your Will is kept. You can leave your Will with a solicitor (they’ll give you a copy). There’s no charge for this service if you leave it with the solicitor who drew up your Will.

You should review your will every five years to make sure it’s up to date. This is especially important if your circumstances change – for example, if you:

• get married or enter a civil partnership – this will automatically cancel any existing will

• buy a new property or an expensive asset such as a new car

• divorce or separate from your partner