Writing a will
It may be that you've not got round to it, you feel you're too young to write one, or you simply don't want to think about dying because it gives you the heebie-jeebies. But why is it a good idea and how do you go about it?
Finding the right time
If you haven't written a will, you're not alone. According to the National Consumer Council's report Finding the Will, only 3% of respondents aged 16 to 24 have a will, compared to 70% of those aged 65 and over. "I haven't written a will yet, but I have thought about it as I've got a few special things that I'd want to go to certain people," says 21 year-old Natalie. "Getting round to it and knowing exactly what to do is the thing I'm not sure about. I assume you go to a solicitor, but do they take you seriously at this age?"
Why is it important to write a will?
If you're in a relationship and not married then you can't inherit from each other unless there is a will, so if you were to die then it could cause financial problems for your remaining partner. It may also cause problems if you haven't made arrangements for your children. On a financial note, it may be possible to reduce the amount of tax payable on the inheritance if you take advice on your will in advance.
It may be a good idea to write one if:
- You have a sudden rise in the value of your possessions;
- You plan to travel or live overseas;
- You're buying a home;
- You want to stop someone inheriting from you;
- Your relationship has changed;
- You have an illness or have lost someone close to you;
- You have children;
- For peace of mind.
"You shouldn't be put off from writing one because none of us know what's round the corner, so it's something that should be done sooner rather than later," says Howard Burns, solicitor at Lewis Hymanson Small.
What should I include?
- How much money and what possessions do you have? (Also referred to as your 'estate'). Remember to include savings, pensions, insurance policies, and shares.
- Make a list of all the people or charities you want to leave money or possessions to, known as 'beneficiaries'.
- If you have children, who will look after them?
- Who is going to sort out your estate and carry out your wishes? These people are known as 'executors' and may be relatives or friends, solicitors, accountants or banks.
People may not know you have a will unless you tell them, so tell your executors you've made it and where the original is kept. You can keep a will at home, but it may also be a good idea to give a copy to a solicitor or bank.
Do I need a solicitor?
It's not necessary for a will to be drawn up by a solicitor as long as you understand the formal requirements needed to make a will valid. If you're worried that your will isn't straightforward then ask a solicitor to check it over to make sure there aren't any errors in it that could cause problems after your death. The charge for drawing up a will varies between solicitors and how complex the will is, but on average it will cost around £150. You may decide to use a solicitor if:
- You share a property with someone who isn't your husband, wife or civil partner;
- You've been married before and you're worried someone may make a claim on your will;
- You're not a British citizen;
- Your permanent home isn't in the UK, or you have a property overseas;
- There is a business involved.
Help writing a will
There are books and websites to help you draw up a will, but check to see if they're regulated by the Law Society. If you're will is handwritten, the intentions aren't clear, and it hasn't been properly signed and witnessed, then it will be invalid.
If you're a member of a trade union then you may be offered a free wills service. In Northern Ireland, you may get help with legal costs towards making a will under the green form scheme. In England and Wales, financial help only covers the making of a will if you're disabled, the parent of a disabled person, or a single person who wishes to appoint a guardian in your will.
Common mistakes
- Not taking account of all the money and property available;
- Failing to make alternative arrangements if a beneficiary dies before you do;
- Not updating your will if you get married, divorced, remarried, register or dissolve a civil partnership, have children or adopt.
- Making sure that alterations are signed and witnessed. The only way you can change a will is by making a codicil to the will (a supplement to it that makes some alterations, but leaves the rest of it pretty much the same), or by writing a new will.
- If you want to destroy a will, you must burn it or tear it up with the clear intention that it's revoked. A new will should contain a clause revoking all previous wills and codicils.
Thanks to Citizens Advice Bureau for help with this article.
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