Making a Will
What is a Will?
A Will is arguably the most crucial legal document you will ever sign.
A Will is a legal document that allows you to say what should happen to your assets (your money, property, investments and possessions) as well as your young children after you have passed away.
Without a valid Will in England or Wales, the Law determines who looks after any children under 18 and who inherit your assets, including money, property, vehicles, pets and other personal belongings.
A Will governs the distribution of assets you possess at the time of your death, not when the Will is written. Therefore, even if your current assets are limited, your financial situation might improve substantially in the future, perhaps from paying off a mortgage or receiving an inheritance.
Creating a Will ensures your intentions are clear, providing financial security for your loved ones after your passing.
A Single Will, ideal for an individual, details one persons wishes. Alternatively, if your wishes closely align with someone else’s, usually your spouse or partner, you might consider creating joint Mirror Wills with each person leaving their assets to each other or the same beneficiaries.
There are also Trust Wills, which could be preferable if you wish to provide for a partner while considering children from a previous relationship. A Trust Will might also safeguard your estate from care home fees or secure an inheritance for a beneficiary who may not be capable of managing their finances effectively.
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07712 328368
By making a Will you can:
- Choose trusted individuals to care for your children under 18 years old (known as Guardians)
- Select people you trust to carry out the terms of your Will (called Executors)
- Name individuals or charities you want to benefit from your Estate (called Beneficiaries)
- Leave gifts of specific items or a fixed sum of money (called Legacies)
- Establish a Trust to safeguard your assets for future generations, cover residential care costs, or support beneficiaries who are vulnerable or have disabilities.
- Specify your funeral wishes.
What happens if I die without making a Will?
If you live in England or Wales and die without establishing a legally valid Will the government will determine the distribution of your assets. If you have no living relatives, all your assets and belongings will be transferred to the Crown. Should you have children under the age of 18, other people will make decisions regarding their guardianship as well as oversee their financial, educational and living arrangements. By creating a Will, you can specify your specific wishes.
Making the Will writing process easier
As professional Will writers, were here to provide you with the right help and advice every step of the way.
Here are some decisions that you’ll need to make before we start to write your Will.
These include:
- what type of will you want to make
- who you would like to inherit from you
- who you would like be guardians for your children (if they’re under 18)
- would you like to leave anything to a charity
- who you’d like to deal with your estate after you die
You can either make these decisions before you begin drafting your will or discuss them with your Will Writer during your appointment. Once you’ve made your choices, you’ll need to have specific information on hand, such as the names and addresses of anyone you plan to include in your will.
When you’re ready to start creating your Will, please contact us and we will answer any initial questions you may have and help you begin the process.
What type of gifts can I leave in my Will?
When drafting your Will, there are several ways to allocate your estate:
- A pecuniary bequest involves leaving a fixed sum of money (e.g., £5,000 to your nephew).
- A specific bequest refers to a particular item, such as a family heirloom or piece of jewellery.
- A residuary bequest is a percentage of your estate remaining after all other bequests and expenses have been settled.
Additionally, you can include a reversionary bequest, where you leave a gift to someone with the condition that if they do not survive you, the gift will go to another specified individual.
Advice for writing a Will if you have young children
It’s crucial to start by appointing a trusted guardian who will care for your children if something happens to you.
Ensure that this person is willing and able to take on the responsibility. Additionally, choose reliable trustees to manage your children’s inheritance until they reach the age you specify, such as 18, 21, or 25, depending on what you feel is appropriate for their maturity level.
Creating a trust to hold and manage the inheritance until your children are of age can help ensure that their assets are used for their benefit. Include detailed instructions in your Will about how you want the inheritance to be used, such as funding their education or covering living expenses.
You should regularly review and update your Will to reflect any changes in your family circumstances, like the birth of additional children or changes in guardianship preferences. Finally, discuss your plans with the appointed guardian and trustees so they understand your intentions and are prepared to carry them out.
Can a Will protect my home from potential care home fees?
Yes, writing a Trust Will can be an effective way to protect your home or savings against care home fees in the future.
I’m not married to my partner – should I make a Will?
Under the inheritance laws of England and Wales, partners who are neither married nor in a civil partnership are not automatically entitled to inherit. If you want your partner to inherit your assets after your death and you are not married, it is essential to have a Will that clearly outlines your intentions.
I don’t own a house, do I still need a Will?
Many people think that creating a Will is only important if you have a house or substantial assets. However, this isn’t true, as a Will encompasses much more than the distribution of property.
For friendly, helpful advice, call us today
Creating a Will can be straightforward and efficient with the help of a Will Writing service. Here at Haighs Wills we offer expert guidance throughout the entire process. Our specialists will assist you with every step, from outlining your wishes to finalising your Will. Our advisors will discuss your preferences, provide tailored recommendations, and ensure that your Will meets your needs and circumstances.
Call us on:
07712 328368
Helping you plan for the future
Here are 5 simple reasons to choose Haighs Wills and Estate Planning for your professionally written Will and Lasting Power of Attorney.
- Face to Face appointments
- Fixed prices from the outset
- Appointments at your home
- Large savings on solicitor fees
- Efficient, Punctual and Reliable
“As a professional Will Writer I’m passionate about helping you make the right decisions when it comes to your Estate Planning”
It’s really important to think about the future and start planning for your family after you are gone. By making a Will you can ensure that the people you want to benefit are looked after financially and in the case of children under the age of 18, who will care for them. As well as a Will, a Lasting Power of Attorney is also invaluable. If you’re in an accident, have a stroke, or lose mental capacity, a Lasting Power of Attorney legally specifies who will make those important decisions on your behalf.
Richard Haigh
Professional Will Writer and Estate Planner
In Association with
Haighs Wills and Estate planning are independent specialists who work in association with Countrywide Tax and Trust Corporation and are supported by a team of STEP qualified practitioners.
