Why make a will?
A will is a document that states what happens to your possessions, including property and money, after you pass away.
There are many reasons to make a will, but the most important is that you can decide who your estate goes to after you pass away. This is especially important if you have children and need to specify who will care for them, or if you and your partner are not married, because they will not automatically inherit from you otherwise.
Knowing that your loved ones will inherit your money and property can give you peace of mind. Your hard-earned estate will be in good hands, and your family may also benefit from greater financial security.
Writing a will can also help ensure your estate is passed on in a tax-efficient way. Possessions left to your spouse or civil partner are usually inherited tax-free, and if you leave a property to your children, including adopted, fostered or step-children, they may benefit from a higher inheritance tax threshold, provided your estate is worth less than £2 million.
If you make a will, you also have the opportunity to leave money to charity. This can support causes that matter to you, and if you leave a large enough donation, 10% of the value of your estate, the inheritance tax rate may be reduced from 40% to 36%.
Find out more about why you should write a will and what to consider before making a will.
How to write a will
In your will, you should clearly set out what you own, including money and property, who your beneficiaries are, who your executors are, who will look after any children under 18, and what you want to happen if any of your beneficiaries die before you.
To make your will legally binding, you must:
- Be 18 or over
- Put it in writing
- Make it voluntarily and be of sound mind
- Sign it in the presence of two witnesses, both of whom are over 18 and are not beneficiaries in the will
- Have those two witnesses also sign the will
These criteria must also be met whenever you make changes to your will.
When it comes to writing a will, you have three main options. You can choose to write your will yourself, use a will-writer, or hire a solicitor. It is usually a good idea to use a legal professional, even if only to review and finalise the document, to help make sure your will is legally binding and reflects your wishes properly.
It is especially important to seek legal advice if your will is more complex. This could apply if:
- You share a property with someone you are not married to or in a civil partnership with
- One of your beneficiaries is a dependent
- You have several family members who might make a claim on your estate, for example if you have been married more than once or have children from a previous relationship
- You have property overseas
- You own a business
Once you have written your will, you can store it at home or with your solicitor, your bank, the London Probate Service, or a company that offers will storage services.
Be sure to tell someone where your will is stored, such as your executor, a close friend, or a relative.
What happens if you don’t make a will?
If you do not make a will, your money and assets will be distributed according to predefined legal rules. The law may also decide who will look after any children under the age of 18.
Find out more about what happens if you pass away without writing a will.
Getting help with writing a will
The Law Superstore can put you in touch with legal professionals who can offer advice, help ensure your will is legally binding, and explain how much writing your will is likely to cost.
Get quotes for wills or read more about what you need to know when writing a will.
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