Why do I need a will?
A Will lets you decide what happens to your property, possessions and money after you pass away.
If you have no Will there are certain rules known as “state law” which dictate how your estate is allocated. This may not be what you wished for.
A Will protects your children as it enables you to leave explicit instruction for the care of your family. Naming legal guardians will ensure your children will be taken care of by people you would want and not what the state decides.
People overlook simple things that can be passed onto another person. You may own more than you think. Things to consider in addition to property and children are:
- Your car
- Furniture
- Personal possessions
- Personal benefits
- Savings
At Affinity we have our own in-house estate planner who will ensure you and your loved ones are protected and ensure your wishes are documented.
What happens if I don’t make a will?
Not making a will before you pass away means you will die “intestate” and your estate may go to people you may not want to receive anything.
If your estate is intestate this is how your possessions would be distributed:
• If you have a spouse or civil partner and children, your spouse or civil partner will inherit all your personal possessions and at least the first £250,000 of your estate, plus half the rest. Your children will then be entitled to the other half of the balance.
• If you have a spouse or civil partner but don’t have children your spouse or civil partner will inherit your whole estate, including your personal possessions.
• If you and your partner aren’t married or in a civil partnership and you haven’t made a will, they have no automatic right to inherit from your estate. This applies even if you’ve lived together for a long time or have children together.
• If you have children and your spouse or partner is deceased your children will inherit everything, divided equally between them.
• If you don’t have a partner or children then parents, brothers, sisters, and nieces and nephews may inherit your estate.
A will may also contain details of your funeral wishes and instructions on how your funeral costs will be met.
Your next of kin cannot override the executor of your will.
Making a will ensures your property, possessions and money are distributed in accordance with your wishes.
How do I make a will?
Step 1 – Value your estate
Draw up a list of your assets and debts to establish what our estate is worth
Assets include:
- Your home and other properties you may own.
- Insurances, life assurance or critical illness plans that include a death benefit.
- Savings, Nationals Savings or premiums bonds.
- Household contents such as furniture
- Antiques, Jewellery or other personal belongings.
Debts Include:
- Mortgages
- Loans
- Equity Release
- Bank overdrafts and credit card balances.
Step 2 – How will you divide your estate?
Be clear about what you want to happen with you estate:
- Who you want to benefit from your will?
- Are there specific items you’d like to leave to certain individuals?
- Do you plan to leave a charity donation?
Step 3 – Choose your executors
Who would you like to be responsible for the distribution of your estate?
Step 4 – Who will write your will?
There are a number of ways to write your will:
- Professional will writers – check they are members of The Society of will writers or the Institute of Professional will writers
- Solicitors – Check they are licensed with the correct professional body, for example the Law Society or Solicitors Regulation Authority.
- Charities – Some charities offer a free will writing service to encourage will making and charitable legacies.
- Banks – Some bank still offer a service.
- Make your own will – A will is a legal document, if you decide to write your own will always seek advise first. Making sure it’s valid is crucial. Signing your will in front of independent witnesses is essential.
Step 5 – Store you will.
Store your will safely, inform your executors where your will is kept. Never attached anything to you will with a paperclip or with staples. These will leave marks on the paperwork over time and if removed will raise queries that further instructions may be missing.
