Making a Will | What you Need to Know
When it comes to making a Will, there are a number of things you will need to consider. Thinking things through in a logical way will enable you to make the right decisions.
Remember that you can make a Will at any time
Even if you have put writing a Will off for many years and find yourself at a later stage of your life, do not worry. You can still put one in place now and help to make things a lot easier for your family. Don’t delay writing your Will, one day it will be too late.
Your property will be shared as dictated by the rules of intestacy if you have no Will
These rules will determine how your property is shared should you pass away with no Will in place. Regardless of your estate size, your estate will be shared following a particular distribution order if there is no Will. So, putting a Will in place will enable you to make specific requests to ensure that your property is shared how you want it shared.
Make sure your Will is drawn up professionally
To ensure that a Will is valid, there are rules that have to be followed. The Wills Act 1837 is applicable and this means the Will needs to be signed by the Testator and two witnesses. If a Will has not be correctly drawn up, it is open to challenges or may not be valid and that means your estate could fall under the intestacy rules.
It is up to you who you leave your estate to
Perhaps you have a bad relationship with family members, perhaps you would prefer to your grandchildren to have your estate instead of your children or you might leave everything to charity. ‘Testamentary Freedom” is a principle of the English law which gives you control over the content of your Will.
If you do not have the capacity to make a Will, it will not be valid
If there is any element of doubt around whether you understand the nature of a Will and those you are expected to provide for in you Will, then it could be challenged and set aside. Therefore, it is important that you have the capacity to make a Will and to understand all that is included with in it.
Your Will cannot be witnessed by a beneficiary
If you want someone to benefit from your Will, then it is not possible for them to witness it. However, beneficiaries can also be selected as your executors.
Update your Will
Things in life can change. Your relationship status can change and priorities may change and that is why you need to keep your will under constant review. If you feel that someone else should be added into your Will then go ahead and add it or if you want some or all of your estate to go somewhere different then consider making the change. Therefore, a review of your Will ensures that it contains your exact wishes when you pass away.