Writing a Will isn’t just for the elderly or wealthy – it’s something every adult should strongly consider. Whether you’re buying your first home, starting a family or simply want to make sure your belongings go to the right people should you pass away, having a Will is one of the most important ways you can protect those you care about.
No matter your age or circumstances, making a Will is one of the most responsible – and empowering – decisions you can make as an adult. But if you haven’t given much thought to the topic before, it can be hard to know where to start. Let’s look into it in some more detail.
What’s the point of creating a Will?
A Will is a legal document that sets out what should happen to your estate after you die. Estate is the collective term for everything you own, known as assets. These include things like money, property, possessions and digital assets. When you die, your estate is valued, any debts and taxes are paid and the remaining assets are distributed according to your Will.
Having one ensures that your wishes are followed and prevents the rules of intestacy (the government’s default system) from deciding who inherits from you. Even if you think your estate is small, a Will can help avoid uncertainty and disputes if you were to die.
After all, life can be unpredictable, and having a Will in place isn’t about being morbid – it’s about being prepared. Creating a Will gives you control over your legacy, protects your loved ones and ensures your estate is managed the way you want.
Types of Will in the UK
There are different types of Will, and the most appropriate for you will depend on your circumstances. Here are some of the most common types of Will:
- Single Will – suitable for individuals who want to outline their own wishes independently.
- Mirror Will – common for couples who want almost identical Wills, leaving everything to each other first, and then to named beneficiaries (such as children).
- Trust Will – involve placing some or all of your estate into a trust, which gives more control over how and when your assets are passed on. For instance, you might leave money in trust for children until they reach a certain age.
What’s an Executor of a Will?
When you write a Will, you appoint one or more Executors – the people responsible for carrying out your wishes outlined in the document. Executors manage your estate after you die: collecting assets, settling debts, handling paperwork and distributing inheritance.
Choosing an Executor for your Will is an important position. Try to select someone responsible, organised and ideally a person who knows your circumstances well. Many people appoint a close relative, friend or a professional such as a solicitor.
Making a Will
While online Will writing services are available, it’s a much better idea to have one professionally created by a solicitor. This approach ensures your Will is legally valid, accurately reflects your wishes and minimises the risk of mistakes or challenges later on. A solicitor can also advise on tax implications and the best way to approach things like inheritance tax.
It’s also important to keep your Will up to date – it’ll need reviewing after major life events take place such as marriage, divorce or buying property.
For advice or to get started with creating a Will, contact Amicus Law today.