Making a Will: Common Questions Answered
Many people delay making a Will because they believe it's something they can afford to consider later in life. However, it is essential to make a Will as early as possible to ensure your family is protected. Having a valid Will is one of the most important steps you can take to protect your loved ones, simplify matters after your death and ensure your wishes are carried out.
Why do I need a Will?
A Will gives you control over what happens to your estate after you die. Without one, the law decides who inherits your assets, and this may not reflect your wishes.
A Will allows you to:
- Decide who inherits your money, property and possessions
- Appoint trusted friends or family to be the executors of your estate
- Leave gifts to friends, family and charities
- Appoint guardians for your children if they are under 18
- Express your funeral wishes
What happens if I do not have a Will?
If you die without a valid Will, your estate is distributed according to the rules of intestacy, rather than your wishes.
This may lead to unexpected outcomes, including:
- Unmarried partners not automatically inheriting
- Stepchildren receiving nothing under the intestacy rules
- Friends and charities receiving nothing
- Estranged family members becoming entitled to part of your estate
When should I make a Will?
The best time to make a Will is now. A Will can be updated at any time, provided you have the necessary mental capacity.
You should consider making or updating your Will if:
- You buy a property
- You get married or enter a civil partnership
- You have children or grandchildren
- Someone named in your Will predeceases you
- You get divorced or separated
- You experience significant changes in your financial circumstances
Your Will should reflect your current circumstances and be reviewed as your life changes. It is best to review your Will every 3-5 years.
For some early information, please review our guide to making a Will.
Who should I appoint as an Executor?
Your Executor is responsible for administering your estate and ensuring the instructions in your Will are carried out.
Many people appoint:
- A spouse or partner
- An adult child
- A trusted family member
- A close friend
- A solicitor/Law Firm
Whoever you choose should be someone you trust, who is organised and willing to take on the responsibility, because administering an Estate can be both time-consuming and complex.
Can I leave my home to whoever I choose?
The way your property is owned affects how it passes after your death.
If you own your home as Joint Tenants, the property will pass to the surviving owner automatically via survivorship regardless of what your Will says.
If you own your property as Tenants in Common, your share of the property will pass via your Will or via the intestacy rules if you die without a Will.
Professional advice can ensure that your Will works alongside your property ownership arrangements and achieves your intended outcome.
Should I write my own Will?
While DIY Wills are readily available, even small mistakes can cause significant problems.
Professional advice helps ensure:
- Your Will is legally valid
- Your wishes are clearly expressed
- Potential tax implications are considered
- Your estate is structured appropriately
For most people, the reassurance of a professionally prepared Will far outweighs the initial cost.
What happens to my digital assets?
Many people now own valuable digital assets, including:
- Cryptocurrency
- Social media accounts
- Email accounts
Your Will may be supported by an up-to-date record of your digital assets and clear guidance on how your executors can access them. Passwords should never be written into your Will itself, as it becomes a public document after probate.
Will my estate have to pay Inheritance Tax?
Not every estate pays Inheritance Tax.
Whether tax is payable depends on the value of your estate, the available nil rate band allowances and who inherits your assets.
A carefully prepared Will can often form part of wider estate planning and could help reduce the amount of Inheritance Tax payable.
Professional advice is particularly valuable where property, business assets or substantial investments are involved.
What's the difference between a Will and a Lasting Power of Attorney?
A Will only takes effect after your death.
A Lasting Power of Attorney (LPA) allows someone you trust to make decisions on your behalf during your lifetime if you lose the mental capacity to do so yourself.
There are two types of LPA:
- Property and financial affairs LPA
- Health and welfare LPA
Many people prepare both documents together as part of their future planning.
For some extra information, please review our guide to making an LPA.
Can I leave someone out of my Will?
You are free to decide who benefits from your estate.
However, excluding certain people, particularly spouses, civil partners, children or financially dependent family members, may increase the risk of your Will being challenged.
If you are considering excluding someone, it is sensible to obtain legal advice before preparing your Will.
Why professional advice matters
Making a Will is about much more than completing a form.
An experienced private client solicitor can advise on:
- Protecting vulnerable beneficiaries
- Inheritance tax planning
- Trusts
- Property ownership
- Care fee planning; and
- Ensuring your will is legally valid
Our team includes solicitors who are accredited by the Society of Trust and Estate Practitioners (STEP) and the Law Society's Wills and Inheritance Quality Scheme (WIQS). These respected accreditations recognise specialist knowledge and high standards of practice in Wills, trusts and estate planning, giving you confidence that your affairs are being handled by experienced professionals.
Final thoughts
Making a Will isn't just about deciding who inherits your estate. It's about protecting your family, reducing uncertainty and ensuring your wishes are respected.
Whether you're making your first Will or reviewing an existing one, acting now can save your loved one’s unnecessary stress and provide peace of mind.
If you've been putting off making or reviewing your Will, now is the ideal time.
Consider the following next steps:
If you don't have a Will:
- Make preparing your Will a priority
- Think about who you would like to inherit your estate
- Decide who you would trust to act as your executors
- Consider who should act as guardians for your children
- Arrange an appointment with a solicitor to discuss your wishes
If you already have a Will:
- Review your Will to ensure it reflects your circumstances
- Check that your executors and beneficiaries are still appropriate
- Consider whether recent life events, such as marriage, divorce, the birth of children or changes in your finances, mean your Will needs updating
- Ensure your Will is stored safely and that your executors know where it can be found
- Speak to a professional if you would like to update your Will
If you're unsure whether your existing Will is suitable, or you are ready to make your first Will, the best next step is to seek professional advice to ensure that your Will is drafted correctly to allow your wishes to take effect.
Contact us today to arrange a consultation and take the next step towards protecting your family and your future.