Writing a Will

It’s one of these things that many of us never seem to get round to doing. It is also believed that 1-in-3 adults in the UK die without making a will, and as many as ½ the population that are aged over 45 have not made a will. By not writing a will it cannot be guaranteed that your money, property and any other assets will be passed on to the people you have wanted to receive it. 

How it Works

Dying intestate (dying without a will) could be a period of stress and financial worry for your family after you have died. In the worst case scenario,  you die single and with no living relatives, your estate will pass on to the state. If you and your spouse have no children, your spouse is legally entitled to the first £200,000, with 50% of the remainder of your estate divided among any other family members.

Having a will prepared if you are not married or registered as a civil partnership is even more essential, as only jointly owned assets can be inherited. Everything else in the deceased estate will go to the deceased next of kin
If you or your partner were to die, a will may also be used to establish any guardians of your children that are under the age of 18. Failure to make a will and stipulate how you would like your children to be cared for should you die, will be decided by the courts

It is recommended that you appoint a solicitor to draw up a will to ensure it is water tight and legally valid. Depending on your financial grounds, you may be entitled to Legal Aid – to find out if you qualify visit The Citizens Advice Bureau.

3 Essential preparation tips for getting a will

1) It is important that you know what you are worth. If you own a property, its value is the market price on that day less any mortgage owed. If you are a joint owner with your partner, your worth is half its market value, less your share of the mortgage.

2) Detail any life insurance policies, money in bank accounts and other investments. It is also advisable to consider adding any valuables such as antiques or jewellery to your will.

3) Make any deductions to cover funeral expenses and mortgage loans.

After going through these three steps you should come up with a figure of what your ‘worth’ should be.