Writing a will is one of life’s less glamorous but ultimately essential tasks. It’s a way of outlining your wishes as to what you would like to happen to your estate when you pass. A lot of people aren’t entirely sure what writing a will entails. This post answers a few common questions that people have about wills, as well as clearing up terms like ‘intestate’ and ‘codicil’.
What happens if you die without a will?
Dying without a will is known as dying ‘intestate’. When this happens, your estate is passed down to relatives according to the laws of intestacy.
While these laws vary between England/Wales, Scotland and Northern Ireland, they typically involve passing your estate down to your most direct family only. This may not necessarily be the way in which you want your estate to be passed down – unmarried partners, stepchildren and close friends will receive nothing. Writing a will is a chance to correct this and to decide exactly how much of a percentage each person gets.
What should you include in your will?
A lot can be included in a will. Some of the important things to cover include:
- Your assets: It’s important to list everything that you want to pass down including property, savings, digital assets and even passwords to social media accounts.
- Beneficiaries: This is a chance to decide who will get what. This could include family members, friends and charities.
- Guardians for children: If you have kids under 18, you will need to nominate who will take care of them if you die.
- Funeral wishes: You can also outline funeral wishes in your will such as whether you want to be cremated or buried
- Executors: This is a trusted person or a solicitor who will be in charge of executing the wishes you have included in your will.
Your will must be signed by two people in order for it to be valid. These two people cannot be beneficiaries.
Can you change a will after it has been written?
Yes, you can change a will at a later date. In fact, you can change it as many times as you want. There are two main ways to change a will:
- A codicil: This involves adding an extra clause to your will if you need to add extra details like new assets or contingencies.
- A new will: If you need to make bigger changes, it may be better to draft a fresh will.
In both cases, your will must be signed again after it has been altered to ensure that the changes are legally-binding.
Can a will be contested?
The conditions of a will can be challenged. This is not easy to do and you may not succeed, but it is worth considering if you believe a will has been forged, written by someone with dementia or written under undue influence.
Here are a few examples of wills that have been contested to give you an idea of the circumstances that might warrant it.
Do you need to hire a professional to write a will?
It’s recommended that you hire a solicitor or professional will writer to help you write your will – especially if your situation is quite complex. For more straightforward estates, a DIY route may be fine, however you may still want to use an online template service. Make sure that your will is signed.