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Will Writing

1 October 2023

Writing a Will is important for many reasons. This short article gives further insight into the service that we offer.

What is a Will?

Writing a Will is something most of us tend to put off, eternally staying at the bottom of a “to do” list.

A Will is a legally binding document that ensures your assets are divided exactly as you wish when you pass away, and eases the task for those left behind.

If you do not have a Will in place, the law dictates who should inherit and how much they receive. This is known as “the rules of intestacy”. The law does not deal with personal items, funeral wishes or who looks after your minor children; and makes no provision for unmarried partners, step-relatives or friends.

A Will is a legally binding document that sets out:

(1) Who deals with everything for you when you pass away

(2) Who cares for your children and/or pets, and

(3) Who receives your money and belongings

Wills are not just for people who own a home, have investments or who are elderly or unwell.

There are many key reasons for writing a Will, such as:

• Gifting personal or sentimental items

• Deciding who acts on your behalf

• Making sure pets are looked after

• Appointing guardians for minor children

• Protecting unmarried partners (who do not benefit automatically without a Will)

• Protecting children from previous relationships

• Protecting vulnerable or disabled beneficiaries

• Ensuring a business continues, or is wound up

• Disinheriting estranged relatives

• Ensuring your estate passes in a tax efficient manner

What is a simple Will?

This list gives an idea of whose circumstances might fall within the remit of a simple Will:-

• Anyone who has not been married previously; or have, but have a “clean break” order regarding finances

• Anyone with no children from previous relationships

• Individuals leaving no personal items or cash legacies; or a small number of items

• Individuals whose beneficiaries are not vulnerable or disabled

• Individuals who are UK domiciled, who do not own a business and who are not disinheriting anyone.

What is a complex Will?

This list is not intended to be exhaustive but sets out some circumstances that fall within the definition of complex Wills:-

• Individuals who are separated but not divorced, or with children from previous relationships

• Individuals leaving a vast amount of personal items or cash legacies

• Individuals with an estate worth more than £500,000

• Couples with an estate worth more than £1,000,000

• Anyone disinheriting relatives such as spouses or children

• Individuals with beneficiaries at risk of bankruptcy or divorce, or who are spendthrifts

• Anyone with vulnerable or disabled beneficiaries

Will I need to change my Will in the future?

We advise reviewing your Will every three to five years and we offer a free review.

If you have experienced a major life change such as becoming a parent, receiving an inheritance or starting a business, then it is advised that you review your Will straight away.

Where do I start?

< Older Post Newer Post >

Strangest Wills of All Time

by Eloise Mackenzie • 19 June 2024

Testamentary freedom is a right in England to a person to divide their assets in their Will as they wish. Here are some of the most whacky and wonderful Wills we could find, which demonstrates how every circumstance is unique.

Funeral Wishes: What are my Options?

by Eloise Mackenzie • 4 June 2024

When it comes to considering funeral wishes in a Will, the majority of people have not ever thought about what they would want to happen when they pass away.

What Is The Trust Registration Service?

by Eloise Mackenzie • 20 January 2024

Over the last few years, the Trust Registration Service (TRS) has brought about a significant change in how Trusts are registered and managed. In this article, we will look at the TRS in more detail and explore some of its key features.

What Is Probate and What Do I Do Next?

by Eloise Mackenzie • 20 January 2024

Losing a loved one is a painful and confusing time for all of us, and if your loved one was a close relative and they did not leave a Will, or you are an executor under their Will, you may be wondering what you need to do and who you need to speak to.

How Do I Find My Old Will?

by Eloise Mackenzie • 20 January 2024

It is increasingly common that people write their Wills and when they come to us for a review, they know they have a Will in place but they have no idea who wrote it, where it is, or whether they retained the original themselves.

Can I Write My Will Myself?

by Eloise Mackenzie • 20 January 2024

In order to save money, especially when the cost of living is so high, lots of people may consider writing their own Wills.

Enduring Powers of Attorney

by Eloise Mackenzie • 21 October 2023

Enduring Powers of Attorney

Lasting Powers of Attorney

by Eloise Mackenzie • 18 October 2023

What is a Lasting Power of Attorney? A Lasting Power of Attorney (“LPA”) is essential for anyone at any age. LPAs are legal documents that allow you to appoint someone to make decisions for you (called your “attorneys”). When it comes to finances; attorneys can be appointed either because you would like assistance (for convenience), or because you are no longer able to make decisions for yourself because you have had an accident, an illness, or not become fully conscious again after a surgery. Regarding health decisions, an attorney can only act if you become unable to make decisions for yourself. Do I need one or two LPAs? A property and financial affairs LPA gives power to make decisions about things like managing your bank account, paying bills and selling your home. A health and welfare LPA gives your attorney powers for decisions regarding your daily routine and medical care. You can choose to create an LPA for each of these or for both. It is also possible to restrict a financial LPA to deal with your business decisions only. See Business LPAs for more information. What happens without an LPA? While none of us like to think about the worst happening to us, it is vital to put these documents in place to protect ourselves as well as our loved ones. Without these documents in place, an application could be made to the Court of Protection to appoint a Deputy. This can be a lengthy and expensive process, and results in a loss of control over who makes decisions on your behalf. In the short term, having nothing in place could be catastrophic. Bank accounts can be frozen (including joint accounts), bills may remain unpaid for many months, and businesses may fail. Health and care decisions could also be made which do not meet with your wishes. Who can I appoint as my Attorney? You can specify who you wish to appoint as your attorney. This could be a relative, friend or a professional. You may choose to appoint the same attorney, to cover both your financial and health decisions. You may also decide to have a different person or people acting under each type of LPA. Contact us today to book a free no obligation initial consultation to discuss Lasting Powers of Attorney.