Wills - Your Questions Answered
What is a Will?
A Will is a legally binding document, in which the individual concerned states their intentions in the event of their death. Primarily, this relates to how they would like to distribute their estate, who they would like to take care of their children, what arrangements they would like to make for their funeral and whether or not they would like to donate vital organs.
Why should I make a Will?
One needs only to look at the number of euphemisms in the English language for the word ‘death’ to see that, for most people, it is a very taboo subject. Because it is such a sensitive area, many people neglect to think about, or approach the subject. As a result of this, millions of people make no provisions for their loved ones after their passing.
This can lead to a great deal of confusion and distress for loved ones, as the estate of the deceased may be open to dispute. It is estimated that currently, as many as 7 out of 10 people in the U.K currently don’t make a Will.
If you fail to make a Will, your affairs will be taken into the hands of the Law, meaning that you won’t have a say in issues such as how your wealth and possessions are distributed.
When should I make a Will?
It’s always a good time to think about writing a Will. Many people make the mistake of putting off the process, in the mistaken belief that it is only old people who need to make a Will. The fact is that, anyone who wants to have active control over their affairs when they die, particularly those with dependents, should seriously consider making a Will. Any change in your circumstances, for example when you have children or get married, should lead you to consider writing a Will.
When can I make a Will?
The age limit at which you can make a Will is dependent on your circumstances and geographical location within the U.K. In England and Wales, anyone over the age of 18 can make a Will. In Northern Ireland, those under the age of 18 can make a Will if they are married and in Scotland the age is just 12.
The exception to this is people in the armed forces, who, due to the nature of their profession can make a Will before they reach the age of 18
What happens after I write my Will? Can I change it?
Once written, your Will would be taken as a statement of your last Will and testament before you die. As a result, the contents of it, at the time of your death will be honoured. For this reason, it is important that you change and update your Will as your circumstances dictate, in order to ensure that when you die, your wishes are accurately represented.
Can I write my own Will?
The short answer is yes, anyone can write their own Will. It is worth noting, however, that this is not a simple process. Most people would be advised to at least consult a legal professional before taking this route.
Wills should be written in a certain format, otherwise, their content could be considered to be ambiguous and hence contested in a court of Law. By having a Will professionally written by an experienced Will writer, you can ensure that your estate is fully taken care of; giving you added peace of mind.
In addition to this, professional Will writers will be able to best advise you on the most tax-efficient ways of disbursing your estate, in order to help your loved ones to avoid paying large amounts of inheritance tax.