Wills

In this section we cover:

Making a Will or Writing a Will, Cost of a Will, Mirror Wills, Legal Guardians, the Rules of Intestacy and Wills and Probate 

A Will, sometimes referred to as a your Last Will and Testament, is a legal document that sets out what happens to your money, property, and belongings, known as your Estate, after you pass away. It might sound a bit morbid, but having a Will in place is one of the most important steps you can take to protect your loved ones and make sure your wishes are respected and it's worth remembering that, without a Will, the government decides how your estate is divided, which may not match what you want (spouses don't automatically get everything by the way) .  Of course, if you have no money or possessions then you may not a Will.

Making or Writing a Will isn’t just for the wealthy – it’s for anyone who wants control over their estate. It won't let your estate avoid the Probate process but it allows you to name who inherits your assets, choose Legal Guardians for your children to stop Social Services getting involved in deciding who gets to look after them, and even leave instructions for funerals, pets, or charitable donations. Essentially, a Will sets out what YOU want, makes the whole estate administration easier and ensures your family and friends are provided for in the way you intend.

When you make a Will, you’ll usually start by naming an Executor – the person who will manage your estate and make sure your wishes are carried out. This can be a trusted family member, friend, or a professional. You’ll also clearly list any specific gift and specify who should receive what share of your estate. The more detailed your Will, the easier it is for your executor to handle your affairs. Wills can also be a Mirror Will if you are a couple, but each person needs their own Wil. 

It’s also a good idea to Review your Will regularly. Life changes like marriage, divorce, having children, or acquiring new property can all affect your wishes. A Will that’s out of date might not reflect your current intentions and could lead to confusion or disputes among family members.

Some common misconceptions about Wills include thinking that having a Will is complicated or expensive. In reality, you can actually write a basic Will yourself, you can do it online pretty cheaply, and some charities team up with solicitors and may sponsor a Will if you agree to make a donation (and sometimes you don't even need to do that) although you have to ask why they are offering a free Will; sometimes it's just a sales technique.  That can work for very basic estates, but anyone with any assets or family circumstances that are not absolutely normal will benefit from professional advice. The cost of a Will shouldn't be more than about £150 to have a professional draft one for you, so it's worth consulting one, and what matters most is that it’s legally valid, signed, and witnessed correctly – otherwise, it might not work and they help make sure of that.

Another key point is that a Will doesn’t cover everything. For example, jointly owned property, life insurance policies, and certain pensions often pass directly to the named beneficiaries and aren’t controlled by your Will. Knowing what your Will can and cannot cover is essential for a complete estate plan. 

Finally, having a Will can reduce stress and potential conflict for your family during an already difficult time. It provides clear instructions, avoids unnecessary legal battles, and can even help reduce inheritance tax if planned carefully.

The good thing about a Will is that it puts money or assets into the hands of beneficiaries and no one can stop that without good reason - but, sometimes giving assets to someone can be dangerous, damage state benefits, get lost in a divorce or even create a tax burden on the beneficiary if passed on at the wrong time - a more protective Will that includes a Will Trust will offer more certainty for your assets and, in this ever changing world, these are now more popular than ever with parents. 

If you have a Will and would like to assess whether it is going to meet your needs please do try our Will Robustness & Risk Scorecard - you'll be able to get a straightforward and plain talking appraisal of whether your Will is enough, or if a Will Trust might work better for you - just click HERE to start your FREE review.

Will Trust