Writing a will is one of the most important things you can do to make sure your wishes are followed and your loved ones are looked after. But we totally understand that thinking about wills can feel overwhelming, and it’s easy to put it off. That’s why we’re here to help guide you through the process, step by step.
At Belcher Addison, we’re here to help you through this process with clear, expert advice. Below, you’ll find our top suggestions for the things you should know before you begin and steps to help you start writing your will.
1. Know the legal requirements
To be legally valid in the UK, a will must meet certain criteria:
- You must be 18 or older.
- You must have the mental capacity to understand the nature and effect of your will.
- The will must be in writing, signed by you in the presence of two witnesses, who must also sign. These witnesses cannot be beneficiaries of the will.
Making sure your will meets these requirements helps prevent any complications later on, giving you peace of mind that your wishes will be respected.
2. Choosing an executor
An executor is the person who makes sure your wishes are carried out. It’s a big responsibility – they’ll be managing your estate, paying off any debts, and passing on your assets to your loved ones. That’s why it’s so important to choose someone you trust to handle everything with care. You can appoint up to four executors, and they can also be beneficiaries of your will.
3. Listing your assets
Before writing your will, take time to assess all of your assets – this includes property, savings, investments, and personal possessions. Keep in mind that some assets, such as jointly owned property or bank accounts, may automatically pass to the co-owner and won’t be covered by your will. Being clear about what you own helps ensure that nothing is overlooked.
4. Deciding on beneficiaries
Your beneficiaries are the people or organisations you wish to leave your assets to. It’s important to be specific about who receives what, whether it’s particular items or a share of your estate. You’ll also need to decide who will inherit the remainder of your estate (known as the “residue”) after specific gifts and any debts have been settled.
5. Appointing guardians for children
If you have children under 18, your will can appoint a legal guardian to care for them in the event of your death. This is an essential consideration for parents and ensures your children will be looked after by someone you trust.
6. Understanding inheritance tax (IHT)
Currently, estates valued over £325,000 may be subject to Inheritance Tax (IHT) at 40%. However, there are ways to reduce or even eliminate this tax.
For example, if you leave your estate to your spouse or civil partner, no IHT is payable. You can also benefit from the Residence Nil Rate Band (RNRB) – an extra allowance of £175,000 if you pass your home to your children or grandchildren (including stepchildren and adopted children). This means that, when combined with the standard threshold, your estate could potentially be worth up to £500,000 before IHT applies.
There are also other ways to reduce IHT, such as leaving assets to charity or using trusts to manage how your wealth is passed on. If your estate is likely to exceed these thresholds, seeking expert advice can help you make the most of these allowances and ensure your loved ones inherit as much as possible.
7. Regularly review and update your will
It’s important to review your will regularly, especially after major life events such as marriage, divorce, the birth of children, or significant changes in your assets. Remember, marriage typically revokes a will unless it was made in contemplation of the marriage. Keeping your will up to date ensures your wishes continue to reflect your current circumstances.
8. Storing your will safely
Once your will is written, it’s vital to store it securely and ensure your executors know where to find it. A lost or misplaced will can cause unnecessary complications, delays and even disputes.
Many people choose to store their will with a solicitor for safekeeping, ensuring it remains protected and easily accessible when needed. It’s also a good idea to keep a copy for your own records and inform your executors of its location.
Taking these steps provides peace of mind that when the time comes, your wishes will be carried out smoothly and without confusion.
9. Seek professional advice
Many people assume writing a will is straightforward, but in reality, there are often important legal and financial details that can be easily overlooked. Even if your estate seems simple, seeking expert advice ensures your will is properly drafted, legally sound and fully reflects your wishes.
If you have more complex assets – such as a business, property abroad or inheritance tax considerations – professional guidance becomes even more essential to navigate potential complications. A well-prepared will protects your loved ones from unnecessary stress and ensures your estate is distributed exactly as you intend.
How Belcher Addison can help
At our firm, we understand that writing a will can seem daunting, but with the right guidance, it can be an easy, stress-free process that provides you and your loved ones with peace of mind.
Thinking about writing your will or need some advice? Get in touch with us – we’re here to make the process as straightforward and stress-free as possible, giving you confidence that everything’s sorted.
