Making a will
Paul Lewis, financial expert and presenter of BBC Radio 4's Moneybox, explains why it's important to make a will.
Making a will is the only way to make sure your money, property, possessions and investments (known as your estate) go to the people and causes you care about.
Paul Lewis, financial expert and presenter of BBC Radio 4's Moneybox, explains why it's important to make a will.
Your will should cover your whole estate, so it's a good idea to draw up a list of your assets and debts. Then you have a clear idea of how much it's worth, which can help you decide how to distribute it.
Assets that typically make up an estate include:
Debts might include:
It's a good idea to get assets valued regularly. The price of your house, for instance, might have changed substantially since you last checked.
Your will needs to state clearly how you want your estate to be distributed, and who should be responsible for distributing it. Think about:
Executors are legally responsible for dealing with someone's estate after their death. It can involve a lot of work and responsibility, so it's important to choose your executor (or executors) carefully.
When you're choosing who to appoint, you should talk to them to check they understand what's involved and that they're happy to do it.
If you want to leave a gift to a charity in your will, include the charity’s full name, address and registered charity number to make sure they receive it.
There are a few different ways you can write your will:
It's possible to use a professional will writer to make your will, but they aren't qualified solicitors and may not be regulated – so if you decide to use one, first check whether they're a member of the Institute of Professional Willwriters or the Society of Will Writers.
You can also make your own will, but it's easy to make mistakes or miss out important details. While it might seem like the best option now, it could cause costly legal problems for your executors and beneficiaries further down the line, so it's normally better to get professional advice.
The beginning of the will should state that it revokes all others. If you have an earlier will, you should destroy it. The government advises burning it safely or tearing it up.
You must sign your will in the presence of 2 independent witnesses, who must also sign it in your presence – so all 3 people should be in the room together when each one signs. If the will is signed incorrectly, it isn't valid.
No one listed in the will as a beneficiary should act as a witness – they'll lose their right to their inheritance. They shouldn't even be in the room when the will is signed. It’s also best not to ask an executor to act as a witness.
If you can’t sign your will, it can be signed on your behalf as long as you’re in the room and it's signed at your direction. Any will signed on your behalf must contain a clause saying you understood the contents of the will before it was signed.
If you have a serious illness or dementia diagnosis, you can still make a will – but you need to have mental capacity for it to be valid. Your solicitor should make sure of this, and you may need a medical practitioner’s statement at the time the will is signed, certifying that you understand what you're signing.
You can leave your will with a solicitor or bank or with the Probate Service. Alternatively, you can store it safely at home.
Find your local Probate Service using the directory on GOV.UK
You must let your executors know where your will is kept. It's important not to attach any documents to the will with paperclips or staples – if they detach and leave marks it'll raise questions about whether the will is missing any parts or amendments.
You should review your will every 5 years or after a major change in your life – such as the birth of a new grandchild or moving house. But it's important you never make alterations to the original document.
If you want to make a minor change to your will, you can add a supplement, known as a codicil. This must be signed and witnessed in the same way as the will – although the witnesses don’t have to be the same as the original ones.
If you want to make a major change, you should make a new will and cancel your old one.
If you marry, remarry or enter a civil partnership, this cancels a previously existing will. Divorce doesn’t automatically invalidate a will made during the marriage – but it does exclude your ex-spouse or ex-civil partner from benefitting if they're mentioned.
You should arrange to make a new will if you marry, separate or divorce.
If you don’t make a will, you're said to have died intestate – and your estate may not go to the people you want.
If you have a partner and you aren't married or in a civil partnership, they have no automatic right to inherit from you if you haven't made a will – even if you've lived together for a long time or have children.
Intestacy rules state that:
Leaving a gift in your will to Age UK is a special way to make sure older people have the support they need in the years to come. Learn how a gift in your will could be a lifeline for those who have nowhere else to turn.
We offer support through our free advice line on 0800 678 1602. Lines are open 8am-7pm, 365 days a year. We also have specialist advisers at over 120 local Age UKs.
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