Creating a will can seem intimidating and it’s normal not to know where to start. Between the legal aspects and the forward planning, making decisions for when you’re not around can be difficult.
That’s why we have created the 6 things you need to know about creating your will.
What happens if I don't have a will?
If you die without an end-of-life plan, the legal term for this situation is intestate. This is where the court undergoes a long legal process to determine your rightful heirs. A "statutory will" is made by the Court of Protections, and is put into place to decide how your assets are to be divided as there were no formal instructions put in place by yourself.
2. Do I need an attorney?
You do not need a lawyer to create a will, however, it can make the process a lot easier for you and your loved ones. An attorney can ensure that the document is clear, valid and can be witnessed without any issues.
If you are looking for simplicity and a smooth process for your beneficiaries after you’re gone, having a legal professional involved can offer this.
3. Can I have a joint will?
A joint will typically leaves a couple's assets to the surviving spouse, followed by their heirs, usually children. It’s also common for a joint will to contain the provision that either spouse can change or revoke the will alone.
This can create further issues in the future for the surviving spouse, as it can restrict the selling of a family home or any other assets included in a joint will. Therefore, a single will where you can bequeath any assets to the surviving spouse is often a favourable option.
4. Planning your estate
Whilst it’s important to plan what you’re leaving behind, it’s also worth recognising that your financial situation could change. Paying off a mortgage or receiving any inheritance can drastically alter your estate, so it’s worth updating your will every year or after any significant events.
You can value your estate by listing your assets and debts. Your assets could include property, savings, insurance, pensions, jewellery, motor vehicles, etc... Your debut could range from having a mortgage to credit cards and loans.
5. Legal guardians & pets
It’s common for one parent to get legal custody of any children under 18 if their legal guardian dies. This isn’t always the case, and there are situations where both parents die at the same time. This is why naming a legal guardian is a crucial part of your will.
You can also choose the age at which your children receive their inheritance. This gives you the option of long term planning when you’re no longer around.
Legally pets are regarded as personal property and you can also include a provision detailing who should take responsibility for your pets, along with any special instructions.
6. How do I create a will?
Handwritten wills are known as 'holograph' wills which can be legal documents. However, having a legal professional write the will for you give you the benefit of an official legal document, and the opportunity to ask any questions and fully understand all of your options.
If you have any questions about creating a will, get in touch with a member of our team, who will be happy to talk you through any questions.