The W’s of Will Planning

Making a will is an important part of planning for your future, to ensure that your wishes are met after you die. In the W’s of will planning, we offer answers to the whos, whats, whys and whens of making a will.

Why make a will?

There are a number of different reasons why making a will is beneficial not only to you, but to your loved ones as well. A well-drafted will can:

• Provide for your loved ones by setting up special provisions for them
• Protect your assets by ensuring they are kept in the family and passed down
• Offer reassurance that your wishes will be met after you die
• Prevent disputes by removing any doubt as to how your estate should be distributed

By making a will, it is you who decides who will benefit from your property and possessions after your death. If you die without making a will ('intestate' in legal terms) your property and possessions will be distributed according to law, and not necessarily according to your wishes.

Who should make a will?

Anyone can make a will, so long as they are at least 18 years old and of ‘sound mind’. Even if you feel you don’t have anything of value to pass on, it is worth making a will to ensure your wishes are carried out and to avoid disputes. For example, you may have specific wishes for your funeral which you can stipulate in your will. You can also make clear who you want to benefit from your estate - including any savings and possessions you have, and bequeath them to specific individuals.

What is the cost of a will?

The costs of preparing a will depend on the provisions you require. Some people's needs are straightforward and others require more complex provisions such as trusts. While it is possible to prepare a will without professional help, there is a higher likelihood of it not being done properly, which in turn can create a whole host of problems after your death.

Why use a solicitor to prepare your will?

A will is probably one of the most important documents you will deal with during your lifetime. Although it is possible to write a will without using a solicitor's help, this is not advisable.There are strict formalities which must be complied with to ensure that your will is valid on your death.

For example, your will would be invalid on your death unless it is correctly signed and witnessed. It is also important that you receive proper advice on your legal responsibilities, so as to reduce the chance that someone will challenge your will. You must also ensure that your will deals with the whole of your estate and that you consider what you would want to happen if a chosen beneficiary dies before you.

Who should I choose as my executor?

Your executor is the person who will carry out the terms of your will on your death. You can have more than one executor should you wish. Executors who are family or friends might fall out with each other and this can cause major problems during the administration of the estate.

There are many benefits to appointing solicitors to be your executors. A solicitor understands the law and can ensure that your estate is administered in a tax efficient manner. There would always be a person available to administer your estate, as the appointment is worded so as to appoint partners of the firm at the date of your death. This prevents problems that occur when your chosen executor dies before you.

When should I update my will?

Once you have written your will, you should review it regularly to make sure it still reflects your wishes and circumstances. You should update your will following major life events, e.g. having children, getting married/divorced, bereavement, obtaining expensive assets.

You should also let your loved ones know you have a will, and where to find it, or who to contact in the event of your death to obtain the will.

For a free publication on Wills and estate planning, contact our Information & Advice team. They can also provide assistance on things like maximizing your income, ensuring you're getting everything you're entitled to, and offer further help on planning for your future. They can even refer you to a trusted solicitor.

This article is based on a presentation given on 22 March 2017 by Jeremy Cuff of Cuff & Gough Solicitors.