A
Will ensures you help those who have meant most to you. It
is the only way to ensure your wishes for them are to be
carried out.
A
Will can also lessen the distress of those who care for
you.
Should you die without a Will (intestate), the law
determines how your estate is divided.
If you have no surviving relatives and do not leave a
Will, your whole estate passes to the Crown.
Making a Will can reduce costs associated with
distributing your estate and help minimise inheritance tax
bills payable to your estate.
What Do You Need To Do?
A
Will may be written without consulting a solicitor, but
this is inadvisable as what may seem clear to you could
mean something different to others, or in law. This might
mean that the people or charities of your choice do not
receive what you intend for them.
A
solicitor can ensure your wishes are accurately stated,
and can advise on tax concessions, avoiding/reducing
inheritance tax, and making tax-free gifts to charities.
If you do not have a solicitor - Citizens' Advice bureaux
and libraries have information on local solicitors.
Estimate your assets and
liabilities; include all money, investments, property,
valuables (jewellery- china etc) and other possessions.
Note: If you are leaving ALL your worldly goods to one
or 2 members of your family to split up - you may not
need to list your assets and liabilities.
Decide on who should share in your estate.
Consider to whom you wish to leave a legacy, how much or
which items.
Do
you wish to leave anything to charity?
Your estate may have to pay off any debts or loans or
mortgages.
Residue clause - you will need to say who gets anything
left over from the estate after debts and legacies.
Decide on who will be your executor - you will need to nominate
one or more executors to carry out your
instructions. They can be beneficiaries, and may be
relatives, friends or even a charity. Solicitors can also
act as an executor. see
Estate Management
Two people (only one in Scotland) must
witness your Will, but cannot benefit from it.
Solicitors can usually provide witnesses.
Can I Change My Will?
Changed circumstances or a change of heart can affect your
Will.
Never make changes by writing on your Will as this
may render it null and void.
Minor changes can be made by a new instruction, called
a codicil, drawn up by your solicitor
Codicils must be signed and witnessed in the same way as
the main Will, and kept with the Will.
A bequest to a charity can be simply added to an existing
Will by codicil.
Ways to make a gift or legacy in your Will:
SPECIFIC
BEQUESTS
If you want to leave someone a specific item rather than a
sum of money, you should make a specific bequest giving a clear
description of the item, and the full name and address of the person you
wish to receive it.
PECUNIARY BEQUESTS
A
pecuniary gift leaves a fixed amount of money. To
make a pecuniary
bequest you must state the exact figure you want to leave,
and the
beneficiary's full name and address.
RESIDUARY BEQUESTS
When any debts, tax and the cost of administering your
estate have been
paid, and all specific and pecuniary bequests distributed,
there is often an amount left over. (the residue)
You must decide who will benefit from this residue,
otherwise it will be treated as "partial intestacy".
People often choose to leave all or a part of this residue
to a favourite charity. see Remember a
Charity
Money
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