Wills
Where there’s a will.....
...there’s a relative, as the old joke goes. But only one third of Britons have completed a valid will. Why ?
There are of course many reasons, but typically it's because they think that it will be a long, painful and expensive process and, anyway, "what will it matter when I’m gone ?". It doesn’t have to be any of these things, and it will definitely matter when you are gone.
A huge contributor to this inertia is the lack of understanding of the consequences of not making a will. The key one being that, without a will, on your death your money may not go where you want it too. It may even go to people and places that you specifically don’t want it to go to !.
To quote Justice Minister Bridget Prentice:- "Married couples and civil partners should not assume that when their spouse or civil partner dies, they will automatically be entitled to everything. It is up to individuals to make sure that their wishes are respected by making a will."
Completing this seemingly arduous task can help relieve many weeks, months, even years of heartache for loved-ones in the future and ensure that your estate goes exactly where you want it to. Surely that’s worth investing some time and effort for ?
There is a simple summary of the process below.
Advice for Making a Will
It is widely recommended that you have a will drawn up a professional, usually a solicitor or a professional will-writer. Simple wills can usually be created for a typical fee of around £200 per couple.
To ensure it is valid, you will need two independent witnesses ( just one if you live in Scotland) who will have to sign at the same time. A witness cannot be a beneficiary of the will, or be married to someone mentioned in the will.
You will also need to specify your choice of executor. This is the person who will deal with dividing up your estate and possessions when you die. If you do not designate an executor, the state will appoint a solicitor to do this for you – and for a fee. By contrast, an executor can, and usually is, a beneficiary of your will. It is preferable to have more than one executor in the event of one of them dying before you.
You will then need to give precise details about all beneficiaries and what you are leaving to them. You should include their full name and their relationship to you as well as being very specific about any possessions you are leaving them. The clearer you are now the less likely it is that problems will arise in the future.
Altering your Will
Whenever you make your will, it is always possible that a number of factors in your life will change. If this means you need to amend your will, it is important that you don't waste time in doing so. For example, if you were single when you drew up your will, it may become invalid if you get married. However, divorce or separation does not make a will invalid so you might well want to make changes.
If they are significant alterations, you will need to make a new will which will revoke any other wills you have made.
If you just want to make minor alterations, you can add supplementary changes known as codicils – although these should be added separately and never made on the original document. Any alterations must be properly witnessed but the witnesses do not have to be the same as on the original will.
“Thank you very much for your letter and comments and keeping an eye on things for me.”
Mr D. R. Gloucestershire
