Why making a Will is good for you (and everyone around you)

David Edwards is a partner with Burt Brill & Cardens and an expert in Wills, Lasting Powers of Attorneys and protecting family wealth. David is offering customers of The Future Perfect Company a free 10 minute telephone consultation to establish whether you need a Will.  To arrange a consultation, email medwards@bbc-law.co.uk and quote this website

 A staggering two thirds of people in England and Wales do not have a Will according to the latest research from National Centre for Social Research. At the same time, the reasons why people should make Wills are more compelling than ever.  The laws of inheritance, framed in the 1920s do not cater well for modern family structures.

For example, if you die leaving a spouse or civil partner and children, then your spouse or civil partner will only get the first £250,000 of your estate plus personal possessions outright. Half of the rest is shared equally amongst the children and the other half is put into a trust. The spouse/civil partner gets the income or interest from the trust during his/her lifetime and when the spouse or civil partner dies, the capital goes to the deceased’s children equally. If that sounds complicated, then it is!

Just imagine the difficulties that arise if you end up with your children owning part of your home.

This is only one or a whole host of reasons why a Will is good for you.

Given the many compelling reasons to make a Will, why is it that so many people do not bother? There are the old clichés that making a Will shortens your life, people do not want to think about dying or ”I don’t need one because everything will go to my partner”.  None of these, of course, are true and the belief that your partner will inherit is particularly dangerous.

The overwhelming reason why more people do not make Wills is it they are like New Year’s resolutions.  They sound a good idea, but in practice, it will require effort (and expense) now in return for benefit in the future, and as people do not think they are going to die soon, they put it off for a bit longer.

 Assuming you are really determined to think about making a Will, do you need to?

 Almost certainly yes!

If you are single without friends, relatives, children, dependents and you really do not mind where your assets go once you have passed away and you do not mind putting those who remain to additional expense and inconvenience in trying to sort things out, then you can happily carry on without a Will.  Otherwise, a Will really is a good idea.

 The first step

First of all, you need to think how straightforward your Will is likely to be.  You need to spend five minutes thinking about your friends and family and then think about the assets, money, insurance policies, pension entitlements, property, shares, investments and so on and your debts, mortgages, loans, etc. and then imagine that if you were to die how you would like the people in your life to share your assets.

Now that you have a rough idea in your head as to how you would like things arranged, you need to decide how you are going to make your Will.

If you are a soldier about to go into battle it is sufficient to simply tell someone of your wishes.

If not, then there are strict requirements as to how a Will is written down, signed and witnessed. 

For your protection and to make sure the person dealing with the Will knows what they are talking about, my personal preference is to consult a solicitor.  There are, though, alternatives providers of Wills including Will writers but make sure you use a regulated and reputable firm.

You can, of course, buy Will- making stationery or work your way through guidebooks. But be warned. Solicitors love people making home-made Wills because the cost of sorting them out is, in 9 cases out of 10, vastly more expensive than dealing with a straightforward Will.

Whoever you choose to help you with the Will, make sure you have a clear confirmation about the cost. Also make sure you speak to the person who will draft the Will to ensure that you will be happy to talk about personal matters in relation to your family and your assets with the person who is to prepare the Will.

Here is a checklist of just some of the circumstances which normally make it essential that a proper Will is prepared.

If you are living with a partner and you are not married or in a civil partnership

If you have young children

If you are married or in a civil partnership without children and your net assets are more than £450,000

If you are married or have a civil partner and children and your net assets are more than £125,000

If you have children from a previous relationship

If you want to leave something to a person other than your spouse or civil partner or children.

 Do not leave it too late.

 Making a Will on your death bed is not, usually, a happy experience.  I have prepared many Wills in these circumstances and quite apart from adding to the trauma within the family, it often gives rise to additional complications such as questions over mental capacity which adds very considerably to the stress of everyone involved.

 This article has only touched on some of the issues arising out of Wills and why you should have one.  There are many other circumstances in which a Will is a very good idea, if not absolutely essential!

 Don’t forget this is general comment; you should take legal advice relevant for your circumstances before acting – or deciding not to act.