Everyone should have some form of will so that their assets are distributed according to their wishes after they pass away. If you die without one, there are certain rules of intestacy, which determine how your assets will be divided. This may not reflect your intentions or the needs of your loved ones.
Before you write a will, it’s important to establish a clear understanding of your objectives and the specific components involved. We’ll look at some key considerations to keep in mind.
Are you looking to write a will? Our experienced team can provide the help and support you need. Explore our Will Writing services to learn more about how BGW can help.
1. Should I hire a solicitor?
While it’s possible to write a will on your own, consulting with a solicitor is highly advisable.
A solicitor can handle the legal aspects of writing the will, which you may not understand or may overlook. They can ensure that your will is valid, properly witnessed, and complies with UK law. This can save your estate from potential disputes or complications that might arise later on, especially if your will is challenged.
If your financial situation is complex, or if you have unique wishes for your assets — like setting up trusts or dealing with businesses — a solicitor can provide the expertise you need to navigate these intricacies.
Laws can also change over time, in which your solicitor can make sure the will is kept up to date in accordance with any legal changes. They can also make sure your will is reviewed regularly, particularly if there are significant changes in your life circumstances, such as marriage, divorce, or the birth of a child.
2. Understanding your assets
Your assets are what you legally own, which can be distributed through your will.
An asset can take many forms, including:
- Property: Homes, land, rental properties, and holiday homes.
- Financial assets: Bank accounts, investments, stocks, andpensions..
- Personal belongings: Jewellery, collectables, vehicles, and art.
- Business interests: Ownership stakes in companies or partnerships.
It’s a good idea to make a detailed inventory of your assets. This will not only clarify what you own, but also help in deciding if you wish to distribute them equally among heirs or assign specific people.
3. Who will be the executors of the will?
Your executor is the person responsible for carrying out the instructions in your will. They will handle your financial affairs, settle debts, and distribute your assets as per your wishes.
Consider someone who is organised, trustworthy, and has a good understanding of your affairs. It might be beneficial to discuss your decision with them beforehand to ensure they are willing and capable of fulfilling this role.
Your solicitor can also act as the executor, providing a professional and neutral party to manage the process. This can be especially helpful if your estate is complicated or if you anticipate potential disputes among your beneficiaries.
4. What is the value of my estate?
The total value of your assets will account for the value of your estate along with any debts or liabilities you may owe to determine your net estate value. This is crucial as it affects how much will be distributed to your beneficiaries after your debts are settled.
Just like listing your assets, you should account for any debts or liabilities you may have. This includes mortgages, loans, credit card debts, and any other financial obligations. Such expenses can be deducted from your estate once you die or passed on to your beneficiaries.
This will also help determine whether your estate could fall under Inheritance Tax. Estates valued above a certain threshold may be subject to this tax. Anything above the £325,000 threshold will be charged a tax of 40%.
For example, if your estate is valued at £400,000, the government would tax 40% of the £75,000 above the threshold.
5. Should I set up a trust?
A trust is one way of avoiding inheritance tax and providing a more streamlined distribution of your assets. By placing your assets in a trust, you can specify how and when your beneficiaries receive their inheritance. This can be particularly useful for minor children or individuals who may not be financially responsible.
Assets placed in a trust typically bypass the probate process, allowing for a quicker and potentially less expensive way for your loved ones to inherit your estate. This can prevent delays and ensure that your wishes are honoured without unnecessary legal complications.
We can also provide professional advice on trusts and probate and to help keep your assets well-managed and distributed accordingly.
6. How will my assets be distributed?
When you write a will, it’s up to you to decide who will inherit your assets and in what proportions. This means identifying who you wish to benefit from your estate. In most cases, beneficiaries include family members, friends, and you can leave money to charity.
You can assign specific items, such as family heirlooms or properties, to particular individuals, or designate a percentage of the total estate to each person.
You can also decide whether you want to distribute your assets equally among your beneficiaries or if you prefer to provide unequal shares based on specific circumstances or relationships.
7. Will I need to appoint a guardian?
If you have children, you need to think about who would care for them in the event of your passing. Designating a guardian ensures your children will have someone to care for them if you or your spouse/civil partner pass away.
This person should be someone you deeply trust — perhaps a close family member or a close friend — who is willing and able to take on the responsibility of raising your children.
In addition to naming a guardian, you may want to include instructions for financial support for your children. For example, you may wish for them to keep money aside such as when they turn 18 years old.
8. How often should I review my will?
Ideally, we recommend that you carry out a general review of your Will every 3-5 years. This can account for any changes in your life that would cause you to make changes to the will. For example, you could get married and wish to write your spouse into the will or any children that are born since your last update.
Where can I get advice on will writing?
Your will is more than a legal document — it’s a way to protect your loved ones, secure your legacy, and ensure peace of mind. At BGW Solicitors, we’re here to guide you every step of the way, providing tailored legal advice and guidance to reflect your unique needs and wishes.
We make the process seamless with flexible options: meet us in-person at our offices in Castle Cary, Cheddar, or Shepton Mallet, or book a convenient virtual meeting online.
