Creating a will is essential at any stage of life, but it becomes increasingly important as you age. For those with substantial assets or complex estates, having a will ensures that your wishes are respected and your affairs are managed according to your preferences. Unfortunately, many people put off making a will, and it’s not uncommon for elderly individuals to realise too late that they lack a formal plan.
To avoid unnecessary stress and complications, it’s wise to address this important task sooner rather than later. Here’s what you need to know to help you or your elderly relative establish a will and secure peace of mind for the future.
Who needs a will?
While the idea of creating a will may not seem urgent for young adults, the ability to legally make a will starts at 18. As life progresses, including the addition of children and the accumulation of assets, a will becomes increasingly important. It provides a legal framework for distributing your estate according to your wishes.
A will is essential not just for those with significant property, savings, or investments. Even items of sentimental value, such as jewellery, family heirlooms, or personal mementoes, can lead to disputes among family members if not clearly addressed.
In summary, whether you own assets, have debts, or simply want to ensure your wishes are respected, creating a will is a crucial step in estate planning.
What happens without a will?
If you die without leaving a will, your estate will be considered ‘intestate’. This means the ‘Rules of Intestacy’ will determine how your estate is distributed, which might not align with your wishes and could lead to complications.
Here’s how intestacy rules typically work:
- If you’re survived by a spouse or civil partner and children: Your spouse or civil partner will inherit all your personal possessions and at least the first £270,000 of your estate. They will also receive half of anything above this amount, with the other half going to your children.
- If you’re survived by a spouse or civil partner but no children: Your spouse or civil partner will inherit your entire estate, including all personal possessions.
- If you’re survived by children but no spouse or civil partner: Your children will inherit everything, divided equally among them.
- If you don’t have a spouse, civil partner, or children: Other relatives will inherit your estate according to a specific order.
- If there are no surviving relatives: Your estate will pass to the Crown.
Additionally, if you have a partner but are not married or in a civil partnership, they have no automatic right to inherit from you under intestacy rules, even if you’ve lived together for many years or have children together.
How do I start creating a will?
Starting the process of creating a will can seem daunting, but breaking it down into manageable steps can make it more straightforward. Here is a step-by-step guide:
Consult a solicitor
The first thing you will want to do is consult an experienced solicitor, ideally one who specialises in legal services for the elderly. Your elderly relative may not know where to start, and this is where you can help.
Ask around the local area. Talk to their elderly friends and relatives of those friends because a good recommendation is often the best way to go.
If you cannot find a recommendation, use the internet. The benefit of the internet is that you can read independent reviews of different solicitors, and this can provide you with more information to go on, rather than just choosing the nearest solicitor or plucking one from the Yellow Pages.
What should a will include?
An experienced solicitor will advise you on everything that needs to go into the will. In general, this will include everything in your relative’s estate, including property, investments, savings, etc. It will also state how these assets should be divided amongst certain people or charities.
This is a will at its most basic, but it should also contain details on what happens if the beneficiaries die before your relative pass away, and whether you want to be cremated or buried.
Most importantly, the will should determine an executor. This is the person who will make sure your relative’s desires are met and who will deal with tax issues, such as inheritance tax.
Doing this with proper legal assistance is essential, otherwise it can lead to confusion and mistakes. Having a solid will in place will give your relative peace of mind, so always make sure you find an experienced solicitor to help.
Check the will regularly
Creating a will is a crucial first step, but it’s equally important to review it periodically to ensure it remains up to date. Aim to review your will every five years or following significant life changes, such as the birth of a grandchild, moving house, or other major events. Regular reviews help ensure that your will reflects your current wishes and circumstances.
Avoid making direct alterations to the original will. Instead, if you need to make minor changes, you can add a supplement known as a codicil. This document must be signed and witnessed in the same manner as the original will, though the witnesses do not need to be the same.
For more substantial changes, it’s best to create a new will and revoke the previous one. This approach helps prevent confusion and ensures your latest wishes are clearly documented.
Where should I store my will?
You can leave your will with a solicitor, bank, or with the Probate Service. Alternatively, you can store it safely at home.
Find your local Probate Service using the directory on GOV.UK.
You must let your executors know where your will is kept. It’s important not to attach any documents to the will with paperclips or staples – if they detach and leave marks, it’ll raise questions about whether the will is missing any parts or amendments.
Lasting powers of attorney
Lasting Powers of Attorney (LPA) are a crucial consideration when planning for the future. An LPA enables you to designate trusted individuals to make decisions on your behalf regarding your health, finances, property, and welfare if you are ever unable to do so yourself due to mental or physical incapacities. Establishing an LPA ensures that your preferences are respected and that competent, trusted individuals are in place to manage your affairs in challenging times.
Learn more about the importance of a Power of Attorney.
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