Writing a Will

Writing a Will is one of the most important things you can do to protect your family.

In this blog, our Will solicitors explain why you should make a Will and the things to consider.

Contact Evolve Family Law for advice on writing a Will.

Why write a Will?

You should make a Will because a Will can:

Set out how you want things to be dealt with after you have passed away.
Provide for your family and loved ones.
Protect your family.
Help reduce the inheritance tax payable on your estate.

Through estate planning, you can reduce the inheritance tax payable on your estate. If you leave all your estate to your spouse, civil partner, or to charity, there is usually no tax to pay. There are other ways to reduce the inheritance tax payable, such as placing all or part of the estate in trust or making lifetime gifts.

What is a Will?

A Will outlines how you want your estate distributed after your death.

As well as specifying who will inherit and what they will inherit, your Will can also:

Appoint executors to administer your estate.
Appoint a testamentary guardian.
Appoint substitute beneficiaries in case the intended beneficiaries die before you.
Create a trust.
Explain why your estate, or part of it, is not being left to people who might have an estate claim.
Offer comfort to loved ones, as they will know you took time and trouble to protect them with a Will.

Wills and protection

Not having a Will makes an already devastating time for your family even more difficult. Having a Will offers protection because:

Those who would not receive a share of an estate under intestacy rules can be left the estate or legacies, such as unmarried partners or stepchildren.
If there are children from a previous marriage, the Will can leave their estate between their spouse and their children as the Will maker thinks is appropriate.
If the deceased is a business owner, the Will, a shareholder agreement, or cross-option agreement can provide business continuity until the business is sold or transferred to the chosen beneficiary or other business shareholders as part of the cross-option agreement.

Wills and protecting children

As well as providing a legacy for a child, a Will can protect a child by:

Appointing trustees in the Will who deal with the legacy until the child is of an age to inherit.
Providing a specified age for inheritance, such as at age 18, 21, or a later age.
Giving the trustees the power to advance capital or income to the child before the age of inheritance.
Placing money in a discretionary trust so the child is protected from potential future claims, for example, by a step-parent.
Appointing a testamentary guardian.

A testamentary guardian can be appointed in a Will for any child under the age of 18 at the time of their parent’s death. Although family members can dispute who cares for a child after a parent’s death, the appointment of a testamentary guardian is compelling evidence of who the Will-maker thought would be the best person to bring up their child.

What is Intestacy?

If a person dies without making a Will, then they die intestate.

Problems with intestacy include:

The deceased’s estate is distributed in accordance with intestacy rules.
The intestacy rules are inflexible and dictate who inherits the estate.
The intestacy rules mean relatives inherit according to a strict order, set out in legislation.
The beneficiaries of the estate under intestacy rules will be the closest biological relatives, but not necessarily those closest to the deceased or those in the greatest financial need.
The intestacy rules may not reflect how the deceased would have left their estate if they had made a Will.

The effect of intestacy

The unintended effects of intestacy include:

An unmarried partner or stepchildren will not inherit under the intestacy rules.
An estranged husband or wife may inherit.
Family members may bring claims against the estate because they believe the intestacy rules do not make reasonable provision for them.
The estate may pay more in inheritance tax because estate planning did not take place.

Frequently Asked Questions on Wills

Do I need a Will if I have a Lasting Power of Attorney?

A Lasting Power of Attorney provides the authority for your attorneys to handle your financial or health and welfare affairs during your lifetime. A health and welfare Lasting Power of Attorney only becomes operative if you lose capacity to make your own decisions, and both types of Power of Attorney end on death. You therefore need a Power of Attorney and a Will.

Do I need a Will if I want to leave everything to my wife?

It’s still a good idea to make a Will even if you want to leave everything to your husband or wife. Depending on your family situation and the size of your estate, your spouse may not receive the entire estate under intestacy rules. In addition, a Will allows you to appoint executors and trustees, estate plan, provide substitute gift clauses if your spouse predeceases you (so you do not need to change the Will) and create a trust in your Will.

Do I need a new Will if I divorce?

If you have a Will and get divorced, any bequests to your ex-spouse or their appointment as your executor are cancelled. However, it’s best to get a new Will when you divorce so you can discuss what you would now like to happen to your estate with your Will solicitor and obtain advice on how to minimise the risk of a former spouse claiming a share of your estate if you have not obtained a clean break financial court order.

How much does a Will cost?

Evolve publishes a price guide outlining the cost of a Will.

If you have an existing Will, a Will solicitor can check and review your existing Will for you. It is sensible to get your Will checked because family and personal circumstances change, or your Will may no longer be as tax-efficient as it could be.

If you have complex financial and business affairs and need in-depth advice on trusts, estate planning, tax, or domicile, our Will lawyers can provide a bespoke quote.

Contact Evolve Family Law for advice on writing your Will.