Why make a Will?

- a legal FAQ from Roger Sinclair

Seven out of ten people die without making a Will.  What would happen to your estate if you were one of them:

Married with children?

• Your spouse gets £125,000 (this figure, and the others in this FAQ, change from time to time, & so may be slightly out of date when you read this) out of your own assets, plus your personal possessions.
• Half the rest goes to your children.
• The balance is held so that your spouse only gets the income for his/her life.
• If you alone own the family home and if it is worth more than £125,000, it may have to be sold to meet these statutory rules.

Married with no children?

• Your spouse gets the first £200,000 of your own assets, plus personal possessions.
• Half the rest goes to your spouse absolutely.
• The balance goes to a list of persons headed by your parents through brothers and sisters depending on who survives you and if none survive you to the State.

Unmarried?

• Your partner gets nothing.

Probably not what you would choose!

It's also worth noting that:

• The additional delays caused in sorting out the affairs of someone who has died without making a will can cause extra hardship (and financial hardship) to those left behind - at the worst possible time
• If you die as a result of an accident, the size of your estate may be substantially increased by the proceeds of any claim that may be made
• Changing a Will is simple - you can always change your mind! Probably the most important thing is to make one now, if you have not already done so, which reflects what your needs are now.
• A Will is the only way in which you can record your wishes for what happens after your death that the law will enforce.

By making a Will, those left behind are left in no doubt as to your wishes:

• You can appoint the Executors of your choice
• You can record your wishes as to funeral arrangements (ie burial, cremation, etc) - and thereby avoid the risk of argument between those you leave behind as to what you really did want
• You can record any wish you may have to allow your organs to be made available for others after your death - and if this is your wish, by saying so in your Will you can avoid the risk of the opportunity to make use of them being lost through uncertainty
• You can appoint Guardians to look after your children
• You can specify gifts of money or personal possessions - even a token gift will generally be thought of as 'special', and as something by which you will be remembered
• The moment you die the Will is operative, and your Executors can start their work (this cannot happen if you do not leave a Will, and can cause great upset and inconvenience)
• You have the opportunity to arrange your affairs in a way which minimizes the amount of tax payable
• You have the peace of mind that comes from knowing that you have set up the arrangements you want

If you already have a will, when did you last check that it was up to date?

A Will is not forever. Life and circumstances change. Inheritance tax rules change.  It's a good idea to get into the habit of regularly discussing possible updates (say every year, or when a major change in your life takes place).

A Will should be made (or an existing will checked) if you:

• start to live with someone.
• marry.
• travel.
• are about to do something risky (even if you don't think it's risky).
• separate.
• divorce.
• buy a house or make any investment.
• have children.
• inherit property or retire.
• enter any form of pension commitment.

It should also be reviewed annually after the budget!

How do I make a will?

The first piece of advice I'd give is, 'Don't try and do it yourself'. Wills may look simple, but they are not. There are quite stringent rules of construction of words used in Wills and strict rules of signature - most of the cases on wills that have made it into the Law Reports are the result of 'Do-It-Yourself' wills.

I offer a service of preparing Wills, including advising on Inheritance Tax angles as necessary - and I do my best to prepare them in plain, intelligible, and unambiguous English, so that they are clear and understandable.

• First, I suggest you take a look at my checklist - or download it in word format.  This will help you to focus on the key decisions you need to take.
• Add your comments to the downloaded document, and then mail that to me. 
• I advise you of the likely cost
• I'll prepare and email a draft
• You check this through, tell me if there's anything you don't understand, and if there's any alterations you'd like to make.
• When the alterations have been made, I send it to you with instructions about the formalities of signing it
• If you wish you can send me a photocopy of the signed will for me to reassure you that it appears properly signed
• Finally, put the original will in a safe place, and be sure your 'nearest and dearest' know where it is in case it's needed.

How much does it cost?

It varies, depending on the complexity.  Typically, the cost for a pair of wills would be £300-£500, depending on the time taken.  I would be able to form a view on this on seeing your requirements.

I'd really appreciate your feedback on this FAQ - so mail me and tell me what you think of it, if it's been useful to you, or let me know of any specific problem you have where I may be able to help.

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This page was last updated 9th October 2007.

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