Making a Will
Who should make a Will
If you care about what happens to your property after you die, you should make a Will. Without one, the State directs who inherits, so your friends, favourite charities and relatives may get nothing.
It is particularly important to make a Will if you are not married to your partner. This is because the law does not automatically recognise partners as having the same rights as husbands and wives. As a result, even if you've lived together for many years, your partner may be left with nothing if you have not made a Will.
A Will is also vital if you have children or dependants who may not be able to care for themselves. Without a Will there could be uncertainty about who will look after or provide for them if you die.
King & Co can also advise you on how Inheritance Tax affects what you own.
You should also consider taking legal advice about making a Will if:
- several people could make a claim on your estate when you die because they depend on you financially;
- your permanent home is not in the UK or you are not a British citizen;
- you live here but you have overseas property; or
- you own all or part of a business.
Once you have had a Will drawn up, some changes to your circumstances (for example, marriage, separation or divorce) can make all or part of that Will invalid or inadequate. This means that you must review your Will regularly, to reflect any major life changes. King & Co can tell you what changes may be necessary to update your Will.
Using a Solicitor
Although it is possible to write a Will without a solicitor's help, this is generally not advisable as there are various legal formalities you need to follow to make sure that your Will is valid. Without the help of an expert, there's a real risk you could make a mistake, which could cause problems for your family and friends after your death.
Finding a solicitor
If you need to make a Will but have not previously used a solicitor at King & Co please contact either of our offices and ask to speak to a solicitor about making a Will. All the solicitors at King & Co will be able to help you.
What King & Co will need to know
Once you have appointed a solicitor at King & Co we will need the following details from you.
What you own
Details of everything you own, including property, cars, personal valuables, stocks and shares, bank accounts, insurance policies, any businesses you own, and pensions. Please also provide an approximate total value.
Who gets what?
Who do you want to leave these assets to? How do you want to divide your property between your loved ones, friends or charities? Are there any conditions you want to attach to these gifts?
Family and other beneficiaries
Details of your family and marital status. Are you divorced, re-married or living with a partner? Do you have any children or any other dependants? Anyone who depends on you financially can ask a court to review your Will if they feel you have not provided properly for them. If you give us relevant details, we can tell you about any legal pitfalls.
If you have any children that may still be under 18 when you die, you may need to name someone as their legal guardian.
Other wishes
Do you have any particular wishes for your funeral? Do you want to be buried or cremated? Are there any other instructions? For example, if you want to be an organ donor this can be included in your Will. However, it is also a good idea to carry an organ-donor card.
Executors of your Will
You must also name the people you want to appoint as 'executors' of your Will. These are the people who carry out the administration of your Will after your death. They could be friends or family members, or a professional such as your solicitor. A good combination would be a friend or family member and a professional. Ideally, you should choose someone who is familiar with financial matters. Make sure you ask your executors whether they are happy to take on this duty as there are long-term responsibilities involved. It is a good idea to ask someone younger than you.
Inheritance Tax
From 6th April 2009 the Inheritance Tax ("IHT") threshold will be £324,000. One of the reasons for seeing a Solicitor at King & Co is to find out how much IHT your estate is likely to be liable for and what can be done to mitigate the effects of IHT. Often there are questions that need to be answered. We usually find face to face discussion is the best way to proceed.
Signing the Will
Once the Will has been drawn up it is not effective until it has been signed. There are several rules affecting the signature process which, if not followed correctly, will make your Will invalid. For example, witnesses and their husbands and wives cannot benefit under the Will. Many clients use staff at King & Co's office to act as their witnesses for this reason.
Where to keep the Will
It is important to keep your Will in a safe place and tell your executors or a close friend or relative where it is. People often ask King & Co to store their Wills for them. King & Co will do this for free. We will also store your house deeds for free.
Keeping your Will up to date
You should review your Will at least every five years and after any major life change such as getting separated, married or divorced, having a child or moving house. It is best to deal with any major changes by getting a new Will drawn up. But it is also possible to make minor changes (or 'codicils') to your existing Will. In both cases it is best to consult a solicitor.
Costs
Charges for drawing up a Will depend on how complicated your Will may be. Contact us to obtain an estimate.
More information
If you would like to discuss making a Will with one of the solicitors at King & Co please contact either of our offices.