What You Didn’t Know About Writing A Will
Death is a heavy subject. Most of the time, no one really wants to think about it. However, there comes a time in your life when you have to. You might be getting older and want to make sure that your family has some sense of direction, not to mention something left to them after you’re gone. Otherwise, you have simply gotten to a stage in your life where you have enough assets that you should really be planning for how they’re used or allocated in the future. Whatever the case, writing a will can be a little more complex than many assume. Here are a few factors to keep in mind if you’re thinking of writing one.
It’s Not Just For The Elderly
A lot of people are of the impression that you should only write a will when you’re in your old age. A lot of people may know better, but simply want to put off thinking about death. Whatever the case, you should never assume that the unexpected can’t happen to you. If you have dependents, own property, or have any valuable items, then you should make sure that you have some idea of what happens with them when you’re no longer around. Without a will, your estate is given out according to the rules of intestacy, which might not match your wishes.
DIY Wills Can Be A Legal Nightmare
It’s cheap and easy to write your own DIY will, but it’s important to know that they do come with their own risks. Mistakes in your wording can lead to uncertainty, as can failing to properly sign the document or get a witness to the signing. What’s more, if you don’t account for things like inheritance tax, your will can become invalidated, and your assets might not be used in accordance with your wishes. You can find templates on the internet that can help you write the basics of your will, but you should consider having a solicitor or a licensed will-writer to ensure that your document is legally sound and covers all of your bases.
Your Digital Assets Count, Too
A lot of people may not think too much about digital assets, thinking that if they bequeath their phone or computer, then they also factor in everything they can access on those devices. However, digital assets like your online banking accounts, cloud storage, and cryptocurrencies are all separate parts of your estate that have to be included in your will if you want them to be used in a particular way. Right now, UK laws don’t clearly define how digital assets are handled, so it’s best to clear up any confusion by leaving specific instructions on how family members can access them and how they are to be used. Even in the event of death, a lot of online platforms won’t share user data without a court order, which is not easy to get. You can leave a digital assets log, separately stored and password-protected, that outlines access credentials, alongside naming a digital executor in your will.
Wills Come At A Cost
A lot of people find themselves caught off guard that writing a will isn’t always free. You can DIY your will, as mentioned above, but that comes with a lot of potential legal troubles. The costs of writing a will can vary widely, anywhere from £30 for one of the more formal DIY kits to figures in the triple digits for professionally written wills. The more complex the will is, the more it’s likely to cost. For instance, if it includes trusts, overseas property, or tax planning, you should expect to pay more. Usually, it is worth paying; however, just to avoid the pitfalls and legal battles that can come with mistakes in DIY wills.
A Will Doesn’t Override Everything
A will can do a lot to ensure that your estate is handled in the way you want after your passing. However, that doesn’t mean it can make those decisions unilaterally. There are some assets, like jointly owned property or life insurance with a named beneficiary, that will pass without a will. For instance, your share in shared property automatically goes to the other owners. You can distribute your share to a person you name in your will, but you can’t give away other people’s shares. Having tenants involved can complicate matters further, so it’s worth talking to a solicitor.
Executors Should Be Chosen With Care
Picking the executor of your will is not just something that should be given as a formality, it has a real impact on how your will is handled. An executor is the one responsible for locating assets, applying for probate, paying off debts, and distributing inheritances. They may also deal with HMRC for inheritance tax matters. A lot of people will pick a spouse or adult child as a matter of course, but you need to think about whether they’re really the right person for the job. If they’re not able to devote the time, keep a cool head, and organise things effectively, you might want to pick someone else or consider hiring a professional executor like a solicitor.
You Should Review Your Will Routinely
You don’t write your will, then forget about it. Especially if you intend on living a long life after the fact. It needs to be reviewed regularly. Major life changes will not only change your plans, but they might also change how your will operates legally. If you make a will, then get married, it may negate your will. Your spouse has to be included, even if it’s to formally exclude them. Similarly, divorce affects your will. It doesn’t negate it, but it does treat your ex-spouse as if they have died, which can affect how your wishes are carried out. Any births, property purchases, or even changes in tax law should have you taking a look over your will again to make sure it still meets your wishes and legal requirements.
Having A Witness Needs To Meet A Legal Standard
You need a witness to the signing of your will to make it legally enforceable. This doesn’t just mean you can have any random individual in the room when you do it, however. A will must be signed by the testator (you) in the presence of two independent adult witnesses, who must then sign the will in your presence. The witnesses can’t be beneficiaries of the will, nor can they be the spouse or civil partner of a beneficiary. If they are, anything bequeathed to them is void. Signatures have to happen at the same time, as well. If the witnessing isn’t done correctly, your will may be rejected during probate. Given that this is one of the most common causes of invalid wills, it’s crucial to follow the procedure to the letter.