How to Make a Will

Do it yourself wills are more common place now in making wills that stand up to legal scrutinty in the UK courts and help estate planning and people contesting wills upon death.

Writing your own will can be undertaken with DIY websites but you need to ensure that all elements are considered that an estate lawyer would follow and can be used in probate.

Why do you need a will ?

It is thought that over 60% of people die in the UK without making a will and this can cause problems when you least need them. If you die without a will then there are laws and structures in place that determine where the estate is passed onto whether you like it or not.

Having a will should ensure that your wishes are taken into account when you die but if you get it wrong then the will may become invalid and the laws of intestacy are put into place in any case.

Laws of intestancy

The UK laws of intestancy apply if you haven't made a will as follows

If you are married

If you are married and your estate is worth less than £250,000 the entire estate goes to your spouse whether you have children or not.

If you are married with children

If you are married and have children and your estate is worth over £250,000 then your spouse inherits the first £250,000 of your estate and half of the remainder of your estate and your children will share the balance.

If you are married without children

If you are married without children and there are parents then the spouse inherits the first £450,000 and half the balance with the parents receiving the remainder. If there are brothers or sisters then the same applies as above but the remainder going to the brothers and sisters. If there are no parents or brothers and sisters then the spouse receives everything.

If you are not married with children

If you are not married and have children then the entire estate is shared equally between the children with the spouse receiving nothing.

If you are not married and have no children

If you are not married without children and have parents then the estate is shared between the parents. If there are no parents but brothers and sisters then it is shared between them. If there are no parents or brothers and sisters then it passes to the grandparents and if there are none of those it's passes to blood aunts and uncles. If there are no relations it passes to the government.

As you can see from the above if you are not married your partner receives nothing if you do not make a will. If you are married then the proceeds of an estate is divided on your behalf by the laws of intestacy and if you have any other wishes than those mentioned above you should be making a will of your own.

Steps to making your own will

Your will document really has 2 purposes. To ensure that particular assets are passed onto people that you choose (assets and beneficiaries) so you'll need to undertake 2 tasks to set this up.

1: List all your assets

There may be some pieces of jewellery you want to go to certain relatives or your home to be able to be lived in by certain people. So it's best to list all the assets you own or part own initially then you can decide what to do with them. The main asset that most people have is a house but this can also include antiques, house contents and any other property you own. Other assets may include bank accounts, life policies, bonds, investments and trusts.

2: List your beneficiaries

It may be easy just to think about cash gifts or assets you wish to be passed on but your dependents will need to live after your death so think where they will live and what level of finances they require to lead their lives. Also consider guardians and what they may require.

Planning for inheritance tax

Inheritance tax is at 40% and can put a huge hole in your estate when you pass away so inheritance tax planning is essential and it's worth taking financial advice to minimise your tax liability. The tax rates are increasing all of the time as house prices increase and you can make gifts each year that are free of tax and have the advantage of taper relief as the tax reduces each year after the gift is made.

Other issues

If you do not appoint guardians for your children if you are not married then the courts will appoint someone they believe should look after your children. You should also appoint an executor of the will who will manage all affairs (such as paying for a funeral) after your death.

As there are so many legal and tax issues it's worth hiring a professional who can undertake all of this for you. There is no obligation for you to do this under UK law and there are many online DIY will writing services available it's up to you whether you go down this route as mistakes can be made (like forgetting to sign the will or not having it witnessed can make a will invalid). OK, solicitors are expensive but they have indemnity insurance if something happens to go wrong and they know the law better than you. Please take legal advice on such an important matter a making a will.

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