PARENTS and married couples are being urged to make a vital check this month.
A host of charities are encouraging anyone who hasn’t written a will yet to get one set up as part of Free Wills Month.
A will dictates what will happen to your estate when you die[/caption]
Wills lay out what you want to happen to your property, money and belongings after you die.
Pass away without one and it could leave your next of kin wrangling with bundles of paperwork and lead to other major complications.
However, recent research from Legal and General has revealed over half of UK adults haven’t written a will and 30% of those aged over 55 don’t have one.
Through Free Wills Month, those aged 55 and over can have a simple will written up or an existing one updated at no cost.
You just have to find a solicitor near you who is part of the campaign and they will carry out the next steps.
There’s a form you need to fill in via www.freewillsmonth.org.uk and then request an appointment.
Any appointments are face to face, but you may be offered a remote meeting depending on the solicitor.
If you are in a couple and looking to have a “mirror” will written up, you can get a free appointment if one of you is 55 or older.
What is a will and why is it important?
A will is a legal document that states how you want your assets and possessions distributed after you die.
You have to choose an executor when writing a will – this is the person that will carry out its wishes.
There are a number of reasons writing a will is important, the main one being that it means you can decide how your estate will be divided to your exact wishes.
You can also specify within a will who becomes legal guardian for any children you have under 18 if you die.
If you die without a will, you are classed as having died “intestate” and your estate is subject to preexisting intestacy laws.
If you have no surviving relatives who can inherit your estate, it is passed to the Crown who decides what to do with it.
How to make a will
These are the five steps you should follow when deciding how to distribute your estate, according to Legal and General:
- Get your estate valued – work out your total assets, such as your property, savings and investments, as well as your debts like outstanding mortgages, credit card loans and bank overdrafts.
- Divide your estate – you then need to figure out who will get a share of your estate, and how much.
- Choose your executors – this is the person that has to carry out the wishes of your will.
- Write your will – at this stage, you’re ready to finalise the will in writing.
- Sign and store your will – in England and Wales, a valid will must be signed in the presence of two independent witnesses. You will then need to store the will, either at home or safely with the Probate Service, solicitors or bank.
If you die with surviving relatives but no will, it can lead to your children or grandchildren receiving nothing.
Unmarried couples or those not in a civil partnership can suffer if there is no will in place too.
For example, if your partner dies and you don’t have one written up, you won’t be automatically entitled to anything.
The same applies if your relationship to the deceased was that of a friend, carer or relative by marriage.
How to write a will
You can get help writing a will through campaigns like Free Wills Month, which runs in March and October each year.
Or, if you’re younger than 55 and want to get started now, you can pay to have one written up.
What you have to pay depends on the complexity of your will, but prices range between £150 and £500.
For a will to be legally valid you must be 18 or over, make it in writing, be of “sound mind” and sign it in the presence of two witnesses (who are both over 18). These two witnesses also have to sign the will.
You can pay a solicitor to help you write up a will.
You can find one near you by visiting the following link: www.nationalwillregister.co.uk/find-a-local-will-probate-solicitor.
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