What is a Will?
A Will details who you want to leave your estate to after you pass away. This will include any property you own, investments, finances and personal belongings.
Having your wishes written into a Will helps to make sure that your assets are left to the people you care about most.
There are a few different types of Wills, so you can choose the one that works best for you:
- Single Wills
A single Will is the best-known type of Will. It is intended to be used by one individual, and it will allow you to set out your wishes – such as who you’d like to benefit from your Will and the gifts you’d like to leave behind. - Mirror Wills
If you’re married or in a civil partnership, a mirror Will could be a time-saving option for you. Mirror Wills are self-explanatory, as they allow couples to set out matching terms in each of their Wills. - Trust Wills
If you’d like to leave a trust in your Will, this might be the best choice. You would need to specify in your Will who would benefit from the trust and who the trustees – the people in charge of the trust – will be. People often use trust Wills when leaving property to children under 18 who cannot yet take possession of it.
It can be difficult to know which type of Will is right for you, but this is where an experienced solicitor could help.
We would always suggest speaking to a legal professional before making a Will, as they can offer tailored advice, giving you all the information you need to make the right decision.
How to write a Will
If you’re thinking about making a Will or updating an existing one, we would suggest writing a list of all the assets you’d like to include and any outstanding debts you have. This will provide a good starting point for drafting up a Will.
You should also consider:
- Who you would like to benefit from your Will (your beneficiaries)
- Who you would want to take care of your children
- Who you would like to act as an executor
- What will happen if any of your beneficiaries die before you
By explicitly outlining what you want to happen to your estate after you pass away, you’ll reduce the chance of any disagreements arising. This will help to ease the pressure on your family at what will be a highly emotional time.
Speaking to a solicitor is the best way to make sure your Will covers all the points it needs to. It will also give you the reassurance that the document is legally binding, leaving no room for misinterpretation.
Updating a Will
Writing up a Will isn’t something you do once and leave alone. As your life changes, you’ll need to make sure that your Will still reflects your circumstances.
It’s recommended that you update your Will every five years, or after a major life event. Some of the scenarios where you may need to consider updating your Will include:
- An executor or beneficiary of your Will passing away
- Getting divorced or splitting up with your partner
- Getting married (this will cancel out any existing Wills)
- Having children
- Moving house
There are two main methods for updating a Will: adding a codicil or writing a new document altogether.
A codicil is a legally binding document that can be added to an existing Will. It should only be used if you need to make a small change to your Will, without affecting the rest of the terms laid out. If you decide to make a codicil, you’ll need to keep it with your Will at all times to avoid it being missed.
If you have a large change to make to your Will, or multiple alterations, it might be better to write a new one. This will help to prevent any confusion for your executor when the time comes for them to carry out your wishes.
What is the cost of making a Will?
Making a Will is often an affordable way of ensuring your family is provided for after your death.
For simple Wills, prices can start from around £150. But for those that are more complex, the price can be higher. Most solicitors will offer fixed costs services, so you can choose one that will work for your budget.