We know that people can struggle to make a will for a number of reasons. It’s not pleasant to be faced with their mortality, afterall. Or maybe you don’t know where to begin, or don’t think you have enough in the way of money or possessions to warrant making one.
It’s a fact of life that you’re going to pass away, whether you have a will or not. But did you know that having one can help your family avoid a lot of stress, confusion or possibly conflict?
That’s why we’re on a mission to help as many people in Greater Manchester create a will that will not only ensure their wishes are carried out exactly how they want to be, but will also help to support their family during such a difficult time.
What is a will?
A will is a document that sets out what should happen to your estate and your minor children (if you have any) when you die. Your ‘estate’ is simply your property, possessions, and money.
It can bring great peace of mind to name guardians for your children so you know they’ll be properly cared for if you die while they’re still children. You may also wish to reward a child or family member for caring for you in your later years by leaving them a larger portion of your estate.
You could also wish to have control over certain possessions, such as family heirlooms or sentimental items, if you want to ensure they’re kept in the family and well looked after rather than being thrown away.
When you write a will you can decide all of these things and more.
Top 5 reasons to make a will
One of the main reasons people choose to make a will is so they have control over who inherits what from them. Usually meaning money, property, and possessions.
Other top reasons to make a will include:
- Naming an executor or executors who will handle your estate
- Supporting charities through donations
- Mitigating against or reducing inheritance tax
- Naming guardians to look after your minor children
- Mitigating against potential future care home fees
For example, naming an executor means you have someone who is competent and willing to handle things for you when you die. Having a chance to talk to them about what you want to happen, and ensuring they’re comfortable with the responsibility, can help put both your and your executor’s minds at rest.
Remember: You can always update your will in the future. So you don’t need to put off making one if you don’t think you own enough in the way of money, property, or possessions yet.
We would recommend being overprepared rather than underprepared, because if you die without a will it’s too late to do anything about it.
What happens if there is no will?
If someone dies without a will, or their will is invalid, they are ‘intestate’.
This means your state’s rules of intestacy will dictate what happens to your estate (which is your money, possessions, and property) instead of you being able to have your say via your will.
In England and Wales, only married or civil partners can inherit under the rules of intestacy. This means if you’ve been in a long-term relationship with a partner but you are not married or in a civil partnership, they would not inherit anything from you despite how long you may have lived together.
This is something to consider if you don’t intend to marry your other half. Something that’s getting increasingly common as marriage rates have been in steady decline since the 1970s.
Do I need to update my will?
We advise you to think of your will as a ‘living document’ which will need to be reviewed and updated as your life changes.
Significant life events such as marriage, divorce, the birth of children or blending of families, and purchasing homes are all times you should consider updating your will to reflect your new circumstances.
We also recommend that you review your will every five years even if no major life events have occurred. Just to check whether everything is still relevant or needs to be updated.
Definitions of common terms used in wills, probate, and estate planning
We understand that some of the language around wills, estate planning, and probate can be confusing. Below are 10 common terms and their definitions:
- Estate: Everything a person owns at the time of their death, including property, money, and personal belongings.
- Will: A legal document that sets out how a person wants their estate to be distributed after their death.
- Assets: All valuable items owned by a person, such as money, property, investments, and personal possessions.
- Liabilities: All debt linked to the deceased person including mortgages, credit cards, loans and overdrafts (sadly your debts do not die with you!).
- Beneficiary: A person or organisation who is entitled to receive a share of the estate under a will or by law if there is no will.
- Administrator: A person appointed by the court to manage and distribute the estate of someone who dies without a will.
- Executor: A person named in a will to manage and distribute the estate according to the wishes set out in your will.
- Intestate: The condition of dying without having made a valid will, leading to the estate being distributed according to specific legal rules.
- Probate: The legal process of proving a will is valid and authorising the executor to administer the estate which means collecting in all assets, settling any debts and then distributing the net estate in accordance with the will.
- Grant of probate: A legal document issued by the court that gives the executor the authority to deal with the deceased’s estate.
- Trust: A legal arrangement where one or more people (trustees) manage assets for the benefit of others (beneficiaries).
Do I need a lawyer to make a will?
You do not need a lawyer in order to make a will, but we strongly advise you to instruct one.
This is because if your will is incorrect for any reason, even by mistake, it will be invalidated. An invalid will will be subject to the rules of intestacy, meaning any wishes that diverge from that will not be upheld.
It’s also helpful to have the support and guidance of a professional while you’re creating or updating your will. Our lawyers are experts in their field and will be able to advise you if things are complicated, like splitting your children’s inheritance differently. Or things you might not realise like who can or cannot witness the will which can impact its validity.
Our Wills, Probate and Elderly team
At Harold Stock & Co. we have a strong team who have been helping clients with all things relating to wills, probate and the elderly for a number of years. Our Head of Wills and Probate, Matthew Lee, is a TEP – something only 21,000 people are worldwide which we talked about on this blog here – which shows we take our role very seriously when it comes to helping people plan for their final years.
“I was recommended Matt Lee by a relative and wasn’t disappointed. My husband and myself wanted to make fresh wills and Lasting Power of Attorney. He came to our home which was fantastic as my husband is housebound. He explained everything to us and the process went smoothly, he was very patient and nothing was too much trouble.
I have no hesitation in recommending him or Harold Stock & Co, if ever I had to phone I found the staff very friendly and always forwarded my messages on.”
Get in touch
For more information about our wills and probate team, visit our wills, probate and the elderly webpage.
Get in touch if you’re thinking of writing your first will or would like an existing will checked to ensure it’s legally binding. Whatever your needs, our team is on hand to help.
