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There are many reasons why four in five Britons put off this seemingly arduous task, however designating a day for a little unpleasantness can help relieve many days of heartache for loved-ones in the future.
Main reasons for writing a Will:
The main reason is so that you can decide who should benefit (the beneficiaries) after your death.
If you fail to make a will you are said to have died intestate. Under this country's intestacy rules the people to whom you would like to leave your estate may receive little, or nothing at all, and others may benefit whom you did not wish to do so.
The second reason is to avoid Inheritance Tax. You need to take into account your house, furniture, car, savings and all your personal belongings, plus any death benefits under pension or life policies.
There are some simple things that can be done during your lifetime under and in your Will you may be able to reduce or negate any Inheritance Tax liability. We can advise you on the best solutions, call us now at our Oxford office on 01865 744299 or complete our Will Writing Enquiry Form.
If you have children then it is possible to appoint guardians who will be responsible for your children's upbringing if neither parent is alive, and you can appoint someone you trust to look after your assets until the children become old enough to take responsibility for themselves (your trustees).
What could happen if you don’t write a will?
The government lays down strict guidelines on how money is to be paid out if you die without making a will. These could mean that a long-term unmarried partner ends up receiving nothing or that a court decides who will look after your children.
It's not really a case of why you should make a will but more of why you shouldn't fail to. If you die intestate (in other words without a will) you run the risk of leaving behind a trail of stress, cost and even family feuds. For example, once all of your liabilities have been accounted for, such as outstanding loans or overdrafts, your remaining assets will not automatically go to your current spouse if you are without a will.
If you have no children, the law entitles your spouse to the first £200,000 of assets, and 50% of the remainder - the rest could end up with your parents, brothers and sisters and other relatives.
The worst-case scenario is if you die single with no children. In this instance, and in the absence of any other surviving relatives, your entire estate and possessions are likely to be passed to the Crown.
In writing a Will you will need to specify your choice of executor. This is the person who will deal with dividing up your estate and possessions when you die. If you do not designate an executor, the state will appoint a solicitor to do this for you – and for a fee.
It is preferable to have more than one executor in the event of one of them dying before you. You will then need to give precise details about all beneficiaries and what you are leaving to them. You should include their full name and their relationship to you as well as being very specific about any possessions you are leaving them.
The clearer you are now the less likely it is that problems will arise in the future.
Alterations
Whenever you make your will, it is always possible that a number of factors in your life will change. If this means you need to amend your will, it is important that you don't waste time in doing so.
For example, if you were single when you drew up your will, it may become invalid if you get married. On other hand, divorce or separation does not make a will invalid so you might well want to make changes.
If they are significant alterations, you will need to make a new will which will revoke any other wills you have made. If you just want to make minor alterations, you can add supplementary changes known as codicils – although these should be added separately and never made on the original document.
Any alterations must be properly witnessed although the witnesses do not have to be the same as on the original will. It is important to note that marriage nullifies any existing Will.
Wills for couples
Many couples write mirror wills, which mean the same things take effect regardless of which partner or spouse dies first, however you can’t have a joint will.
Dying without leaving a Will (intestate) - The Intestacy Rules
If you die without leaving a valid Will then the law decides who gets what. It does not matter what you may have wished for or promised while you were alive. If there is no valid Will then who gets what is determined by the Intestacy Rules. Here is a guide to what would happen.
If you have a lawful spouse and your estate is worth less than £125,000 then your spouse gets everything. If your estate is worth more than £125,000 and you had no other surviving relative (eg children, grandchildren, parents), then your spouse will still get everything.
If you have a lawful spouse, plus children and your estate is worth less than £125,000 then your spouse gets everything. If your estate is worth more than £125,000 then your spouse would get £125,000 and a life interest (ie the right to take interest on the remainder, but not the capital itself) in half of anything over this sum. Your children would get half the sum over £125,000 immediately and be entitled to the other half on the death of your spouse. Should any of your children die before you then their children would be entitled to take their parent's share.
If you have a lawful spouse, no children, but you do have parents, brothers, sisters, grandparents, aunts or uncles and your estate is worth less than £200,000 then your spouse gets everything. If your estate is worth more than £200,000 then your spouse would get £200,000, plus half the balance. The remaining half goes to the other relatives in this order of priority - parents; brothers/sisters; half brothers/sisters; grandparents; aunts/uncles; spouses of aunts/uncles.
If you are not lawfully married, but have had children your estate will be shared between the children. Should they die before you then their children would take their share.
If you are not lawfully married, have no children, but have parents or have had brothers, sisters, grandparents, aunts or uncles your estate will be shared equally amongst them in this order of priority - parents; brothers/sisters; half brothers/sisters; grandparents; aunts/uncles; spouses of aunts/uncles. If any of these have predeceased, but have living children then the children will take their parent's share.
If you are not lawfully married, and have no other relatives then your estate will go the Crown!
