Three out of five adults in the UK do not have a valid Will in place; that equates to 59% of the adult population, or 31 million adults. The figures could spell heartache for millions of families who are left to deal with the intestacy laws at a distressing time.
The thought of death and making preparations for your departure is often daunting. We understand and have put together a simple Will writing checklist to make the process as easy as possible.
What to put in your will
There are certain things you’ll need to put in your Will:
o Your personal details – your name, date of birth, address, and whether you are married or not. Names and details of your children must be included, if you have them.
o The details of your estate– possessions, property, bank/savings accounts, financial assets such as stocks, and valuable items such as cars or jewellery. You’ll also need to outline the value of your estate.
o Your beneficiaries –stipulate what you bequeath and to whom. Charities can be a beneficiary.
o Your executor(s) – the person(s) who will administer your estate and can be people you trust or a professional.
o Name children’s guardians –if you have children under the age of 18, you can name a legal guardian.
o Trustees – if you decide to leave part or all of your estate in trust, you will need to provide details of your nominated trustees.
Legal requirements for writing a will
For your Will to be valid, it must meet certain requirements:
o You must be over the age of 18 and of sound mind*
o The Will must be signed in the presence of two witnesses
o The two people who witness the signing of the Will must also sign it
*(Unless you are a on active duty as a solider or a sailor at sea, in which case you can be any age)
It’s a good idea to ask someone who you trust to witness the Will, someone who is not a beneficiary (or a married partner of the beneficiary) of your Will. Witnesses may not benefit from your Will and asking a beneficiary to witness your Will would disinherit them.
What to think about after you have written a Will
After you have written your Will and it is complete (signed and witnessed) you need to keep it safe. Professional Will storage is an option, so that when the time comes, the Will can be easily retrieved. If you do not wish to store your Will ensure that someone you trust, such as your executor(s) or close family, knows its location.
Are you thinking of writing your Will?
There’s never an easy time to think about your own passing. But perhaps organising your affairs so that your loved ones are taken care of would actually put your mind at rest?
Speak to a professional who can reduce the stress of Will writing. At My Family Legacy weare used to dealing with difficult subjects in a professional manner. Contact us on 0117 279 5507 for a no-obligation discussion today.