’ADS’ cannot give advice on your will, but here are some general guidelines that you may like to consider.
What happens if I don’t have a will?
A will enables you to say who you would like to inherit your estate. Many people choose to leave everything to their spouse, civil partner or children, but others include items or money to bequeath to other family, friends or charities.
Someone who dies without a will is described as being ‘Intestate’. As such there are no legally-binding wishes regarding what should happen to their estate and as such the rules of intestacy come into play.
The rules of intestacy are a set of laws that specify what happens to your estate if you die without a will.
If you are married and have no children or grandchildren, your spouse or civil partner would inherit the whole estate, providing they survive you by 28 days.
If you are married and have children, the first £270,000 is inherited by your spouse or civil partner, plus half of anything over that value. The rest is then shared equally between your children. Your spouse or civil partner also inherits all personal possessions and is entitled to interest from the date of death.
Under the rules of intestacy, unmarried partners, step-children and friends do not inherit.
Writing a Will
Simple wills can be written yourself either using an online or printed form. When writing a will yourself you need to consider:
Who your Executors would be
Whether you need to have a tax-efficient will
How complex your wishes are
How often you may want to make changes to the contents of the will
Other options include:
An online service
A solicitor.
An inheritance tax specialist
Other things to think about:
Make sure that your next of kin and your Executors know where your will is kept and ensure that it has been properly witnessed.
Have a list of where all your key documents and accounts are held; bank accounts, savings, property, shares and pensions.
Have a list of your main assets so that your Executors know where to look for them.
What is a Codicil to a Will?
A codicil is a document that alters part of your existing will but leaves the rest of the will intact. This can be helpful if you want to add new family members or leave gifts to charities. If you are making larger changes to your will or changes affecting more than 10% of your will it is better to write a new will.
You can also include an ‘Expression of Wishes’ which will help guide your executors on small legacies and your funeral arrangements.