Do you really need a will? Depending on your age, it might not be top of your list of priorities, but the resounding answer to that is yes, you do.
You might not think that a will is necessary in your case, perhaps you’re single with no children – but if you don’t make that will, and you have no surviving family, everything you own will go to The Crown. If you do have surviving relatives, not having a will can cause them no end of problems after you’ve gone.
Here are a few things to consider when you sit down to write your last will and testament…
Choose your executors carefully
Choose people who you know will be able to deal with the task of making sure your wishes are followed, especially if there is a lot of money at stake. It’s essential that you ask them first, too. Nobody wants to be in the awkward position of refusing after the event but some people just wouldn’t be comfortable with that level of legal responsibility.
If you’re married, you will probably want your husband of wife to be your executor, but if he or she is no longer alive, you need to think about a fall-back. It’s harsh, but often necessary.
Think about hiring a professional
You might think you don’t have a lot, but unless your estate really is very small, you’ll need advice. You can still pick up a kit from a high street store or online, but if you need advice, or if your estate and wishes are really complex, it really pays to involve legal professionals.
This will save stress after you die, avoid prohibitive legal fees that can be the result of a badly written DIY will, and also make sure that that your wishes are carried out to the letter. If you draft your own will, be very careful to follow the instructions precisely, and be extremely careful what you write.
Plan for your children
If you have children, make sure they are going to be looked out for after your death; and not just financially. You’ll need to appoint guardians for children under 18 to avoid the court appointing a guardian if anything should happen to both parents. There can be problems if parents aren’t married – the living parent won’t automatically be appointed guardian of their own children!
You and your partner will need to appoint each other as legal guardians just in case. You’ll also need to appoint a trustee for any minor children you might leave money to, and to administer any trusts you set up for them.
Consider the ‘leftovers’
The ‘leftovers’ are anything that’s left over in your estate after you specify who gets certain legacies. Legally they are called "residue" and you will need to decide who this should be left to, otherwise you’ll be stuck with a partial intestacy in your will, meaning you have no control over who will receive it.
Keep your will in a safe place
Once you’ve written and signed your will, you should make sure it’s stored in a proper storage facility. Your executors will have a certificate that tells them where this is, and how they can get it. Finally – make sure your will mentions the type of funeral you’d like, and any instructions about looking after pets.
For more advice and help on your will, contact Sturrock, Armstrong and Thomson.
