Will in the UK - why is it worth making one?

Many people treat the topic of wills as taboo - when a loved one, such as parents, brings up the subject of the division of property after death, we usually run away from the conversation. This is absolutely unwise, because every one of the masses will eventually die, and the better you prepare your estate for this, the sooner your loved ones will be able to come to terms with the loss. For this reason, we’ve decided to refresh one of the oldest posts on our blog and introduce you to the issue of making a will in the UK.

At what age should I make a will?

Even if you’re now in your 30s or 40s, have young children, enjoy good health and your career is growing rapidly, it’s worth considering in advance what should happen to your possessions when you’re gone. Accidents do happen, and even the best life insurance in the UK won’t protect you from death - none of us knows the day or the hour.

A will in the UK is the only way to ensure that your estate is passed on in accordance with your will.

Why should you write a Will?

Making a will dictates common sense, but it is worth mentioning some special reasons:

Planning your family’s financial future

First and foremost, a written will will allow you to distribute your assets fairly, not necessarily equally. This is important if you know that one of your children is particularly unmanageable, or that due to poor health, your partner may need a lot of cash for medical treatment.

Inheritance law in the UK tends to vary somewhat, and there are several differences between English and Scottish regulations, between in terms of the spousal and child reserved. As a general rule, however, the partner of the deceased remains in the most privileged position, which is not always desirable and in accordance with the will of the testator. It is also worth remembering that your partner living with you in cohabitation is not entitled to inheritance rights by law. If you live with someone unmarried, the appointment of a will is doubly advisable.

Legal security for your children

If you are a parent of minor children, you must be aware that in the event of your death, your unaccompanied children will be placed in the care of a legal guardian designated by the court in consultation with a social worker. The clerk’s decision may be reasonable, but we think that each of us would prefer to independently designate the person on whom such a huge responsibility will fall. After all, this is about the welfare of your children!

Don’t count on the court automatically granting legal custody of the child to your parents, i.e. his grandparents. Often, the courts decide to place a minor in foster care or institutionalization, and to top it all off, the entire court process is usually heavily drawn out, costly and painful for the children. Self-selection of Legal Guardians for your children is possible, but the relevant order must be right in the will.

Reduce the duration of succession procedures

It is common for heirs to quarrel over the assets left behind, for example by disputing the valuation of individual assets. The division of assets, movable and immovable property through a will basically completely closes the field of discussion.

A will is not just about death

Although few people know it, a will does not only contain information about the distribution of property after death. In this document, you can also include instructions for dealing with serious illness, loss of consciousness or life-threatening conditions.

Will and mortgage

It is worth remembering that you should also include your real estate in your will, whether it is mortgaged or not.

The matter simplifies somewhat if your spouse is alive and you are jointly paying off a so-called joint mortgage. Then, the shares in the property will almost certainly pass in full to him, as both the borrower and your wife/husband are entitled by law to the first £250,000 of the inheritance.

In many cases, mortgages are applied for by those living in informal relationships or making unequal installment payments in the UK. Some of our clients also know that their children will not want to live in their homes and plan in advance that the property in question is to be sold, with the proceeds to go to the heirs for any purpose they choose.

Banks are also aware of this, which is why many of them help you write a will, completely free of charge.

How to write a Will to make it valid?

First of all, in the UK, a will must be drawn up in writing, by an adult who cannot be accused of irrational thinking. This means that the document should not be established in a state of strong agitation or under the influence of alcohol.

In addition, when signing the will, there should be two witnesses who will also affix their signature. Remember, however, that the witnesses cannot be beneficiaries of the will, so they cannot be entitled to any payment after your death.

All changes to the will are done on exactly the same basis - in the presence of two witnesses and at a time when the testator is acting soberly and reasonably. We also recommend that the will be reviewed regularly, for example, every 2-3 years, and modified if necessary. Remember, too, that entering a new marriage automatically invalidates all property bequests, so it’s worth reconsidering the subject of property division once you’re married.

We strongly recommend that you leave the drafting of your will to a specialist, such as a lawyer or a so-called willwriter, someone who is solely dedicated to the correct preparation of these extremely important documents. Although, as a testator, you have the right to express your last will in writing yourself, the risk of mistakes that could in some cases lead to the will being invalidated. Those whose assets are highly diversified, or who have a very large family that they want to take care of financially, should especially opt for the services of a specialist.

Don’t waste time, take care of your children’s future, just in case. Because, as they say, the prudent always secure! If you want to get specialized help and be sure that your will is valid, we invite you to a free consultation.