Writing a will is very important because if you die without a will there can be tricky legal consequences. Many people put off writing a will but it doesn’t have to be daunting and our partnership with Beyond can really help you.
Things to remember when writing a will
- For your will to be legal, you must be over 18 years old.
- You must be of sound mind and acting voluntarily.
- When you write a will, it must be ‘written’ or ‘typed’, it can’t be a recording of a person talking for example.
- Your will, once written, must be signed by yourself in front of two witnesses and both witnesses must sign the same copy of the will.
- Both of the witnesses must be over 18 years old and you cannot leave them or their legal spouses anything in your will.
There are a number of items that can make a will more complicated and we would advise seeking advice from the experts at Beyond if any of the following instances apply to you:
- You share a property with a partner that you are not married to or in a civil partnership with,
- If you want to leave something in your will to someone who can’t care for themselves,
- You live outside the UK or own a property overseas,
- You have your own business,
- If you have living former spouses or children from multiple partners who might contest the will.
Preparing to write a will
- Make a list of everything you own and what you will need to distribute. These things should include property, savings, pensions, insurance schemes, stocks, vehicles and possessions.
- Make a list of any debts you have.
- Decide on who would be your legal guardians for any children you have under the age of 18.
- Explain which items or amounts of money you would like to give to specific people or organisations.
- After your debts have been paid and specific items given to specific people, anything left is called your residuary estate. Explain how you would like to distribute this.
- If any of your named beneficiaries should die before you do, you should name who should inherit instead.
- Name the executors of your will. These individuals need to be over 18 years old and will make sure your wishes in your will are carried out.
Please note: The Financial Conduct Authority does not regulate Will Writing.