Writing a will is one of those things that can easily be put off. It is often uncomfortable to discuss, and life is very busy. However, the most common questions we get from Portishead clients are not overly complicated. Most want to know who gets what, who deals with their estate and whether they can change it later.
Why Is a Will Needed?
A will is your instruction for what happens to your estate when you pass away. Your estate could include your home, savings, investments, chattels, business interests and anything of sentimental value. Visit this site to know more about the importance of having a will.
If you do not leave a valid will then it cannot be guaranteed that your assets will go to the people you would have wanted them to. This can leave family members confused, and you might inadvertently miss out on someone significant to you, e.g., an unmarried partner, stepchild, close friend or charity.
In addition to setting out who inherits what, a will allows you to nominate guardians for children, executors and express your wishes for specific possessions. It is all about making sure that your wishes are known when people may be under emotional pressure.
What Should Be In A Will?
There are certain basic elements to most wills. You need to decide who should benefit, who will carry out your instructions and what happens if your original beneficiaries are no longer able to inherit.
Points to think about are:
- Who should get the bulk of your estate
- If you wish to leave specific gifts to particular individuals
- Who should be your executors
- Who should look after any dependent children
- What if a beneficiary predeceases you
- If there is a charity you wish to remember
It is worth taking some time to draw up a list of your possessions before engaging will writing services for Portishead residents. You do not need to be too precise, just outline any significant assets or items of sentimental value.
Who Should Be Appointed as an Executor?
An executor is the person named in a will who is responsible for administering the estate according to its terms. Executors’ responsibilities vary, but may involve completing legal forms, gathering assets, paying any outstanding debts and distributing the estate to beneficiaries.
You may decide to appoint your partner, child, brother or sister, a trusted friend or a professional adviser. Ideally, an executor should be reliable, efficient and able to handle the job. There can be more than one executor, which may be useful for larger or complex estates, or where there is potential family conflict.
“Executors should be people who will exercise good judgement and not become overwhelmed by emotion,” comments Rachel Bennett, estate planning adviser.
Asking the person beforehand is advisable, giving them an opportunity to appreciate the role and determine whether they are happy to accept the appointment.
Can a Will Be Changed Later?
Yes, a will can usually be amended provided the individual who drafted it retains the necessary testamentary capacity (as discussed at https://www.thegazette.co.uk/all-notices/content/100844). Indeed, it is advisable to review your will from time to time as circumstances evolve. You might need to update your will for any number of reasons, perhaps you have got married, separated or divorced, had children, bought or sold property, gained or lost wealth, or maybe the executor or beneficiary named in your will has died. Minor alterations might sometimes be dealt with by means of an extra document, but substantial changes will likely necessitate a fresh will. If you make informal notes, cross out words, or tell people verbally what you intend, these actions can create confusion and might not be legally effective. Changes should be made properly.
What Makes a Will Valid?
A will must satisfy certain formal requirements. The person who makes the will must be mentally capable, must not be acting under undue influence, and must sign the will correctly. The signature must also be witnessed properly. Common pitfalls relate to the witnessing process. For example, a beneficiary should generally not act as a witness as this may have an impact on their entitlement. Another key factor is ensuring that the language used is clear. Ambiguity can result in unnecessary delays, disputes, or outcomes that are inconsistent with the person’s intentions. This is just one of the reasons why many people find it preferable to use a professional will writing service.
What About Unmarried Partners and Blended Families?
Unmarried partners and blended families are areas that can require particular attention in will drafting. Cohabiting for many years does not always translate into the legal rights people expect. Without a valid will, a partner might find themselves in an invidious position. There may also be conflicting considerations to take into account, for instance, when someone wants to make provision for a current partner whilst trying to ensure that children from a previous relationship are protected. A carefully constructed will can help to accommodate such competing desires and minimise the risk of future disagreement. Issues involving step-children, jointly owned property, ex-partners, and joint financial arrangements should all be taken into account before drawing up final instructions.
Should Personal Possessions Be Mentioned?
It may be important to deal with personal items in the will, not just financial assets. Items such as jewellery, watches, photographs, antiques, artworks, stamps, coins and other family heirlooms can hold particular sentimental significance. Some people include provisions in the will regarding specific items of this nature. Other people choose to leave instructions relating to such items in a separate letter of wishes. While such a letter can be useful, it should not be treated as a substitute for definitive terms within the will itself.
Moving Forward with Clarity
When it comes to answering some of the frequently asked questions around writing a will in Portishead, the essential thing is to reflect on who you want to look after, who you want to appoint as executor, and what you want to happen to your estate. Having a clear will in place ensures that everyone knows where they stand and helps family members proceed in the knowledge that they are complying with your wishes.
