Finding that you are reaching the end of your life can be difficult. The initial shock and disbelief may make it difficult to think clearly and you may need time to deal with the news.
Although it is not possible to know how long you have and the future is uncertain, it is important to consider putting your affairs in order.
Writing a Will may help put your mind at ease regarding what will happen to your possessions and loved ones after you have gone. It could give you the reassurance that you have done your best to take care of the people you love. Making a Will may spare them having to make painful decisions, as well as financial difficulties that could occur if your wishes are not made clear.
In order to help you at this difficult time, Howells Solicitors has put together a brief guide to writing a Will.
Do I need a Will?
If you die without a Will (intestate) it often takes longer to deal with your estate and increase the costs. It could also mean that the people who inherit your estate are not people you would have chosen. Under the Rules of Intestacy for example, a long term, unmarried partner will not be provided for. Writing a Will is also the best way to ensure that where possible you preserve your assets for your beneficiaries. It can be particularly important where issues such as inheritance tax are a factor.
Writing a Will gives you the opportunity to set out your intentions and potentially reduces the chances of any disputes arising after your death.
How much is a Will?
Cost is often raised as an issue when making a Will, but making a Will is not as expensive as you might think. The cost will depend on your circumstances. A single, straightforward Will drafted by a solicitor will not cost as much as a joint Will, or a complex Will involving trusts or overseas properties. It is however important to have a Will written which is appropriate to you and your circumstances.
It is important to instruct a reputable firm of solicitors. A reputable firm of solicitors will be able to prepare a Will which reflects your wishes and ensure that as far as possible your wishes are carried out.
Requirements for a valid Will
To make a valid Will the person making it must have testamentary capacity. This essentially means that you are of sound mind, intend to make a Will disposing of your assets and you are not suffering from any form of delusions (influences) which would affect the decisions you make and the provisions set out in the Will.
Capacity to make a Will can be affected by a number of medical conditions and medications prescribed for medical conditions. Someone who has a mental illness or dementia are still able to make valid Wills providing they have capacity. If there is a potential issue about your capacity being challenged after your death, it is important that confirmation of your capacity be established at the time you make your will. A doctor should be able to do this using a set process defined by the British Medical Journal1.
It may not be possible to arrange a meeting with a medical professional at short notice. In such circumstances it is even more important that an experienced solicitor be instructed to minimise any chances of the Will being challenged due to lack of capacity after death. For more information on what makes a will invalid, please see our recent post.
Prepare your Will with Howells Solicitors
No matter what your situation, the professional team at Howells Solicitors will be able to work with you to protect your family’s interests for the future.
Our approachable solicitors will help you to make the best use of your assets, planning carefully so you pay the minimum amount of Inheritance and Capital Gains Tax, ensuring your loved ones receive as much as possible.
We pride ourselves on the time we spend with our clients, and always listen to their wishes, views, fears and desires before crafting a Will that will meet their individual needs.
If you are interested in making a Will to safeguard the future of your loved ones, please contact the team at Howells Solicitors today by calling us on 02920 404034 or emailing info@howellslegal.com.
1. Jacoby R and Steer P, How to assess capacity to make a will, BMJ 335:155 (2007)
