Drafting a Will:

According to the National Free Wills Report (2023) only 44% of adults have Wills

-    A Will is of paramount importance to ensure that the people you wish to inherit your assets receive them.

-    This is especially important to blended families.

However, a Will holds no validity if it isn’t legally binding. To ensure that it is legally binding, it is essential to ensure that:

-    Your will has clarity; due to the complex language that is often found, it is recommended that you seek help from a Solicitor to draft your Will for you.

-    You must have ‘sound mind’ when you make your Will.

-    The Will should comply with UK Statute Law, such as the Wills Act 1837.

-    Once your Will is drafted, it must be signed in the presence of two witnesses, who will also need to sign it.
 

Will drafting is often more complicated then people initially think and even if a Will is valid it can still be open to challenge. In 2019, 188 Will challenges reached court, in 2020 that figure had increased to 192. These are only the tip of a very large iceberg as most contentious probate matters never reach court having settled before, often with the claimant (the person challenging) receiving some level of pay-out from the estate of the deceased.

So when drafting a Will, it is sometimes as important to consider those you do not wish to benefit from it, and why, as much as those who will.

Children

Where you have young children your Will should include directions for:

1.  who should look after them – guardianship arrangements.

2.  how any money they inherit should be looked after – potentially Trust(s).

In some cases it will not necessarily follow that the people you wish to be executors of your estate are the same people you wish to look after your children. Nor does it always follow that you wish for those looking after your children to also control their inherited money.

Assets

It is also important to understand the nature of your assets; this includes property, savings, investments, and personal belongings. What you should and shouldn’t put in your Will can be dependent on the nature of your assets. Hence why, it is recommended that you consult legal professionals, in order to simplify the process of drafting your Will; as it ensures your assets are distributed correctly. For example, you may need to take into consideration additional things to be drafted into your Will, such as trust/s.

Inheritance tax.

If you have a larger estate your beneficiaries may have to pay inheritance tax on it.  According to government statistics, in the tax year 2021 to 2022, there were 27,800 taxpaying IHT estates, an increase of 800 (3%) since the previous tax year, 2020 to 2021. This figure is set to rise with the recent budget announcements. 

Why is IHT important to Will writing?

There are a number of methods estate practitioners can use to help mitigate or even remove IHT liabilities from estates. This is one of the benefits of seeing a specialist in this field. 

Will Drafting and Reviews

Upon drafting your Will, it is crucial to review it, this is a safeguard against any possible oversights as any errors could impact the execution of your will. For example, inconsistency with any existing legal documents can make the Will invalid. Therefore, it is advisable to go through each section methodically, checking each area is correct. Again this is where engaging a Solicitor can help.

It is also important to ensure that your Will is up to date. A variety of factors may make your Will invalid or out of date. The Association of Lifetime Lawyers (previously known as Solicitors for the Elderly) state that they have found that almost half of UK Wills could be out of date due to life-changing events such as marriage, divorce and death. Marriage can make a former Will invalid, unless the Will is drafted in anticipation of the marriage. This slight difference in wording can be the tipping point for whether the Will is valid or invalid. 

Upon the finalising of your Will, it is paramount that you keep it in a secure place, and that your executors know where it is kept. In addition to your Will you should create an estate pack that includes:

Life insurance policies

Pension details

Property details (home, buy to lets etc)

Details of any savings and investments, including policy numbers and company held with.

Details of any other assets you hold, such as valuables, Trusts, cars etc…

I can get a Will written for £69 online, why should I pay more?

What many people do not realise is that Will writing is not a regulated activity, that means anyone can set up a Will writing business without insurance, or any form of training.  They may also only use templates or basic software that generate generic Wills that may not be appropriate for individual circumstances.  Unfortunately if they have not received any formal training they are often unaware of potential problems they may be creating with badly drafted Wills.

By choosing an SRA  regulated law firm you have the re-assurance that:

 the firm is not only run by legal professionals who typically hold legal degrees (or a conversion) and a master's level legal qualification to be a Solicitor or Barrister, 

 it is monitored by a legal body appointed and recognised in law

 if things go wrong you have recourse to the Legal Ombudsman and/or SRA

 ultimately their work is covered by insurance.

Why Wildcat Law for Wills?

Unlike many firms Wildcat Law offer a remote Will writing service as well as a face to face service in our Eastleigh office.  We also deal with disputes over Will's and estates so we know what can go wrong and therefore methods to minimise risk to you and your beneficiaries.

39 Market Street, Eastleigh

SO50 5RG

02394330253