Do you know what will happen to your estate when you pass away? If you haven’t got around to making a Will, maybe it’s time to start thinking about it. At Ascent Financial Planning, we support clients every step of the way, often as part of wider financial planning.
What a Will does and why it is important
A Will can ensure:
- who should inherit your assets
- who should deal with your estate
- who should look after your children if needed
- how specific possessions or gifts should be passed on
- that your financial wishes will fit with wider estate and inheritance tax planning.
What happens if you die without a Will
If you die without a valid Will, you are said to have died ‘intestate’. When this happens, your estate is divided up according to predetermined rules, which govern how your assets are shared out. For example:
- if you have a spouse or civil partner and have children, your spouse or civil partner inherits all your personal possessions and the first £322,000 of your estate plus half of the remainder.
- In most cases, your children inherit the remaining half of your estate.
- If you have a spouse or civil partner and do not have any children, they inherit the whole of your estate and possessions.
What to include in your Will
Ready to make a Will? If so, you need to think about everything that makes up your estate and how you would like to distribute this:
- Money
- Possessions
- Property
- Animals
- Investments
- A guardian (one person or more people appointed in your Will to look after your children should you and your partner/spouse die at or around the same time).
- A Letter of Wishes (a document that allows you to provide guidance, explanations and personal thoughts to the people responsible for dealing with your estate).
- Executors (people who are legally responsible for carrying out the instructions in your Will and handling your estate).
How to create a Will: DIY vs professional
You are free to write your own Will, but solicitors, banks and some charities can also do it for you. Whatever your choice, it’s worth reading the legal requirements.
- Make your own Will
You can write your own Will using do-it-yourself Will-writing kits or forms. In theory, you could write your own Will on a piece of paper, but unless your circumstances are straightforward, this may cause problems when dealing with your estate. You will also miss out on the financial planning that a professional can build around your Will.
- Use a solicitor
Unless your Will is very simple, it’s a good idea to go to a solicitor who’s an expert in writing Wills. A poorly drafted Will can cause unexpected difficulties or outcomes when your estate is settled, so using a qualified solicitor is essential.
When to update a Will and common mistakes
Review your Will regularly. This ensures changes in your life are taken into account that may mean your Will needs updating. Don’t attempt to make alterations on the original document. Either add a codicil or make a new Will.
Next steps
Decided it’s time to make your Will? Contact Ascent Financial Planning for advice on North Wales Wills and financial planning.
Will Writing is not part of the Quilter Financial Planning offering and is offered by referral only.
Will writing is not regulated by the Financial Conduct Authority.
