Passing on Money - How to Make a Will

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How to Make a Will

Legally you do not have to make a will. However, by doing so you can decide the fate of your property and possessions after you die.

By making a will you ensure that your estate is passed on to family and friends according to your specifications. Should you die without having made a will, your assets can be distributed as per the law wants, as opposed to as you wish.

The Importance of Making a Will

A will specifices who benefits from your property and possessions, known as your estate, upon your death.

There are several excellent reasons as to why you ought to make a will:

• Should you decide against making a will, the law can decide exactly how your assets are to be shared. So, without a will, the law dictates who gets what
• Should you be a one half of an unmarried couple (of mixed gender or same gender), you can ensure your partner is provided for
• Should you be divorced, you can determine whether or not you leave your partner anything
• You can ensure that you do not have to pay more Inheritance Tax than necessary
• Writing a will also makes good financial sense

Writing a Will and the Cost of Writing a Will

You can write a will yourself. However, it is more sensible to use the services of a solicitor due to the mulitple legal formalities that need to be adhered to in order to ensure that you have a valid will. There may be a case of legal advice for further complicated matters. In addition, a solicitor can advise you as to how Inheritance Tax affects you.

A solicitor can visit you in your home, hospital or care home.

The costs of writing a will vary between solicitors and depends on how complicated it is as well as the solicitor’s experience.

There are also voluntary organisations like Age Concern and the Citizens Advice Bureau which can assist with your will. Help the Aged can help you with your will should you live in Scotland.

What Ought to be Included in your Will

It makes perfect sense to consider what you wish to include in your will, prior to write your will and before consulting a solicitor.

You ought to consider:

• The amout of money you have and your property/properties and possessions
• Who you would like to see benefit from your will
• Who could care for any children under 18 years of age
• Who is likely to manage your estate and execute your wishes after your death. This person is known as your executor. The executor is the individual responsible for distributing your estate. You can select your executor by specifying his/her name in your will. The courts are also able to  appoint others  to perform this role.

Where Should You Keep Your Will

Upon making your will,  it is essential to store it safely and inform your executor, friend or relative of exactly where it is. Should a solicitor have compiled your will, they usually retain the original and forward you a copy. You can request the original should you wish to keep it.

Keeping an Up to Date Will

You ought to review your will on a five year basis and after any key life event, such as, gettting married, divorced or separated, giving birth or moving house. Any change ought to be by 'codicil' (an amendment, addition or supplement to a will) or via making a new will.

How to Make a Will in Scotland

Scottish law on inheritance is different to English law.

If you wish to make a will and live in Scotland, you need to contact a solicitor or voluntary organisations like the Citizens Advice Bureau or Age Concern Scotland for advice.

The Scottish Executive's 'Rights of succession' guide explains exactly what happens when a person dies in Scotland without having made a will.