17/11/2024
Let's face it, writing a will isn't exactly top-of-mind fun. But trust us, it's one of those things that can seriously lighten your load and bring a whole lot of peace of mind. Over half of UK adults haven’t written a will[1], so if you haven’t gotten round to it, you’re not alone – let’s make it happen together. In this blog, we’ll discuss what a will is, when you should consider a will, why it’s important, and how to create one.
What Is a Will?
Think of your will as a roadmap for your estate. It clearly outlines who inherits your money, property and other assets and who will be responsible for carrying out your wishes after you're gone.
When you're making a will, you have a couple of options. Most people just make a single will, laying out who gets what. But if you're married or in a civil partnership, a mirror will might be a better fit. With mirror wills, you and your partner both make the same will. This usually means that everything goes to the surviving partner first, and then after they die, it goes to the people or charities you both picked.
Why Is It Important?
There are so many reasons why a will is important. First and foremost, it gives you control over your estate. Without a will, your loved ones might not get what you wanted them to have, with your estate divided out according to set rules rather than your intentions; but by creating a will, you make sure everything is distributed exactly as you want, giving you complete control and peace of mind.
But a will isn’t just about you; it’s also a gift to your loved ones. Dying without a will is like leaving a mystery for your loved ones to solve, and they may end up getting lost in the maze of legal rules, stress and family disputes. Wills give them clear instructions and can take a lot of pressure off after you’ve passed.
When Should I Write a Will?
You might think wills are just for older generations, right? Wrong! If you’re over 18, you should be considering writing a will, especially if you own a home, have savings, or any other assets. Life’s full of surprises, and accidents and illness can happen at any age – it’s never too early to start planning for the future.
How to Create a Will?
When it comes to wills, there's no one-size-fits-all approach, and there’s a few options you can consider.
Many people choose to work with a solicitor. If you have a complex estate, own a business, or have property overseas, a solicitor is best placed to provide expert guidance, help you avoid legal complications, advise on inheritance tax and ensure your will is legally sound.
If you're 18 or older in England and Wales (or 12 or older in Scotland), and you're of sound mind and want to, you can write your own will. Just make sure you have two witnesses who aren't getting anything in your will to sign it.
If you want help but don't need a lawyer, there are online or phone services that can walk you through it. But be smart about who you choose – look for a service that's part of a professional group like the Institute of Professional Will Writers.
At Owl Financial, We Can Help
Need help with a will? Our team can connect you with experts who can draft a single will or a mirror will for you and your partner. They work with experienced solicitors who are regulated by the Solicitors Regulation Authority, so you can trust that you're getting the best possible service.
We can also help you set up a Lasting Power of Attorney.
Want to learn more? Just ask your Owl Protection Adviser, or find an adviser, here. Remember, we're here to connect you with the right people – we don't provide legal advice ourselves.
Will writing isn't regulated by the Financial Conduct Authority.
Approved by Openwork Limited on 14/11/24
[1] https://www.canadalife.co.uk/news/over-half-of-uk-adults-do-not-have-a-will/
