When there’s a will…. There’s a lot to think about!

Matthew Ridyard

07 January 2022

We realise that thinking of a time when you are no longer around probably isn’t your ideal way to spend an afternoon, but it is so important to ensure that everything is in place for when you are no longer here, giving you peace of mind to enjoy life! 

Where do I start with a will? Well, there really isn’t a right or wrong way to go about it, it’s a personal document so it really is up to you, however we’re on hand to provide some handy steps to go by to make starting your will that bit easier. 

Who should i include?

Possibly one of the biggest things to think about when writing your will, is the people who you will include in it. We recommend writing a list of those who you would wish to include, it probably won't even take you long! Most people include their spouses or partners, children, friends and even charities that are close to your heart. These are known as your beneficiaries, and will be entitled to what you deem fit. 

What things do i need to put in my will?

Most people accumulate a lot in a lifetime, so the thought of writing it all down can seem daunting! To make things easier, stick to the big things to begin with, such as savings and any valuable objects you may have such as precious jewellery or family heirlooms. 

Some things will change in value, such as businesses, stock investments and property. With property, it is imperative to factor in the value of any outstanding payments against your property, such as mortgages. 

Another thing to consider is your pension. Many people assume that this will automatically be in their will, but this depends on the rules of your pension. It's important to check this with them and also make sure that they too know who you would want your pension payments to go to. 

How should i split my will?

Now you know who you will be including and what, you must now decide who gets what and in what way. For instance, you may leave your daughter a fixed sum of money, and your son a specific item, such as a car. This is straightforward, but it can get a bit confusing. To put it into context, you could decide to split your estate in half, meaning two individuals would receive 50% of whatever your estate is worth, after any liabilities have been paid. You can also leave something to someone, but specify that if they then pass away, it will move to someone else, known as a reversionary bequest. 

Now you’ve written your will, the next step is to make sure it is valid, which is key! Wills are of course legal documents, which will stand in a court, however they have to be legally binding for them to be valid. A video will for example would not class as being valid and would therefore be ignored, so it is important to remember that it must be in writing, signed by you which two people must witness and also sign themselves. The witnesses should not be a beneficiary included in your will, or they will lose their right to the inheritance. You must be able to understand the effect it will have, and of course have written the will voluntarily without pressure from an outsider. If this is your second will, you must destroy previous versions andshould state at the beginning that this current version will revoke all others, or you could end up with an older version standing. 

Another important thing to consider when writing your will is who your next of kin will be. A next of kin should be someone who you can trust, and are close to, but doesn’t have to be a blood relative. Depending on the situation, your next of kin is responsible for different things. For instance, if you are in hospital, your next of kin is the point of contact, someone who can be reached for updates on treatment and your condition. If you are unconscious or lose the capability to decide otherwise, your next of kin will be appointed to make decisions on your behalf. In relation to children under the age of 18, if something happens to you, your next of kin would be the person, or people, who has the legal right to take care of your children. This is of course a huge decision, and so it is vital that this is documented in your will. 

Although it can seem daunting to write your will, it is an immensely important document that details directions for what will happen after you are no longer around. It can provide your family with peace of mind and even comfort, as well as keeping children safe with a named guardian. Protect your family and write your will today.