As an adult with property, savings, an investment portfolio and dependants, you’ll need to ensure all your affairs are in order. Having a will is one of the best ways to achieve this.
Unfortunately, a lot of people put off making a will for two main reasons: one, they are unnerved by the idea of passing away; and two, they simply don’t know how to.
We get it; it’s pretty daunting to imagine not being around your loved ones, but isn’t it more comforting to know the people that depend on you won’t have to deal with the stress of sorting out their inheritance themselves?
Today’s article will look at what constitutes this vital document and how to make a will online UK. If you don’t have a will because you don’t know how to draft one up, we hope this clears things up for you.
Let’s dive in!
What is a Will?
A will is a legal document that explains how individuals wish their property to be distributed when they pass away. A will also mentions who the individual chose to manage the said property until it’s wholly redistributed. This document can also be referred to as a testament.
What Constitutes a Will?
For a will to be considered legal, it must meet the following requirements.
Testamentary Intent
For a will to be considered legal, it must be executed with testamentary intent. This means that the will-maker must expressly state that the document is their last will at its execution.
Testamentary Capacity
An individual must have testamentary capacity when writing a will for it to be considered legal. This means that they must understand the nature and significance of the act of writing a will; they must also understand who the closest surviving members of their family are, as these are the people that will inherit the property.
The testator should also know the extent and nature of their property and understand that the will calls for the distribution of this property.
Absence of Fraud and Undue Distress
A will cannot be considered if it was drafted when the testator was under duress or being forced or coerced into it. A will obtained in this way or through fraudulent means isn’t legal and cannot hold up in court.
Signature and Date
A will must be signed and dated. If the owner of the will cannot be physically present to sign the document, they may assign someone else to do it for them. This has to be done in front of witnesses. It’s also common for people to sign or place their initials on each document page.
Electronic signatures are also becoming more prevalent and are finding their way onto wills and other legal documents.
Executed in a Proper Ceremony
A legal will is executed correctly and witnessed by two adults. Witnesses are essential since they see the will-maker sign and write the will. They also sign the documents themselves, stating that the testator is mentally competent and free from any duress or undue influence.
Some states require witnesses to be two adults that stand to inherit nothing under the will.
Why is It so Important to Write a Will?
Although a will is primarily concerned with the distribution of your property, this document helps with more than that. You can name a preferred guardian for your children should you pass away before they become adults.
Besides, you can provide special instructions you need your family to follow when you pass on – for instance, your preferred funeral arrangements.
These are all crucial decisions you will need to carefully consider and not merely leave to chance. A will speaks for you and your interests posthumously and that’s essential.
Passing away without a will implies that the state will need to get involved in distributing your estate; a process that can prove expensive and time-consuming.
How Do I Write a Will?
Having already discussed what a will is and what it constitutes, it’s time to talk about how to write one.
What Goes in Your Will?
You need to decide what to include in your will. Think about your estate in its entirety; your properties, savings, shares, etc. Put all the relevant documentation together for all these plus your life insurance policy and bank details.
Include everything you wish to leave to your family in your will. This will make it easier for the executor to distribute your assets and save your loved ones from undue stress.
Who Gets What?
Once you’ve neatly outlined everything you own, it’s time to get specific about where you’d like it all to go. For example, if you have a business, some real estate, and two homes, you should say who gets what. This helps make the distribution of your estate easy since you’ve already allocated everything yourself.
Essential to note is that your will can’t change specific commitments you already made. For example, if you own a house with your spouse or someone else, the property goes to whoever is co-named on the title.
The same goes for life insurance policies and retirement benefits. Your will can’t rule out the beneficiaries you listed when opening this account or signing up for the policy.
List Your Beneficiaries
Include the names of all your beneficiaries, including any charities you’d like to donate part of your estate to. If there are particular items you want to give out, you could list who you’re giving them to. That vintage record player your nephew has always been obsessed with falls in this category.
Nominate an Executor for Your Will
The executor reads your will and ensures your wishes come to life. They make sure everything goes where it’s supposed to and pay off any debts you may have using funds from your estate.
Think carefully before choosing someone to execute your will. You need an executor that’s ethical, responsible, and has a level head. They may face intimidation from certain people in your family, so you need to be sure they won’t cave until all your wishes are fulfilled.
A family friend you trust, an attorney or an adult child could handle this task.
Who Takes Care of Your Children?
If you have minors, this is perhaps the most integral part of your will. You will need to choose who their guardian becomes when you’re not here anymore.
Guardians should be people you love and trust and have a genuine connection with your children. However, before listing them in your will, be sure to talk to them. This is a huge commitment and you need to ensure whoever you choose is up to the task.
It’s commonplace to set aside money the guardians can use to take care of your children. This will go to their college fees and even buy their first car. This way, you’ll be sure they always have what they need.
Sign Your Will
It’s crucial to remember that a will is not valid unless signed in the presence of two adult witnesses. Witnesses confirm you are of sound mind and signed the document willingly. Wills signed in front of witnesses typically hold up in court.
Keep All Your Affairs in Order With a Will
Writing a will is the simplest way to ensure your loved ones do not fight over your estate once you are gone. Having all your affairs straight will also give you peace of mind.
Technology is constantly evolving, and today, it’s possible to make a will online, right on your phone, tablet, or computer. You will simply answer a set of questions as accurately as possible, review the answers, then submit the results. When you’re satisfied with the final document, you will submit a one-time payment.
At this point, your document will be reviewed by a licensed solicitor and then returned to you via Post or e-mail. And voila, you have your legal will!
