How to Write a Will
By writing a will, you have control over where your money, possessions, properties and investments go. Whether it’s to family or charity, writing a will gives you control over these things when you’re no longer around to vocalise your decisions.
It is important to note, that if you and your partner are not married or in a civil partnership, your partner holds no right to inherit your property/ estate if you do not have a will.
How to write a will:
There are 7 steps that go into writing a will.
Step 1: Valuing Your Estate
This is getting a rough idea of what your estate is worth by making a list of all your assets and debts.
This usually includes:
– Any property you own – including your home
– Building society accounts
– Any savings in a bank
– National savings
– Any insurance
– Investments in stocks and shares
– Any motor vehicles
– Personal belongings
– Household contents such as furniture
– Overdraft in a bank
– Credit card loans
– Equity release
Getting your assets valued frequently will allow you to change the will over time.
Step 2: Figure out how to distribute your estate.
In your will, you must be absolutely clear as to how you want to distribute your estate.
Things to consider:
– Who do you want to benefit from your will
– Any specific gifts you want certain people to receive
– What should happen to your estate if your beneficiaries die before you
– Where the rest of your estate will go – property and money left over after the funeral and administrative expenses and other fees
Step 3 – Deciding to make a donation to charity
If you’re intending on making a donation to a specific charity in your will, you must include the charity’s full name, address and registration number. If you include incorrect information, the money may not go to the right charity.
Step 4 – Choosing your executor
The people who organise the distribution of your estate are referred to as executors. This role includes a lot of work and responsibility. For that reason, your executor must be chosen wisely.
Step 5 – Writing your will
There are various ways to go about writing your will. These include:
- Making your own will: a will is considered a legal document. For this reason, it must be written and signed correctly. You must ensure your will is valid otherwise, your estate will be dealt with in accordance to the countries law. Therefore, it is best to seek professional advice before writing your will.
- Charities: there are a few charities that offer free will drafting services. This is to (sometimes) inspire you to make a donation, of course you are under no obligation to do so.
- Lawyers: usually, it is best to consult an experienced solicitor with official legal documents.
Here at Versus Law our expert solicitors in Manchester can help you through every aspect of probate and estate administration, providing you with a tailored service that meticulously allocates your assets to desired parties, whilst ensuring that all requests are efficiently executed.
Step 6 – Sign your will
For your will to be valid, your signature must be on your will. This must be done in front of an independent witness.
Step 7 – Storing your will safely
You must ensure that your will is stored away safely. This may be at the bank, with your solicitor, or safely stored away at home. The executors must know where your will is kept.
It is important to note that you mustn’t attach any paper clips or staples to the will. This is because if the staples or clips leave any marks, it could raise questions about whether parts of the will is missing.
Interested in learning how we can help you to prepare and execute all your will and probate requirements? Get a FREE consultation with one of our solicitors in Manchester by contacting us today on 0161 249 5087 or email us at email@example.com. If you prefer, you can complete our contact form here.