Writing a will and what you need to consider…
In conversation with Dani King from Wellingborough Wills
Why, as a parent, should I make a will?
When you have children, it is vital that you consider who you would want to take care of them if you were to no longer be around.
There is a common misconception that children will automatically be placed with relatives, or the people that you would choose. In reality, it is up to the courts to decide. Your relatives may apply to become the legal guardian, which the courts may grant if they feel they are a fit person for the role, but they may decide that they are not suitable and your children could be placed into foster care until a suitable home is found.
It is best practice to write a will and nominate chosen guardians instead. These can be friends, relatives, whoever you choose.
Choosing the right guardians can be a challenge for many parents, some key things to consider is their existing relationship with your children, their location, their beliefs and if they align with yours, their age, health status and finances.
What are the essential things that I need to include in my will?
There are lots that you can consider and cover in your will, some are necessities and some are optional.
You must name executors - these are the people who are to carry out your wishes.
You will also need to decide on guardians if you have minor children, as covered in the previous question.
The other obvious one is beneficiaries - who do you want to inherit from your estate.
Funeral wishes, provision for pets, gifts to charity, gifts of personal effects, if there is anyone you wish to exclude that may make a claim on your estate are just a few of the other things that you can include.
Who can be a guardian for my children?
Technically - anyone over the age of 18. Most parents choose a relative, but it could be a friend or someone that is close to your children. There are some important considerations as I have mentioned. Some people choose their child's grandparents, but do take into account their ages at the time of writing your will, and review it regularly. The people that may be the right ones to choose when your children are five and under may not be the right people when your children are teenagers, so you can change your chosen guardians as your children get older.
Do I need to go to a solicitor to make a will?
No, there are a few ways that you can write a will. You can do what is known as a DIY Will, these are usually free or cheap downloadable forms that you simply complete with your answers. These can be quite risky though and this might not be immediately obvious. As there is no guidance or advice with this type of will it is easy to get it wrong and make incorrect assumptions. It may be that you misword something and the wrong thing happens. Unfortunately, with this type of will, mistakes are often not found until the person has died and it is too late to do anything about it.
You can also choose to use a professional, that is either a professional will writer or estate planner, or a solicitor that specialises in wills and trusts.
If I don’t have a will what happens when I die? For example if I am married does my husband / wife get everything? Or if I am a single / lone parent?
The answer to this question is a bit like - ‘how long is a piece of string?’ It depends on your circumstances as to what happens. If you die without a will, you are considered to have died intestate. This means your estate is distributed according to the laws of intestacy. If you are married, then depending on how much you are worth, most of it will pass directly to your spouse. This may seem like a no risk option, but this doesn't give any protection as to what happens when they later die. If they have remarried, and do not have a will, their new spouse will inherit everything, and if you have children this will mean your children are accidentally disinherited.
As mentioned previously, dying without a will also means you will not have appointed guardians for any minor children, meaning the courts will decide who looks after them. If you are single, without children and die without a will, then your estate will be distributed to your parents, if they are alive, if not then your siblings. If there are no siblings, then more distant relatives such as aunts and uncles may be the beneficiaries. The laws of intestacy flowchart diagram can help you to see what will happen according to your personal circumstances. If you are single with children, then your children will be the beneficiaries, but they will be unable to inherit until they reach 18, and there will again be no provision for who becomes their legal guardian.
Can I change my will in the future?
Absolutely - and you should! Your will should change as your circumstances do.
Once someone has written a will, it is often put into a drawer and forgotten about until it is needed. We recommend getting your will out once a year, having a quick read through and making sure that everything that is in there is still accurate. If it is, put it away and check again in 12 months time.
Most people won't need to update their will for several years after writing it, but there are some specific times which should trigger a review, including change in relationship status, a house move, more children or grandchildren, or simply a change in financial circumstances.
It is important to update your will so that it always reflects your current circumstances - just in case.
What does an executor do and do I need one?
The executor is the person who executes the will - which simply means the person responsible for carrying out your wishes. If there is no executor, there is no one to make sure your wishes happen. You can choose anyone over 18 to be your executor. You can choose just one person, or several and they can be appointed in different capacities. You can choose main executors, and you can choose substitutes. The substitutes are there to step in if your chosen executors are either unable or unwilling to act, or if they have died before you. You only have to name one executor, but it is advisable to appoint at least two. You can also appoint a professional executor, such as a solicitor that specialises in probate, so that there is always someone who can step into the role.
Where should I keep my will?
You only get one signed will, and if that gets lost, damaged or destroyed you will be considered to have died intestate.
Where you store your will should be fireproof, flood proof, and safe from other forms of destruction. A safe is always a good option, but you will need to make sure your chosen executors know where they are and how to get them out of where they are stored.
Your other option is to store them with the person who writes your will should they offer that as an option. For my clients, we offer storage in a secure facility, so that they know exactly where they are, and their executors are able to retrieve them at the time of need.
Is there anything else I need to think about?
When it comes to preparing for the future, writing a will is one of the most important parts, but it works best when there are other plans in place too, these include:
Life Insurance and Critical Illness Cover - especially where there are young children, property and for couples who rely on each other's income.
Pensions and Investments - helping you to plan ahead and prepare for retirement.
Lasting Powers of Attorney - these are legal documents where you appoint someone who can act for you if you are unable to. There is one for Property and Financial affairs and one for Health and Welfare. Another misconception is that these are only for the elderly, but there can be many situations that occur where we don't have the capacity to act for ourselves, either temporarily or permanently due to an illness or injury.
Funeral Plan - these enable you to make monthly contributions to the cost of a funeral, so that your loved ones are not left with the added stress of trying to arrange and pay for your funeral at an already emotionally challenging time. There are lots of options out there, for people of all ages, so it is always a good idea to consider this as part of your estate planning.
We always cover all of these areas during our initial discussions. For the areas that we do not cover ourselves, such as insurances and financial advice, we work closely with people who specialise in these areas who can offer help and guidance.
What are the average costs for getting a will drawn up?
Basic wills for a single person are usually around £100-£150, and for couples £200-£300. There are other types of will available that offer more protection than what a basic will can provide and prices for these can vary.
About Wellingborough Wills
We are Wellingborough Wills, a family team of father and daughter, specialising solely in estate planning, which includes wills, trusts, powers of attorney, funeral plans and probate. Our own family circumstances led us into starting our business, as we wanted to prevent other families from facing the same hardship that we had to. It is our aim to help as many families as we can to put appropriate planning measures in place so that they are protected no matter what the future may have in store.
Dani and her father - Wellingborough Wills
How do we work?
We offer a free consultation, either in the comfort of your own home (depending on location) or online via zoom. The aim of this consultation is to find out more about you, your aims and objectives and to talk through the options that are available to you, so that you can make an informed decision based on your own needs.
How can you work with us?
To book your free consultation, you can call us directly on 01933-213450, or visit our website www.wellingboroughwills.com, or you can contact Dani directly via email, dani@wellingboroughwills.com. If you quote Bespoke Family as the place that you heard about us, we will offer you a 10% discount on wills, trusts and powers of attorney.
You might be interested in reading our other blogs about death and bereavement: Preparing for the unthinkable and We have to talk about it – ‘death’, ‘die’, ‘dead’, ‘dying’ - it’s part of being human!
We also have a podcast - ‘Newborn to Teen and Everything in Between’ - listen here.