It is estimated that up to 70% of people in the UK don’t have a Will. This is interesting given how many people know they need one. One of the reasons is not really understanding them, so here are the key points for writing a Will.

5 Top Reasons why people Make a Will

Here’s a reminder of some of the key reasons why people need a Will

1. Make sure the right people benefit

Without a Will, you may be surprised who your money would go to.

2. Save your family time and stress

If you don’t have a Will, you don’t have executors. This means Administrators will be appointed which could mean the process taking longer and making the process more complicated.

3. Protecting your Partner if you’re not married

Unmarried partners aren’t necessarily entitled to anything from your estate unless specifically stated in your Will.

4. Protecting Children

A Will can be used to appoint Guardians for your Children and Trustees to make sure that any insurance provision is used in the right way.

5. Making sure your own Children always inherit

There are circumstances whereby you could accidentally disinherit your own children without correct provision in a Will.

10 Key Considerations for Your Will

You should always set out:

1. Who do you want to benefit?
2. Who should look after any children under 18?
3. Who is going to administer your estate after your death?
4. What happens if the people you want to benefit die before you.

Other considerations include:

5. What if you share a property with someone who isn’t your husband, wife or civil partner.
6. You want to leave money or property to a dependent who can’t care for themselves.
7. Other people may make a claim on your estate, e.g. a 2nd spouse or children from another marriage.
8. Your permanent address isn’t in the UK. / You are a UK resident but have overseas property.
9. You own a business or company.
10. You have children from a previous relationship.

Although writing a Will can seem daunting, it’s important to get started. Even if you start simple and get the most important points covered, you can always evolve your Will as life changes over time.

It’s also important to make sure that if you already have a Will, it’s kept up to date and in line with your wishes.

Please note, Wills are not regulated by the Financial Conduct Authority (FCA) so we don’t advise on this area directly. However, we can put you in touch with a specialist should you need any assistance.

Will Writing is not regulated by the Financial Conduct Authority (FCA).