What is a will, and why do I need one?
A will is a legal document that states what you want to happen to everything you own when you die. It includes things like money, property, investments and possessions, which legal professionals often call your assets. All your assets lumped together are called your estate. If you have children under 18 years old, making a will also allows you to say who you would like their legal guardian(s) to be.
What happens if I die without making a will?
If you die before making a will, the government will follow the rules of intestacy, a set of guidelines that decides who gets your assets. But these rules are over 100 years old, so do not consider modern family dynamics like unmarried couples, step-children or your personal preference. If you’ve got children under 18, and have not appointed a legal guardian, social services and/or the courts can make decisions about who takes care of them.
What gifts can I leave in a will?
You can leave different types of gifts in your will, from specific items to a percentage of your estate. In the UK, over a third of us choose to leave a gift to charity in addition to gifts for family and friends. A ‘specific gift’ is (as the name suggests) an individual gift like jewellery, artwork and furniture. A ‘residuary gift’ is given as a percentage of your estate. Sometimes, a residuary estate may be the only gift left in a will and the recipient will gain control of the whole estate. In other cases, people choose to leave a percentage to different charities or individuals. Leaving a percentage of your estate rather than a specific sum of money is a simple way to make sure that the value of your gift keeps up with inflation.
Can I include funeral wishes in my will?
Yes, you can include funeral wishes in your will, and there’s a section for sharing them in our will writing service. You might want to specify whether you want a burial or cremation and how you’d like people to remember you. It’s helpful to leave your wishes, so your family knows what you want. Pre-paying for a cremation is another excellent way of taking care of your family in advance.