A Guide to Writing a New Will in the UK

Planning for your family’s future is one of the most important steps you can take as a parent. However, one key aspect that is often overlooked is making a new up-to-date Will.

Below is a guide on the process of making a Will.

What is a Will?

• Put simply, a Will is a legal document that instructs exactly how you want your assets to be handled after your death.

• Your assets include your money, property and possessions.

What should I include in my Will?

• It is important to name an executor(s), who will be responsible for administering your Will. The people most commonly chosen as executives are family or friends. If your estate is particularly large or complicated, it is a good idea to also appoint a professional executor such as a solicitor or accountant.

• You should list of all your personal possessions, and assets (known as your ‘estate’) that you want included in your Will.

• You should name the person/people you want to benefit from your Will (known as ‘beneficiaries’) and specify what you want each beneficiary to inherit upon your death.

• If you have children under the age of 18, it is important to make arrangements for their wellbeing, such as naming a legal guardian.

• Any specific requests for your funeral arrangement.

Who can write a Will?

• You can write a Will yourself. However, it is advisable to consult a solicitor in regards to this process if your Will is not straightforward. This is a very technical aspect of law, and mistakes are easily made.

Why should I consider making a new Will in the UK?

• After purchasing a property in the UK, it is an ideal time to think about making a new Will. Typically, a new property will be one of your biggest assets and you will want to guarantee you have an up to date Will that safeguards this asset to give you peace of mind for the future.

• A well-written Will can help reduce the amount of Inheritance Tax payable on your estate.

• A UK Will makes administration of your UK assets a lot more straightforward for your executor. It will allow them to more easily navigate the tasks of settling debts and taxes owed, and ultimately distributing your assets.

What will happen to my old Will if I make a new one?

• If you have made a Will overseas for your overseas assets, it is possible to keep this Will as well as making a new one in the UK. This can be ideal if you are planning on keeping assets in Hong Kong, or if you are not permanently relocating to the UK.

• Alternatively, you can ensure that your new Will revokes all previous Wills. There are various words and procedures needed to enforce this that our probate team will be happy to talk to you about.

What will happen if I die without making a Will?

• A person who dies without making a Will is said to die ‘intestate’.

• This means that your assets will be distributed through intestacy, in accordance with the laws of the countries with whom you have connections at the date of your death.

• In the UK, instestacy laws tend to favour the spouse, who will inherit the first £270,000 of your estate. If you have children, the remainder will be equally split between them and the spouse. This rule applies even if you and your spouse are separated, but not divorced. Similarly, if you live with your partner but are not married to them, they will inherit nothing under UK intestacy laws.

How can Martinsons help?

• In order to be valid, your Will must comply with the provisions of the Wills Act 1837. Our experienced probate team can prepare a Will specifically tailored to your needs and desires whilst ensuring at all stages it is valid with no problems or unintended consequences.

• We will be able to advise you on the effect that property ownership will have on your Will. You may own your property outright, or with someone else as Joint Tenants or Tenants in Common. Each of these has a different implication as to what will happen to your property and it is important to know how a Will may alter this.

• We will discuss with you the best option regarding your current Will and whether it is advisable to keep this Will when making a new one.

• We can advise on the most tax efficient solutions to lessen the burden your beneficiaries will have to pay.

If you have any queries about the process of writing a new Will here in the UK, please contact us to speak to one of our experts. We will also happily give you a no obligation quotation.