Drafting a will typically focuses on major assets such as properties and bank accounts, but smaller details are often neglected. This oversight can cause complications for loved ones later on. Understand key elements not to miss out today.
What Exactly Is a Will?
A Will is a critical legal document that provides you with the power to control how your estate will be distributed and managed after your death. Writing a Will can appear a daunting and emotional task, but it provides you with peace of mind that your wishes will be carried out and ensures that your loved ones are provided for, whatever may happen in the future.
Sadly, dying without a Will often has distressing effects on those left behind.
A Will allows you to:
- Choose your Executors: the people who carry out your wishes in your Will.
- Choose guardians for your children, if they are under the age of 18 at the date of your death.
- Include details about your funeral wishes in as much detail as you wish, or you can direct your Executors to where further information can be located.
- Deal with shares in a business (if permitted by relevant agreements) or property.
- Leave monetary gifts and specific items to name people or charities.
- Provide for pets to be rehomed or even leave a monetary gift for their care.
- Include Trusts in your Will for various reasons.
- Ensure your Will makes full use of all Inheritance Tax allowances.
- Decide who will receive the rest of your assets (known as your estate).
Don’t Forget the 4 Essential Details:
A last will and testament stands as one of life’s most vital legal documents, demanding meticulous attention to detail to ensure its accuracy and effectiveness. Addressing these often-forgotten elements could pre-empt considerable confusion and stress for loved ones further down the line:
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Alternative or Replacement Beneficiaries
Naming replacement beneficiaries (often called contingency beneficiaries) is a sensible back-up plan that most people forget to include in their will. If a primary beneficiary precedes you in death, the gift intended for them will fail.
Without a named replacement, that failed gift automatically falls into the residue the pot of everything else left in your estate. This means the gift may pass to an unintended person or organization, undoing your original wishes.
While not legally required, legal professionals strongly advise naming replacements, as it is the only way to ensure you maintain complete control over what happens to every asset you wish to distribute.
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Funeral and Burial Wishes
Including funeral and burial wishes in your will provides essential guidance for your loved ones, significantly reducing their stress during a difficult time. While it is crucial to document your preference for burial or cremation and the desired arrangements, it’s important to understand that these instructions are not legally binding on your executor.
However, relying on verbal communication is risky, as those wishes can be forgotten or misunderstood. Despite their non-binding nature, documenting your intent is extremely important: it provides clear direction for the family and is a key factor a court will consider if a dispute over the final arrangements ever arises.
Many people choose to outline these instructions near the beginning of their last will and testament.
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Execution of a Will
The legal execution of a will requires strict adherence to statutory formalities. Following these protocols is critical, as any error in the signing and witnessing process will render the entire document invalid. To ensure your will is legally binding, it must simultaneously meet these core requirements:
- The testator (the person making the will) must sign the document, intending for that signature to give effect to the will.
- The signature must be made or acknowledged by the testator in the simultaneous presence of two or more witnesses.
- Each witness must then attest and sign the will (or acknowledge their signature) in the presence of the testator.
If any of these conditions are not precisely met, the document is not a valid will. Due to this high threshold for validity, seeking professional legal guidance from a solicitor is strongly recommended, as they provide an essential “safety net” to ensure proper execution.
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Digital Assets
In our increasingly digital age, it is crucial to consider your digital assets, which are frequently overlooked in estate planning. While people readily account for physical possessions like property and jewellery, digital holdings, such as:
- cryptocurrency,
- online businesses,
- high-value social media accounts,
- websites—often carry significant monetary or sentimental value.
Executors frequently encounter challenges gaining legal access to or managing these accounts after a death. Therefore, your will should not only specify the beneficiary for these assets but also provide clear, documented instructions or a separate list for transferring ownership and access to ensure your wishes are smoothly carried out.
Ensure your safety
To ensure your last will is accurate and effective, it’s vital to move beyond the major assets and give meticulous attention to these finer, often forgotten, details.
Taking the time now to properly address alternative beneficiaries, funeral wishes, the execution process, and digital assets can save your loved one’s considerable stress and confusion in the future.
Frequently asked questions:
What happens if I do not have a will?
If you die without making a Will, then the Intestacy rules will apply to your estate upon death.
Intestacy rules decide where your estate is to go in the absence of a Will. This means that your estate could pass to your spouse or civil partner whether it is your intention or not. This means that children may not inherit upon your death.
In the absence of close family members, your estate could be divided between distant relatives whom you never knew about and who have never met you.
How can Oakwood Solicitors help you?
Oakwood Solicitors Ltd can assist you through this process and provide you with the necessary advice. Our team has gained an excellent reputation amongst local organisations and their client base for delivering a personal and compassionate service.
As an SRA-regulated firm, we pride ourselves on having a high standard of customer service and making all our current and potential clients feel at ease when making any decisions regarding their future wishes.
The SRA gives you peace of mind that the service you receive will be of the highest possible standard. Read more about the benefits of SRA regulation in our article here.
As a firm with our clients’ best interests in mind:
- We provide a bespoke Will-writing service that ensures that your Will is tailored to your individual circumstances.
- We offer a free initial consultation to take your instructions and assess your requirements.
- Our will-writing costs are fixed, and we will ensure total transparency.
You will have a dedicated advisor who will work through the Wills process with you from start to finish, assisting you in the event of any queries or issues you may have. Your advisor will also continue to provide regular updates until your final Will signing.
We recommend reviewing your Will every three to five years or whenever your circumstances change. We will send you reminders in future years should you need to modify your Will.
Once your Will has been signed, we can store your Original Will free of charge in our deed store department and provide you with a copy to keep with your personal documents. We will ensure the process is as stress-free and effortless as possible.
Information about our fees:
Information regarding our fees can be found in the following places:
We advise reading these in detail.
All fees charged by the Firm are 20% VAT payable, which is currently set at 20%.
Further information:
Wills – Oakwood Solicitors.
Lasting Power of Attorney – Oakwood Solicitors.
Solicitor shares the common mistakes people make with their wills.
WHAT TO DO NEXT:
If you want to update or create a will, get in touch today for a no-obligation consultation.
Choose one of the methods on the right-hand side of this page, or call us on 0113 200 9720 to find out how we can help you with your enquiry.
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Charlotte Bandawe is our Head of Wills and Probate department, leading a team of three other colleagues.
Charlotte is also a member of The Association of Lifetime Lawyers. View her Association For …
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