Expert Q&A: Wills and Legacies

Why should I make a will?

Thinking about making a will can feel a little morbid, which, coupled with a general assumption that we aren’t going to die, means that many people do not have a valid will in place and this can lead to unnecessary stress on loved ones after a bereavement.

Having a will lets you decide what happens after your death and informs those left behind of your wishes. It sets out who is to benefit from your estate, and to what extent; who should be the executors of your estate; who is to care for any children in the event of the death of one or both parents, and how they will be provided for; as well as it generally being quicker, cheaper, and less stressful to administer an estate where there is a will.

If you don’t make a will, who benefits and who administers the assets is decided by the statutory intestacy rules which may not reflect your wishes. Having a will is especially important if you and your partner are unmarried as partners simply living together get nothing if not specifically provided for in a will.

How do I create a will?

You will need to consider who you want to benefit from your estate, what assets you have, and how you want to split your money and property. As long as adequate provision has been made for any dependents, there are almost no restrictions as to how your property should be distributed.

There are many templates available to use online and, in straightforward situations, these can be perfectly adequate, providing the correct formalities for a will are met. For larger value or more complicated estates, such as those with privately owned companies or blended families, it is worth seeking professional legal advice. In addition to making sure the will is drafted and executed correctly, a solicitor can advise on any inheritance tax reliefs that may be available to you.

However you make a will, it is important to tell family or friends where a copy of the will may be found and who the executors are.

What are the benefits of including a charity in your will?

Leaving donations to charity in your will can be advantageous from an inheritance tax perspective, as well as being a great way to leave a positive legacy for the future.

Charitable donations can reduce the amount of inheritance tax that is payable on the remainder of your estate, and if 10% or more if your taxable estate is given to charity, the rate of inheritance tax for the remainder of your estate is reduced from 40% to 36%.

How can I update my existing will?

It is important to review your will every couple of years to make sure it continues to reflect your circumstances and your wishes. For example, marriage renders any Wills made by either party prior to the marriage invalid and therefore new wills must be executed. (Divorce, on the other hand, does not, although it may be worth checking the details of any wills in existence to ensure that the contents still reflect your wishes.)

If only a small change is to be made to the will, such as a change to the executor, this can be done by a validly executed codicil to the will which is faster and cheaper than rewriting the entire will.

Another option is to consider including a letter of wishes with the will. Letters of wishes are a document that accompanies your will but do not form part of the public record once the grant of probate has been issued. They are not legally binding but can guide your executors to ensure your personal wishes are carried out providing they do not conflict with the will. Letters of wishes can be changed simply by writing a new letter and placing it with the will prior to your death.

Do the leg work now

Administering an estate after the death of a loved one can be a difficult and stressful process for those left behind. Some of this pressure can be eased by leaving a list of assets, accounts, pensions, insurance policies, contact details for beneficiaries, and so on, near the will or with any letter of wishes.

Leaving a gift in your will is a way of giving something back to the School without a cost to you during your lifetime, a way of leaving something that will be appreciated by future generations of students and leave a lasting legacy. To find out or more or if you have any questions get in touch with us; jenniferkincaid@chschool.co.uk or 0161 488 3341. You can also find further information on our website.

October 2021 is Free Wills Month. The campaign gives members of the public aged 55 and over the opportunity to have their simple Wills written or updated free of charge by using participating solicitors in selected locations across England, Northern Ireland and Wales. Visit their website to find out more or sign up to find out which solicitors are taking part in your area.