Making a Will is, for most people, a simple process, through a solicitor
or professional Will Writer. Costs are usually quite reasonable and
you can expect your will to be ready within a few days. Once it is
completed you can either lodge it with your solicitor or keep in a
safe place at home or even at your bank. You will only need to refer
to your Will subsequently if your circumstances change, such as the
birth of a child or the receipt of a large windfall.
You can even easily purchase do-it-yourself Wills from larger stationery
shops that are legally binding, although they are probably only suited
to those whose estate is very straightforward. There are certain issues,
however, that may make it important to get proper legal advice:
- If you have an estate that is worth over £250,000 as there
may be benefits from estate planning.
- If you have shares in a private family company
- If you have any income from a trust
- If you own property abroad
- If you are a partner in a business
- If you have any involvement in any Lloyds underwriting syndicate.
The issues you need to consider before starting to make your Will
are:
- What are your assets?
- Who will be your executors
- Should you appoint trustees?
- Should you appoint guardians?
- Deciding who gets what.
If, after considering the above issues, you decide that you wish to
make your own Will, the first point then to be considered is what
form you should use. The primary rule is that a Will must be written
down, although it need not necessarily be on paper. A video Will does
not have legal status.
There are two types of Wills, which can be purchased from Confetti. These usually consist of concise explanations about
making a Will and include two forms that ask all relevant questions
with spaces for your wishes and bequests to be recorded. At the bottom
of each form is a space for you and two witnesses to sign. With one
pack you are required to send the forms with payment to the relevant
company, who will produce a lawful Will, whilst the other set of forms,
once completed, should simply be lodged in a safe place, perhaps with
your solicitor or bank, for safekeeping.
One drawback of using a Will form is that it may not be long enough
and you may find it necessary to use extra paper. If this is the case
it will be necessary to ensure that the space for yours and your witnesses
signatures are deleted and that each of you sign on the last sheet
at the end of the Will.
If you decide not to use a tailor-made Will form, then you should
be sure that the paper you use to make your own will is completely
blank. You should also ensure that you use good quality paper as it,
hopefully, will need to be retained for many years. There are no set
criteria for the wording of your Will but it is important to make
clear who is the writer. Also, if your Will is to replace a previously
made one then it must be evident that this is the most recent and
that it is to replace all others.
Key
1. Print your name here
2. Write your full address here
3. Print the first executor’s full name here
4. Write the first executor’s full address here
5. Print the second executor’s name here
6. Write the second executor’s full address here
I declare this to be the last will and testament made by ……………….1
of………………………………………………………………………..2
I rescind all previous wills and testaments I have made and declare
this to
be my last Will.
I name……………………………………………………………………3
of………………………………………………………………………...4
and……………………………………………………………………….5
of………………………………………………………………………...6
to be the executor(s) of my Will.
The body of the Will then follows.
It is not recommended that you make changes to an original will by
altering it, because, to ensure that your wishes are adhered to, you
must make absolutely sure that yourself and your witnesses sign all
amendments. If this is not done then the courts will ignore all alterations
and additions. The best advice therefore is to either make a codicil
(a separate document made after the original Will that adds to or
alters it), or make a completely new Will.
You can make a new Will in the same procedure as your first, however
you must make it evident that this is your new Will and that all others
are revoked in its favour. If this is not made clear then if any parts
of the new Will conflict with the original, they will be cancelled,
although other sections may still be applicable.
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