Wills Explained

Writing a Will is the only way to ensure that your wishes are met after you die, which is why your Will is likely to be one of the most important legal documents that you make during your lifetime. 

With a valid Will, you can leave your estate (money, property, possessions, investments etc.) to the people organisations and causes you value most.

However, if you die and do not have a valid will, you are considered “Intestate” and your estate is divided according to the rules of intestacy, not your wishes. Under these rules, only married or civil partners or some close relatives can inherit your estate.

Dying without a Will (Intestate)

Married and civil partners will only inherit under the rules of intestacy if they were married at the time of death and take precedence over children and grandchildren. If there are surviving descendants, the partner will receive all the personal property and belongings, the first £270,000 of the estate (provided the estate is valued over £270,000) and half of the remaining estate. The other half is then divided equally between the surviving children or if any child has predeceased, grandchildren.

If there are no surviving descendants, the partner will inherit all the personal property and belongings, and the entirety of the estate with interest from the date of death.

For more information on dying intestate, please contact our Wills and probate team directly.

How to write a Will

Writing a will can be summarised in five stages:

• Valuing your estate
• Deciding how you will divide your estate
• Choosing your executors
• Writing your Will
• Signing your Will

However, these stages can prove extremely complicated and time-consuming if you do not have expert help. Even if your estate is small and your will is extremely simple, we recommend seeking expert advice when writing a Will to make sure that it is legally binding.

Valuing your estate

Before you value your estate, you first need to define what assets form your estate. Make a list of all your assets and debts, including loans, physical property, investments, etc.

Assets that typically make up an estate include, but are not limited to:

• Your home and any other property owned by you
• Savings in bank and building society accounts
• National Savings (such as premium bonds)
• Insurance policies, including endowment policies and life assurance
• Pension funds including lump-sum payments upon death
• Investments such as trusts, stocks and shares
• Motor vehicles
• Jewellery, art, antiques, and other personal belongings
• Furnishings, furniture, and other household contents

Debts that typically make up an estate include, but are not limited to:

• Mortgages
• Credit Card Balances
• Bank Overdrafts
• Loans
• Equity Release(s)

It is important to value your assets regularly, as their value will change over time, especially for items such as properties, vehicles, and antiques.

Dividing your estate

Choosing how to share your estate is a deeply personal question that we recommend you settle on before seeking legal advice and guidance. After deciding how to divide your estate, you need to make sure that the instructions in your Will are clear. Consider the following questions:

• Who you want to benefit? – Give a full name, address and their contact details.

• Whether you want to give specific gifts? – Such as an heirloom ring to a daughter.

• What to do with the ‘residue of the estate’? – Where to give any property/money left after covering funeral and admin expenses, legacies, and taxes.

• What to do if any beneficiaries die before you? – For example, if a relative dies should their children receive the intended gifts instead.

Choosing your executors

An executor is someone appointed to execute – or carry out – the instructions and requests of your will. They will oversee transfers of funds, ownership of properties and take care of the associated paperwork.

Being an executor can involve a lot of work and responsibility, especially with larger estates. For small estates with simple wills, it might be best to appoint a family member or friend as executor.

However, many people appoint legal professionals as executors, and we can advise you of the benefits of such an approach for your case.

Writing your Will

Once you have valued your estate, decided how to divide it, appointed an executor, it is time to write your Will. While it is possible to write a Will yourself, you must seek legal advice to proof-read it and ensure that it is legally binding at the bare minimum.

Below is a list of ways to create your Will.

• Knightsbridge Solicitors – We have a specialist Will and Probate team and can give you expert advice and guidance through every step of the will writing process. We are accredited by The Law Society and will ensure that your wishes are respected at every stage with a bespoke service.

• Professional Will Writers – There are a range of firms and Freelancers offering Will writing services. However, these Will writers are not necessarily qualified Solicitors and may not be regulated. Before you use a Will Writer, you should first check that they are registered with the Institute of Professional Will writers.

• Charities –Some Charities and some specific campaigns offer free will-drafting services with the aim of increasing charitable legacies (though you have no obligation to donate). If you have a favourite charity, check with them first, or consult Will Aid, Free Wills Month or Age UK.

• Banks – Some banks also offer Will-writing services and estate planning advice but may charge for these services. Contact your local branch to find out what they can do and whether they charge fees.

• DIY – You can always write our own Will, but you need to ensure that it is legally valid. Your will must be written and signed in accordance with UK law, so you will need to seek expert advice to make sure that it is valid.

Signing your Will

Officially signing your Will is essential – without a legally recognised signature, your Will is null and void. However, you do not necessarily need a legal expert to make your signature legally binding.

The following is required:

• Your Signature – Make sure to use your ‘normal’ signature so it is recognisable.

• The Date – To verify that it is the latest version, and to prove the witness’ testimony.

• Two Witnesses – Your witnesses must be legal adults of sound mind who can verify your identity and understand the importance of witnessing your Will. You should avoid asking any potential beneficiaries to sign, due to conflicts of interest.

• Legible Signatures from the Witnesses – They need to legibly write their name and witness the signing of all parties to verify your Will. This allows an independent party to verify your Will.

Coronavirus Pandemic and Video Witnessed Wills

New legislation on allowing people to use video-conferencing technology for the witnessing of Wills has come into force.

An increasing number of people have sought to make wills during the Covid-19 pandemic, but for people shielding or self-isolating it is extremely challenging to follow the normal legalities of making a will – namely it being witnessed by two people.

In response to this, the law (the Wills Act 1837) will be amended to state that whilst this legislation is in force, the ‘presence’ of those making and witnessing wills includes a virtual presence, via video-link, as an alternative to physical presence.

The legislation will apply to wills made since 31 January 2020, the date of the first registered Covid-19 case in England and Wales, except:

• Cases where a Grant of Probate has already been issued in respect of the deceased person
• The application is already in the process of being administered

The legislation will apply to wills made up to two years from when the legislation comes into force (so until 31 January 2022). However, this can be shortened or extended if deemed necessary, in line with the approach adopted for other coronavirus legislative measures. The advice remains that where people can make wills in a conventional way they should continue to do so.

Contact us

We have a dedicated team of solicitors ready to provide you with impartial advice and guide you through the process of planning your legacy.

Click here for more information on our wills fees.

Our experienced private client team is led by Farhan Choudhry. He is supported by qualified solicitors with at least four years’ experience and legal executives with up to three years’ experience.

To learn more about our will writing service or book a consultation for any of our Will and Probate services, please call us on 0115 824 1700 or via the Contact Us page on our website.