Why is a Will Important?
Making a will allows us to take care of the people we love even when we pass on. You can use it to communicate your funeral preferences, donate to organisations and ensure that your legacy is shared between family members and friends. Having a will isn’t mandatory, but without one, you’ll pass on intestate and all of your assets and possessions will be divided according to intestacy law.
Property, savings, investments, and vehicles in your name all count as assets. Belongings like jewellery, homeware and pets are your possessions, otherwise known as personal chattels.
DIY vs Professionally Written Wills
You can write a will yourself on any piece of paper; it just needs signing by you in the presence of two legally recognised witnesses. If you do, it’s worth having a legal professional look it over as mistakes like incorrect signatures or contradictory instructions could render the will invalid.
Alternatively, a solicitor or will-writing service can draft a will for you, but this is often costly and only necessary if you have a complicated estate with things like trust funds and foreign properties.
Things to Include in Your Will
Named Beneficiaries
A friend, family member, or charitable organisation could be a beneficiary of your will, and you can have as many as you like. There are two main types:
A Residual Beneficiary (or Primary Beneficiary)
A residual beneficiary gets a portion of your estate once any outstanding debts, expenses and inheritance tax have been paid to the government. You can also name contingent beneficiaries who will inherit their portion under set circumstances so that only intended recipients benefit from your will.
A Legacy Beneficiary (or Pecuniary Beneficiary)
A legacy beneficiary is someone who receives a monetary gift of a set amount laid out in the will. The inheritance of a legacy beneficiary will take priority over a residual beneficiary, and they will receive their portion of the inheritance first.
Choose an Executor
An executor manages your estate after you die, making sure that your wishes are conducted according to what you’ve written in the will. You must name at least one in the document. An executor can be anyone you trust, over the age of 18. Typically, people choose a close friend, relative or a legal professional.
Solicitors can be expensive, so most people opt for a close family member such as a spouse or sibling.
Donations to Support Causes
If there’s a cause close to your heart, you can donate a specific amount of money or a portion of your assets to an organisation. If you’re going to do this, it’s worth contacting the organisation and asking how they would like to receive the contribution.
Funeral Instructions
You can use your will to express your funeral wishes to the executor. Although these wishes won't be legally binding, they’re a helpful guide for your loved ones who can plan accordingly.
Instructions for Dividing Your Assets and Belongings
When you name the recipient of a possession or asset in your will, that person becomes legally entitled to what you’ve given. Dividing possessions, particularly those that have sentimental value can be a sensitive process. So, take your time to work out the details and be as specific as you can.
If you like, you can put conditions of receipt in place that specify the circumstances in which a beneficiary will receive their inheritance. Common conditions include a beneficiary turning 18 or taking out their first mortgage.
Updating Your Will
Certain life events can make your will invalid, so reviewing and updating your will is important. Among the most common causes are:
- Moving home
- Getting married or forming a Civil Partnership
- Divorce
- Re-marriage
- Having children
- Significant financial changes e.g. receiving an inheritance or selling a company
- Starting and running a business
If your situation changes, update your will by writing a codicil or creating a new will. A codicil is a document that communicates simple changes you’d like to make to your current will, such as adding a grandchild as a beneficiary or changing the executor. A codicil also needs to be signed and witnessed.
For bigger changes, like the removal of a beneficiary or adjusting how your assets will be shared, then it’s best to draw up a new will instead.
Safely Storing Your Will
When you’re ready to store your will, it’s worth thinking about safety, security and accessibility. Store it somewhere it’s unlikely to get damaged or be accessed unintentionally. Your executors also need to be able to find and access your will when the time comes, so make sure to tell them where it is.
If you don’t feel comfortable keeping it, then solicitors and banks often have a will storage service. However, there could be fees attached to accessing the document after you pass.
Special Considerations for Retirement Housing Residents
Retirement properties often have age restrictions for tenants, specific conditions on the lease and additional costs attached like community fees. If you plan to leave a retirement home in your will, it’s worth discussing this with your chosen beneficiaries so they can explore the best way to manage the property.
Retirement with Churchill Living
Retirement should be about living your way and with our Home for Life Plan, you can enjoy the lifestyle you want for less. Find out more about retirement living and explore our properties around the UK.