How to write a will in 8 easy steps

It’s not something we often think about. Some, in all honesty, truly hate to think about it. But writing a will is a fundamental step in securing your legacy and ensuring that your wishes are respected after you're gone. It's a powerful tool that can provide clarity, prevent conflicts and offer peace of mind to both you and your loved ones. And why should it be so needlessly complicated? We wanted to break down the fussy rigmarole and provide an easy guide on how to write a will, the ideal timing for doing so and the potential consequences of not planning ahead.

What is a will?

Let’s start at the very top. A will is a legal document that outlines how you want your assets, belongings, and responsibilities to be distributed after your passing. Without a valid will, your estate will be distributed based on the laws of intestacy (a messy rule when a plan is not made), which might not align with your wishes and could lead to disputes among family members.

Will Jargon Buster

Writing a will comes with a lot of complicated jargon and terminology. So let’s bust it. Below are a collection of common phrases you might encounter when writing a will and a little description of what they mean:

Advocacy: Another person assists an individual in expressing their views and wishes. An advocate can act as a spokesperson on their behalf.

Beneficiary: The person (or people) that your loved one’s assets are left to after they pass away.

Executor: The person who administers a person’s estate upon their death. This person should be trustworthy and capable of following wishes.

Inheritance tax: This is a tax on the estate (property, money and possessions) of someone who has passed away. If the value of your loved one’s estate is below the £325,000 threshold or they’ve left everything above this threshold to their spouse, civil partner, charity or amateur sports club then there’s normally no inheritance tax to pay.

Lasting Power of Attorney: This allows someone to be appointed and make decisions about property, financial affairs and care on your loved one’s behalf, should they lack the capacity to do so.

Probate: This is the process of proving that your loved one’s Will is valid and confirming who has the authority to administer their estate after they’ve passed away.

Trust: A way of managing assets (such as money, investments and property) on someone’s behalf.

Trustees: People who have been appointed to manage money or assets on behalf of your loved one. A trustee should only use the money or assets in the trust to your loved one’s benefit and in accordance with their wishes.

Will: A legal document that lays out your loved one’s wishes regarding the distribution of their assets and care of any children after they pass away.

8 Steps to writing a will

Step 1) Take Inventory

Compile a comprehensive list of your assets, including properties, bank accounts, investments and personal belongings. Make note of any debts as well.

Step 2) Choose an Executor

Select a trustworthy person to be the executor of your will. This individual will be responsible for carrying out your stated wishes, managing the distribution of assets and handling other administrative tasks.

Step 3) Designate Beneficiaries

Clearly state who should inherit your assets. You can name specific individuals, organisations or even create trust funds for specific purposes. e.g. helping pay for your grandchildren's education.

Step 4) Guardianship for Minors

If you have underage children, it is essential to appoint a guardian to care for them in the event of your untimely passing.

Step 5) Digital Accounts

Often forgotten and overlooked, but consider your digital accounts, such as social media accounts, online banking or even cryptocurrency. Specify how you want these to be managed or transferred.

Step 6) Draft the Will

While it's possible to create a simple will using templates, consulting an attorney specialising in estate planning is recommended, especially for complex estates or if you anticipate disputes. Talk to our partners at **Adroit **for complete assistance with any aspect of your will.

Step 7) Witnesses and Notarisation

Most jurisdictions require witnesses to sign your will to validate it. Some might also require notarisation. Check the legal requirements in your area and seek out advice if you are unsure.

Step 8) Update Regularly

Review and update your will periodically, especially after significant life events such as marriages, divorces, births or major financial changes. This process should feel very natural and ensures that your updated wishes are adhered to.

Ideal Timing for Writing a Will

The best time to write a will is as soon as possible. You may think you’re too young, busy or healthy to write a will, but age, health and life circumstances can be unpredictable. Waiting until later in life might lead to rushed decisions or the unfortunate circumstance of not being able to express your wishes.

Failing to write a will and plan for the distribution of your assets can lead to several undesirable outcomes:

• Your assets might be distributed based on legal guidelines, which might not align with your wishes or the needs of your loved ones.
• Disagreements among family members about asset distribution can strain relationships and even lead to lengthy legal battles.
• Without clear instructions, your family might face uncertainty about your wishes, causing emotional distress during an already difficult time.
• Lack of planning can result in increased legal fees, taxes and administrative costs, potentially reducing the value of the estate.

Ultimately, writing a will is a vital task that shouldn't be postponed. It ensures your hard-earned assets are distributed according to your wishes, reduces the likelihood of family conflicts and provides peace of mind to both you and your loved ones. By taking the time to plan ahead and consult legal professionals if needed, you can secure your legacy and provide for those you care about even after you're gone.

Whether it’s writing a will, thinking about care plans or any other assistance with later life, get in contact with the team at Seniorcare by Lottie and we would be more than happy to point you in the right direction.