What is a Will and what does it do?
A Will is a legal document that sets out what should happen to your estate when you die. Your estate can include your property, money, savings, investments, personal possessions, and other assets.
A well prepared Will can help you:
- Decide who inherits, and in what shares
- Appoint Executors, the people who will administer your estate
- Name Guardians for children under 18
- Reduce delays and the risk of disputes
What happens if you die without a Will?
If you die without a valid Will, your estate is dealt with under the intestacy rules. This means the law decides who inherits and in what order, rather than your personal wishes.
This can create complications, especially where there are unmarried partners, stepchildren, second marriages, or specific gifts you would want particular people to receive.
Common myths about writing a Will
Myth 1: Only the wealthy need a Will
Everyone can benefit from having a Will, regardless of how much they own. Most people have something worth leaving behind, such as money in a bank account, a car, jewellery, personal possessions, pets, or items with sentimental value.
A Will is often less about wealth and more about clarity.
Myth 2: I am too young to write a Will
It is rarely too early to make a Will. If you are over 18 and have the required legal capacity, you can usually put a Will in place.
If you have children, own property, or live with a partner, it can be sensible to arrange this sooner rather than later.
Myth 3: My spouse will inherit everything anyway
This is not always the case. What happens depends on your circumstances and whether you have a valid Will.
If you are not married or in a civil partnership, the intestacy rules do not automatically provide for your partner, even if you have lived together for many years. Unmarried partners, stepchildren, and friends are not guaranteed to inherit if you die without a Will.
A Will is the most reliable way to ensure your wishes are followed.
Myth 4: You cannot change your Will once it is written
You can change your Will. It is sensible to review it when your circumstances change, for example:
- Marriage or civil partnership
- Separation or divorce
- The birth of a child
- Buying or selling a home
- A major change in finances
- The death of an Executor or beneficiary
Myth 5: My family will know what I want without a Will
Even if your family understands what you would have wanted, they may not have the legal authority to distribute your estate that way without a valid Will.
A written Will provides clear instructions and removes uncertainty at a difficult time.
Myth 6: My debts will die with me
Outstanding debts do not usually end on death. They are typically paid from your estate before any distributions are made to beneficiaries.
A Will can help your Executors administer your estate more smoothly and understand your intentions.
Myth 7: My Will is safe at home with my family
Keeping a Will at home can be risky. Documents can be lost, damaged, or not found when needed.
Many people choose to store their Will with a solicitor for added security and to ensure it can be located easily when required.
Myth 8: Writing a Will is expensive
Writing a Will does not have to be costly. In many cases, fixed fees are available for straightforward Wills.
It is also worth considering the potential costs your family may face if you die without a Will, particularly where legal steps are required to resolve uncertainty.
Myth 9: I have a Lasting Power of Attorney so I do not need a Will
A Lasting Power of Attorney allows your Attorneys to manage your affairs during your lifetime if you cannot do so yourself. It ends on death.
A Will takes effect after death. The two documents serve different purposes, and many people benefit from having both.
What should your Will cover?
Most Wills will include:
- Who your Executors are
- Who will inherit your assets
- Any specific gifts of money or possessions
- Guardians for children under 18
- Practical instructions to help your estate be administered
If your situation is more complex, such as blended families, business interests, overseas assets, or beneficiaries who need additional protection, tailored advice is recommended.
How John Fowlers can help
At John Fowlers, we take a personal approach to preparing your Will, ensuring it reflects your circumstances and intentions. Wills are prepared discreetly and confidentially. We can also advise on inheritance tax and whether there are steps you may wish to consider to mitigate potential liability.
Wills are stored free of charge, and we offer a fixed fee for most Will writing services.
Speak to us about making or updating your Will
If you have any questions or would like to proceed with making or revising your Will, please contact Nichola Scillitoe on 01206 576 151 or email nichola.scillitoe@johnfowlers.co.uk.