5 min read
How Do I Make a Will?
Making a will is one of the most important steps you can take to protect your family and ensure your assets go to the people or causes you care about. A properly drafted and executed will gives you control over what happens to your money, property and possessions after your death, and can help...
Making a will is one of the most important steps you can take to protect your family and ensure your assets go to the people or causes you care about. A properly drafted and executed will gives you control over what happens to your money, property and possessions after your death, and can help reduce unnecessary Inheritance Tax. This guide explains how to create a legally valid will in England and Wales.
What a will does
Your will is a legal document that sets out your wishes for what should happen to your estate after you die. It allows you to decide who inherits your assets, rather than leaving those decisions to the law. Without a will, the intestacy rules determine who gets what, which may not reflect your wishes.
A will also lets you plan for Inheritance Tax, potentially saving your beneficiaries significant amounts. You can structure your estate to make the most of available tax reliefs and allowances.
What to include in your will
Your will should clearly set out:
- Who you want to benefit from your estate (your beneficiaries)
- Who should look after any children under 18
- Who will sort out your estate and carry out your wishes (your executor)
- What should happen if any of your beneficiaries die before you
You can also include gifts to charities, which may reduce the Inheritance Tax your estate pays.
Choosing your executor
Your executor is responsible for administering your estate. This includes collecting assets, paying debts and taxes, and distributing what remains according to your will. You can appoint one or more executors – many people choose a spouse, adult child, trusted friend, or professional such as a solicitor.
Make sure the person you choose is willing to take on this responsibility and knows where you keep your will. You should review your choice if your named executor dies or becomes unable to act.
When to get professional help
You can write your own will for straightforward situations. However, you should get professional advice if:
- You share a property with someone who is not your husband, wife or civil partner
- You want to leave money or property to a dependant who cannot care for themselves
- Several family members may make a claim on your will, such as a second spouse or children from another marriage
- Your permanent home is outside the UK
- You have property overseas
- You own a business
These situations create legal complexities that require specialist knowledge. For business owners and landlords with property portfolios, professional will-writing advice is particularly important to ensure your assets pass efficiently to your chosen beneficiaries.
Making your will legally valid
For your will to be legally valid in England and Wales, you must:
- Be 18 or over
- Make it voluntarily
- Be of sound mind
- Make it in writing
- Sign it in the presence of 2 witnesses who are both over 18
- Have it signed by your 2 witnesses, in your presence
Both witnesses must have a clear view of you signing. They do not need to sign at the same time as each other, but they must both witness your signature and sign in your presence.
If you cannot physically sign the document yourself, someone else can sign on your behalf in your presence.
Important rules about witnesses
Your witnesses and their spouses or civil partners cannot receive anything under your will. If you leave something to a witness, that gift will be invalid. Choose witnesses who are not beneficiaries – neighbours, colleagues, or friends who are not named in the will make suitable witnesses.
You and your witnesses must all sign the same physical document. Electronic signatures are not acceptable.
Storing your will safely
Keep your will somewhere safe and let your executor know where it is. You can:
- Keep it at home in a secure place
- Store it with your solicitor
- Use your bank's storage service
- Use a commercial will storage company
- Store it with the national probate registry in Newcastle
If your will cannot be found after your death, it will be as if you never made one.
Reviewing and updating your will
Review your will every 5 years and after major life changes, including:
- Getting separated or divorced
- Getting married (marriage automatically cancels any previous will)
- Having a child
- Moving house
- If your executor dies
How to change your will
Once your will has been signed and witnessed, you cannot simply amend it. To make minor changes, you must create an official alteration called a codicil. A codicil must be signed and witnessed following the same formalities as the original will. There is no limit to how many codicils you can add.
For major changes, make a new will instead. Your new will should state that it revokes (cancels) all previous wills and codicils. Destroy your old will by burning it or tearing it up to avoid confusion.
If you die without a will
If you die without a valid will, the intestacy rules determine who inherits your estate. This may not reflect your wishes and could result in unintended beneficiaries or unnecessary tax bills. Making a will ensures you stay in control.
Sources
This article provides general guidance based on current HMRC rules. For advice specific to your situation, speak to your accountant.