What is a will or testament?

Simply explained, a will also known as a testament is a legal declaration made by a person, known as the testator, identifying which people he or she would like to manage their estate upon their death. To create a will a person needs to over the age of 18 years old and must be of sound mind.

Why is it important to make a will?

It is important to make a will, whether or not you have or haven’t a large amount of money or personal possessions. There are a number of reasons why making your first will is important, in particular:

• Without a will, there are legal laws which determine how any money, property or possessions will be allocated. These allocations may not have been how you wished, for example not given to certain family members.
• If you are not married or in a civil partnership with your partner they are not legally entitled to any of your estate, which may mean you would be leaving your partner financially unstable.
• Without a will your children may be left without arrangements if both you and your partner pass away.
• It is possible if a will is made in advance to reduce the amount of tax payable on the total inheritance.
• If your conditions change, you may want to make a new will or allocate your estate to a new or different partner or different family members who may not be entitled after your death.

What to include in a will

There are certain things which should be included within a will, however, what aspects of your property etc you wish to include in to your first will is entirely up to you. However, it is important to consider certain things when making your first will, for example:

• The amount of money, possessions and properties you own, including any savings, shares, insurance policies, any properties and also bank and building society accounts.
• Which people you would like to benefit from your will. It is important to state in your first will who you would wish to leave your estate to; these people are legally known as your beneficiaries. Included in this list, people can choose to leave any funds to a charity.
• If you have any children under the age of 18 years, your will can state who you would wish to look after them.
• Who will organise your estate and carry out the wishes stated in the will, these people are known as your executors.

Do you need to use a solicitor?

If the will is simple and quite straightforward you can make the will yourself and there is no need for a solicitor to help make and witness the will. However, if the will is a little more complicated for example if there is business involved, dependents under the age of 18 or there is an extensive family, it is advisable you use the aid of a solicitor.

It is strongly advised that you visit a solicitor to create your will, they are able to ensure that it will cover all legal requirements and meets any requirements you may have, for example that your estate goes to the correct people.