Transcript

 

Do I need a will?

Hello, everyone. Today, I’d like to briefly talk about something that is often overlooked, but which is fundamental to protecting your family, your assets, and your wishes - the will. In the UK, too many people pass away without making a will, and this can create unnecessary conflict, expense, and uncertainty for their loved ones.

 

What exactly is a will?

A will is a legally binding document that sets out how your property, money, and possessions are to be distributed after your death. It can also appoint guardians for minor children, name executors to handle your estate, and give specific instructions about gifts, property, or even funeral wishes.

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For a will to be valid in the UK, it must be properly drafted and executed — that means signed by the person making the will (the testator) and witnessed by two independent witnesses, with certain rules about capacity and undue influence carefully observed.

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So, why is a will important?

The short answer is that without one, the law decides who inherits your estate. This is called intestacy, and it follows a fixed order of priority that may not reflect your wishes - for example, unmarried partners and stepchildren do not automatically inherit.

 

A properly drafted will ensures that:

• Your chosen beneficiaries inherit, rather than those set by the intestacy rules.

• Family conflict is reduced, because your wishes are clearly expressed.

• You can protect vulnerable beneficiaries, such as young children or dependants with special needs, by using trusts.

• Executors you trust are appointed to manage your affairs quickly and efficiently.

 

Wills and tax planning

Wills can also play an important role in inheritance tax planning. Rising asset values and upcoming reforms mean more families are being drawn into inheritance tax. Through careful drafting, a will can take advantage of reliefs and allowances — such as the nil-rate band, residence nil-rate band, and charitable exemptions — to (legally) minimise tax and preserve wealth for the next generation.

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Other important benefits:

• A will allows you to make specific gifts — for example, to leave money to charities or family heirlooms to particular relatives.

• It can ensure family businesses or agricultural property are passed on in the way you intend.

• It provides certainty and reduces the risk of costly disputes after your death.

 

Can a will be changed or updated?

Yes. Life changes, such as marriage, divorce, the birth of children, or changes in your finances, often mean your will should be reviewed and updated. Codicils can make small amendments, or a new will can be drafted altogether.

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In summary

A will is not just a legal formality. It is a vital tool for protecting your loved ones, reducing conflict, and ensuring your wishes are carried out. It can save time, stress, and expense for your family, while also reducing tax burdens and preserving wealth for the future.

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I strongly recommend that everyone who owns property, has dependants, or wishes to leave assets in a particular way consider making a will, and reviewing it regularly. Thank you for your attention, and if you have any questions, please feel free to make contact.

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We have three options to assist you:

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1. Providing a template for a fixed price that you can fill in yourself and have witnessed;

2. Hearing your requirements, completing a template and assisting you with signing, again a fixed price. 

3. Bespoke services for more complex estates. 

 

If you want to begin with a template, you can then upgrade to 2 or 3 and receive a full credit.

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Please contact us for details at info@eddisoncogan.co.uk

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