What is a will?

In simple terms, a will is a legal document that details what you want to happen to your money, property and possessions after your death.  You can write your will by yourself, but you should get advice if your wishes are not straightforward.  Your will isn’t legally valid until you get it formally witnessed and signed by two people.  You cannot leave your witnesses (or their partners) anything in your will.  If you already have a will and want to update it, you can make an official alteration called a ‘codicil’.

But why is it important to make a will?

If you die without having made a will and you could be leaving behind significant problems for your loved ones.  If you die without a will, the law decides who gets what.  If you live with a partner but are not married, you cannot inherit from each other unless there is a will, so the death of one partner may create serious financial problems for the remaining partner.  If you have children under 18, a will says what you want to happen to them if you are not around to look after them.

In addition, it may be possible to reduce the amount of tax payable on your estate if advice is taken in advance and a will is made.  A solicitor can help with more information about this.

Who can help me write a will?

Unlike many areas of financial services, will-writing is NOT a regulated market.  This means there are a number of different ways to get a will, but the protections you have if something goes wrong can vary hugely, depending on who writes it.  Wills are legal documents, and can be invalidated by mistakes, so it's important to have confidence that it's been properly drafted.

Solicitors can write you a watertight will that does exactly what you want it to and using a solicitor means you have more protection if something does go wrong – which may not become apparent until decades later.  If you’re worried about being able to pay the fees that a solicitor may charge, St Rocco’s Hospice is offering a fee-free will-writing service in May 2024 for Make a Will Month.  Four local solicitors in Warrington have kindly signed up to volunteer their time.  In return, we are asking for a donation to the hospice and hoping that you will consider leaving a ‘bequest’ or legacy which means a gift in your will.  This can be a specified sum of money (pecuniary) or a percentage of your estate (residual) after your loved ones have been looked after.

For more information about St Rocco’s Hospice or to enquire about Make a Will Month, you can visit https://www.stroccos.org.uk/helping-us/give/wills-legacies-and-gifts or call 01925 575780.

References:

www.gov.uk/make-will

www.moneysavingexpert.com/family/free-cheap-wills/