As the festive season approaches, it’s a good time to reflect on getting your affairs in order, legally speaking. With cold weather sometimes comes unexpected events like losing parents. One topic that often comes up at this time of year is wills – how to make one, what to include, and common mistakes to avoid. Marlborough Law has gathered insights and common questions about wills, drawn from client discussions, to shed light on this important topic.
What Is a Will, and Do I Really Need One?
A will is a legally binding document (the important bit) that allows you to outline how you want your estate to be distributed after your death. By specifying executors (the people who carry out your wishes) and beneficiaries (the people who will receive your estate), you control how your assets are handled.
If you pass away without a will, the rules of intestacy apply. This means the law decides who inherits your estate, which could mean your estate is distributed in ways you might not have chosen. For example, if you’re estranged from certain family members or don’t want your estate to go to a former partner, a will gives you control to prevent those outcomes.
What Should Be Included in a Will?
When drafting a will, there are several important components to consider:
- Guardianship for Children – If you have children under 18, you can specify a legal guardian in your will, ensuring that someone you trust will care for them.
- List of Assets and Beneficiaries – Detail all possessions and property, particularly if they’re solely in your name. Specify who should inherit each asset to prevent misunderstandings.
- Executor Appointment – This is the person who will be responsible for managing your estate after you’re gone. They’ll handle the distribution of assets according to your wishes.
What Happens If the Executor Refuses the Role?
You cannot force someone to be your executor, so it’s wise to discuss this with your chosen person beforehand. If someone begins the executor role and stops halfway, this is known as “intermeddling” – once they start, they’re legally required to see the process through. Selecting an executor who understands their responsibilities and is willing to undertake them is essential.
Are There Things You Shouldn’t Include in a Will?
Yes, certain items should not be included:
- Joint Bank Accounts – These typically pass directly to the surviving account holder.
- Gifts to Pets – Pets can’t legally inherit money, but you can set funds aside for a trusted person to care for them.
- Funeral Arrangements – While you can express preferences, funeral plans aren’t legally binding in a will. Instead, share these wishes directly with family members or create a separate document.
What If You’re Divorced but Haven’t Updated Your Will?
Once your divorce is finalised, the law considers your ex-spouse as having “predeceased” you. If your ex is the only beneficiary in your will, this could leave you intestate, meaning your estate would be distributed according to the default legal rules. After a divorce, it’s essential to update your will to avoid unintended outcomes.
What Is a Lasting Power of Attorney, and Why Is It Important?
A Lasting Power of Attorney (LPA) is a separate but crucial document, particularly for those who may need support in later life. An LPA designates a trusted person to make decisions about your finances, health, and personal care if you become unable to do so yourself. Setting up an LPA ensures that someone you trust is empowered to make decisions in your best interests, rather than leaving these decisions to the courts.
In summary, while it might be tempting to purchase an off-the-shelf will kit, these often lead to complications or missing details that can be costly and stressful for your loved ones. Taking the time to create a professionally drafted will provides peace of mind and ensures your wishes are respected.
If you’re considering a will or have questions about updating an existing one, Marlborough Law is here to help. We’re ready to guide you through the process and address any concerns so that your loved ones and legacy are well cared for.
