Will You or Won't You?

Where there's a will there's a way

Moving on from James' obsession with murder to the more cheery topic of wills...... As seen in November's Tip of The Month, there are many valid reasons why you should set up a will. While this may seem a little depressing and instill the fear of excessive solicitor fees, I imagine these things are far easier to communicate to a solicitor in our lifetime than to a psychic after death.

I can understand the temptation to ignore the matter but it seems crazy not to take the time to write down how you would like your worldly goods, that you've worked so hard to obtain, to be distributed.

Having said that, while there are formal requirements when it comes to writing a will, if your circumstances are straightforward, there is no actual need to use a solicitor. However, as the rules are quite specific and it is so crucial that the document has the effect you intend, it might be a good idea.

Choosing a Solicitor

We would recommend that you contact a few local solicitors to compare prices, bearing in mind that the cost will reflect the complexity of your circumstances. Realistically tho, you'll be looking at around £50 to £300 (EUR75 to EUR450).

It might also be worth checking your insurance policies/trade union rights as you may be entitled to free legal advice in relation to writing your will.

If you are determined to avoid the use of a professional, there are some great online software based options. Two great options are online legal website 'Lawpack' that offers both online will writing and software downloads from £14.49, and 'Desktop Lawyer' who provide a variety of wills and other documents.

Prior to meeting with your solicitor, consider the following points and list the key facts relating to your circumstances to reduce the time required on your will & therefore the amount they can charge!

Content

Things you will need to consider when drawing up your will include the following:

1. How much money and what property and possessions do you own? For example, property, savings, occupational and personal pensions, insurance policies, bank and building society accounts, shares.


2. Who you want to benefit from your will? You should make a list of all the people to whom you wish to leave money or possessions. These people are known as beneficiaries. You also needs to consider whether you wish to leave any money to charity.


3. Who should look after any children under 18?


4. Who is going to sort out the estate and carry out your wishes as set out in the will? These people are known as the executors.

NB. An executor takes on a huge amount of work and responsibility in the form of dealing with all the paperwork and paying all outstanding debts, taxes, funeral and admin costs out of the assets you leave behind. They will also have to execute any financial transfers/gifts that you stipulate in your will. Therefore, it might be courteous to ask the person you have in mind or else appoint a professional!

Requirements for a valid will

To ensure a will is a valid legal document, it must be:-

• In writing
• Written by some who is 18 or over
• Made voluntarily and without pressure from any other person
• Made by a person who is of sound mind. This means the person must be fully aware of the nature of the document being written or signed and aware of the property and the identity of the people who may inherit
• Signed by the person making the will in the presence of two witnesses
• Signed by the two witnesses, in the presence of the person making the will, after it has been signed. A witness or the married partner of a witness cannot benefit from a will. If a witness is a beneficiary (or the married partner or civil partner of a beneficiary), the will is still valid but the beneficiary will not be able to inherit under the will.

NB. Although it will be legally valid even if it is not dated, it is advisable to ensure that the will also includes the date on which it is signed.

Storing your will

Once a will has been made, it should be kept in a safe place and other documents should not be attached to it.

There are a number of places where you can keep a will:-

• At home
• With a solicitor
• At a bank
• At the Principal Registry of the Family Division of the High Court, a District Registry or Probate Sub-Registry for safe keeping.

If you wish to deposit a will in this way you should visit the District Registry or Probate Sub-Registry or write to The Probate Department.

Changing a will

If your circumstances change after writing your will (ie marriage/divorce/children), you will need to amend the original document. To do this, you must either make a 'codicil' (supplementary document detailing alterations for simple changes) to the original will or write a new will. If a new will is created it will supercede all previous versions.

We highly recommend that you take action and resolve your will asap. A bit of effort now will save an enormous amount of conflict and stress down the line.

Just a quick update, there is an great new website available for our Irish readers www.wills.ie, very easy to use