Five vital things you need to know about your will - including who should keep it

No one enjoys contemplating their own mortality, yet preparing for it can significantly ease the burden on your family left behind.

Establishing a will ensures that your assets — money, property, and belongings — are passed on to the right people when you die. If you die without a will, your estate will be handled in line with ‘intestacy’ rules.

Simon Mitchell, head of wills and tax planning at Thomson Snell & Passmore, says: “These prioritise spouses, civil partners, and children, followed by parents, siblings and other relatives. Contrary to popular belief, there is no such thing as a ‘common law spouse’ and unmarried partners will not automatically inherit.”

You don’t necessarily need a solicitor to write a will, but a legal expert can make sure your will is fully watertight, as well as being signed, witnessed and stored correctly.

Here are five important factors you shouldn’t overlook when writing a will.

Merry Abbott, trusts, estates and tax lawyer at law firm Freeths, says: “A will must be in writing and should be dated when signed. It must be signed by the person making the will in the presence of two independent adult witnesses, who must also sign the will in the presence of each other.

“A witness cannot benefit under the will, or any gift to them will fail. These formalities are essential to ensure the will is valid and can be accepted for probate.”

To make the process easier, many people choose to have their solicitor oversee their will signing. Solicitors often provide staff members — such as paralegals or secretaries — to act as witnesses.

Many people neglect to update their will after significant life events. If you marry, separate, divorce, or become a parent, revisiting your will is essential.

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“Marriage can automatically revoke an existing will, and divorce can have significant consequences, for example, any appointment of a former spouse as executor, trustee or beneficiary will usually be treated as if they had died, which may leave gaps in the will,” says Abbott, “Reviewing and updating a will after major life changes ensures it continues to reflect the testator’s wishes and that all roles and gifts still operate as intended.”

Cohabiting partners are not included in intestacy rules so unmarried couples need a will if they intend for their partner to inherit.

If you have children, it’s not just about who inherits your assets — having a will allows you to appoint guardians for your offspring in the event of the death of both parents.

Anything owned jointly with another person, such as your home or a joint bank account, does not need to be included in your will.

“Property that is held jointly is covered by ‘survivorship’ rules, meaning it goes directly to the surviving partner, irrespective of what it states in the will,” explains Fiona Mainwaring, head of wills and probate at law firm ORJ.

If you own your home as ‘joint tenants’, survivorship ensures that your share passes directly to the other owner. By contrast, if you hold property as ‘tenants in common’, you can leave your share to beneficiaries of your choice in your will.

When drafting a will, one of the most important decisions is who to appoint as executors — these are the people who will be tasked with administering your estate after death.

“It is usually desirable to appoint at least two executors so that if one dies before you, or is unable to act as an executor for any reason, there is still someone available to act,” says Mitchell, “There is no reason why you should not appoint one or more beneficiaries as executors provided that they are over the age of 18. People often appoint family members.”

You can also appoint a solicitor as an executor — and benefit from their expertise — but this will involve significant costs.

Only your original signed and witnessed will is legally valid. Copies may help family members understand your wishes, but they can’t be used to obtain probate or administer your estate.

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These rules mean it’s important to store your original will somewhere safe, and to tell your executors where it is.

If you keep your will at home, you should invest in a fireproof box. Alternatively, professional options include safe deposit boxes or will storage services offered by solicitors.

National Will Safe stores wills (and any other relevant legal documents, such as Powers of Attorney) in a specialist document archive facility in return for an annual fee. Documents are fully insured against loss or damage and will be recreated and replaced free of charge if anything happens to them.

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