A will is a hugely important document. It is the most effective means by which you can ensure that your wishes are adhered to, that your assets are dealt with as you would hope, and that your relatives and loved ones are looked after.

Despite this, every year a huge number of people across the UK die without making a will. In the best cases, this leads to a situation in which their families are left, at an already difficult time, to ensure that their affairs are dealt with in a suitable fashion. In the worst cases, intestacy can lead to high tax bills and assets being dished out in a way that you did not intend.

Writing a will is a relatively simple process – but it is one that must be completed in a specific way in order for the document to be legally valid. At TheWillExpert we are here to help you understand the process, and make sensible choices about your will.

1. Why do I need a will?

Your will is amongst the most important documents you will ever write. It has a number of vital functions, perhaps the foremost of which is allowing you to decide who inherits your assets. But a well written will can also help to minimise the amount of tax you pay, allow you to give details of your funeral arrangements, and give you the opportunity to set out how you want your affairs dealt with.

A will can also make life easier for your relatives, by helping to ensure that they do not have to go through the difficult process of probate.

2. Does my will need to follow a format?

The structure of a will is important. In order to be legally valid, a will needs to be written in a specific way. While a will could theoretically be as simple as a signed and witnessed piece of paper, in practice this isn’t really feasible. In order to minimise the chances of the will being challenged, you need to make sure that it is properly structured.

It is also vitally important to remember that a will must be signed by the testator (that is, the person making the will) and at least two witnesses.

3. Can I write my will myself?

There is a range of help available to those who wish to write their will themselves. There are several reasons why you might choose to do this – although the primary one tends to be cost.

If you want to write your will yourself, you might consider investing in an off the shelf DIY will pack, available from many stationers, or in will-writing software. Both of these can help you ensure that the document is drafted in a way that is legally valid.

It is important to understand, though, that wills are open to challenge, and they can be overturned if they are incorrectly written. You should therefore seriously consider employing a will writing company or solicitor to help you do it properly.

4. What is probate?

Probate is the system by which claims on an estate are dealt with. An individual is charged with administering the estate; if you have appointed an executor then they will be the same person. If no executor has been appointed, or if the person died intestate (that is, without making a will), then this power will be conferred through the granting of Letters of Administration.

The probate process can be long and difficult for your relatives, particularly if your affairs are complex. The avoidance of a drawn out probate process is one of the most important reasons for making a will.

5. Who should I choose as executors?

Choosing your executors is one of the most important steps in the will-writing process. Executors have a wide range of responsibilities, and will be charged with ensuring that the will is carried out (‘executed’) properly.

A good executor will be someone that you trust completely, and who is willing to take on the role – understanding how difficult it may be. In order to give them an indication of the work involved, you might choose to show them our guide, ‘What Does Being an Executor Entail?’

Alternatively, you might choose to use a professional executor. This can relieve some of the pressure on your family at a difficult time – but you should remember that there can be significant costs involved.

6. How can I plan for my funeral?

It is an excellent idea to leave funeral arrangements in your will. This will help to ensure that your wishes are adhered to.

There is a range of factors you should consider when planning your funeral. These range from the choice between burial or cremation, through planning the ceremony, to choosing the right funeral director. You might also want to think about ways to minimise the funeral costs – or using a pre-paid funeral service in order that your relatives don’t have to bear the expense.

7. What is a living will?

A living will is a legal tool that allows you to set out how you would like your healthcare to be dealt with in the event that you are no longer able to make those decisions yourself. A living will is a powerful document, and one which you should make sure that you fully understand.

8. How can I protect the value of my estate?

In an environment of apparently constantly rising prices, many people are concerned with protecting the value of their estate.

Protecting your estate from rising inflation is a difficult task, and it is one that will be completed in different ways depending on the nature of your assets. But, as our guides suggest, you should consider factors like making sure your money is kept in accounts that give above-inflation interest, and thinking carefully before rushing into property-related schemes like equity release.

9. What about passing on a business?

Business succession is an incredibly complex field. To begin with, you should think hard about whether or not family succession is a good idea. Remember that the best person to take over your business might not be a family member.

If you do decide to go ahead, you should start planning for family succession as early as possible. You should also consider ways to avoid conflict when handing over the business, including ensuring that other staff don’t feel the new owner is being ‘parachuted in’. Finally, you should make sure that you understand the tax implications. These can be very significant, and you should consider taking professional advice in order to help you understand them.

10. Do I need to think about insurance?

Life insurance is a very useful product that can help provide you and your dependants with the peace of mind that they will be looked after financially in the event of your death.

There is a range of types of insurance cover that you might consider. In addition to standard life insurance, you might investigate income protection, critical illness insurance, or mortgage protection. You might also think about a level protection plan as an alternative to a standard life insurance policy.

11. What about Inheritance Tax?

Inheritance Tax is one of the main concerns facing anyone drafting a will or thinking about estate planning. It is seen by many as an iniquitous tax that has failed to keep up with the times – but despite this, if the value of your estate exceeds the Nil-Rate Band, you will have to contend with it.

We have compiled some tips to help you cut your Inheritance Tax bill, along with some information on discretionary trusts – which may be a useful tool to help you minimise your tax expenditure.

12. Someone close to me has died. Where can I find help?

The period following the death of a loved one is, of course, very difficult. At TheWillExpert we recognise this, and have compiled some tips and guides to help you cope with bereavement.

The effects of bereavement can vary significantly from person to person and, if you feel the need, you should not be afraid to seek counselling. If you have children, you are likely to also have to help them through the bereavement process.

Our section on bereavement also offers practical help with tasks like finding a will and organising obituaries.

Writing a will is one of those tasks that everyone knows they should complete, but which many don’t get round to – either because they keep putting it off, or because they don’t like to think about the practicalities of death.

But death is a fact of life, and you need to ensure that you make the right preparations. By thinking ahead, and ensuring that you have a valid will and suitable financial provisions in place, you can help to guarantee that your affairs will be dealt with in an acceptable way, that your relatives will avoid the worst ravages of the probate process, and that your loved ones will be properly looked after.

So get writing!