The only way to be sure that your assets are distributed the way you want after you pass away is to have a valid will. As family structures can be complex, and because there are particular requirements to ensure the will is valid, it’s a good idea to speak to a lawyer about it.
Key facts about wills
- Having a will means that you can be sure of how your assets will be distributed when you die.
- If you die without a will this is called ‘intestate’ and it means that your estate will be distributed based on a pre-determined formula.
- In some cases, not having a will means that your assets go to the government
- Your will should be revised with any major life changes such as: marriage, divorce, new relationships, children, deaths, acquiring new assets, and much more.
What makes a will valid?
- You must have capacity (this can sometimes be tricky to ascertain, and so it’s a good idea to have a lawyer to advise you)
- Must be signed and witnessed
- Must be written
- Must be over 18
Why should I get a solicitor to draft my will?
- In some situations, establishing ‘capacity’ for an individual can be tricky. It’s best to have a lawyer on side to help you out in these cases.
- In order for a will to be valid, strict rules apply. If you get these wrong, the court can determine that your will is invalid and your assets will be distributed based on the pre-determined formula.
- In the event that someone tries to contest your will, the wording used will become very important. Lawyers are trained specially in this wording and therefore, having a solicitor assist can put your mind at ease that your wishes will be expressed accurately.