What is National Wills Week?
National Wills Week is an initiative aimed at raising awareness about the importance of having a valid will. This campaign encourages individuals to take control of their legacies and make informed decisions regarding their estates. By doing so, you avoid leaving it to the state to dictate how your assets will be distributed after your passing.
National Wills Week has its roots as an annual event in South Africa but more international charities are promoting the initiative on a global basis. The scheme also encourages leaving a legacy to charities.
The Importance of Having a Will
A Will is a crucial document that outlines how your assets—such as property, savings, and personal belongings will be allocated - and all these items are collectively classified as an estate. Without a Will, your estate may be subject to intestacy laws, which might not reflect your wishes. Here are some key reasons why having a Will is essential:
Asset Distribution
A Will allows you to specify who will inherit your assets, ensuring your estate is divided according to your preferences rather than be decided by government. If you have specific family heirlooms or sentimental items, a Will lets you designate those to particular individuals.
Guardianship for Minors
If you have children under the age of 18, a Will enables you to appoint guardians for them. This ensures that your children will be cared for by individuals who share your values. Without such provisions, disputes may arise among relatives, potentially leading to prolonged court battles.
Minimising Family Disputes
Clear instructions in a Will can prevent potential disputes among family members. A well-drafted Will provides clarity, serving as a guide for your loved ones during a challenging time. Including chosen charities in your Will can also help minimise disputes by clearly outlining your philanthropic intentions.
Tax Planning
A well structured Will can help minimise inheritance tax, allowing you to preserve more wealth for your beneficiaries. You might also consider creating trusts to manage how your assets are distributed, ensuring they are protected from high taxes and creditors.
Personal Wishes
A Will lets you express specific wishes regarding funeral arrangements or pet care, providing guidance to your loved ones during a difficult time.
Key Aspects of Writing a Will
1. Legal Requirements
In the UK, you must be at least 18 years old and of sound mind when ceating your Will. If there are concerns about your mental capacity, it’s advisable to have a medical professional confirm your soundness of mind.
2. Witnessing
A Will must be signed in the presence of two witnesses who are not beneficiaries or married to beneficiaries. Both witnesses must also sign the Will, ensuring its legality.
3. Updating Your Will
A Will is not a static document; it should be reviewed and updated as life circumstances change. Major events like marriage, divorce, or the birth of children require immediate revisions.
4. Accessibility
Store your Will in a safe place and ensure at least one trusted individual knows its location. If a Will is kept hidden, your estate may initially be managed under intestacy laws until it is discovered.
Consequences of Not Having a Will
Failing to have a Will can lead to serious consequences:
1. Intestacy Laws
Dying without a Will means your estate will be distributed according to intestacy laws, which may not reflect your personal wishes. This can often lead to unintended beneficiaries.
2. Family Disputes
Without a Will, there can be confusion and conflict among surviving family members, leading to costly legal battles that can strain relationships.
3. Missed Charitable Opportunities
Not having a Will means you lose the opportunity to leave legacy gifts to charities that are important to you.
Free Wills Schemes in the UK
While the need for proper estate planning is universal, the concept of making will-writing accessible is particularly relevant in the UK.
Understanding Free Wills Month
Free Wills Month occurs twice a year, specifically in March and October. Although the schme is flawed (it is restricted) it allows individuals aged 55 and over to have their Wills written or updated for free through participating solicitors. Free Wills Month covers the drafting of simple Wills for individuals which makes it easier for those who might find it difficult to afford Will writing services.
Free Wills Month works by offering individuals aged 55 and over the opportunity to create simple Wills at no charge, with the program supported by participating charities. The process involves registering for the service, selecting a local Will writing partner, and understanding that more complex Wills incur additional fees.
Charity Collaborations
Many free wills schemes are offered by charities that provide will writing services in partnership with will writing companies. This goes to encourage legacy giving.
Online Resources
Various online platforms provide free will templates and guidance, allowing individuals to draft their own wills conveniently from home. Online will services offer accessible and professional legal advice for will creation. These services simplify the Will writing process and ensure compliance with legal standards. The best known UK company to do this are called FreeWills.
Benefits of Free Wills Schemes
Utilising a free wills scheme offers several advantages:
- • Cost-Effective Solutions: The primary benefit is cost savings. Free wills schemes often focus on simple wills, which are straightforward and cost-effective. Free wills schemes eliminate the barrier of perceived high costs, encouraging individuals to take action.
- • Professional Guidance: Clients benefit from professional advice to ensure their wills are legally sound and comprehensive. Professional guidance ensures that even a simple will is legally sound and comprehensive. Legal experts can clarify any questions and help navigate complexities.
- • Promoting Legacy Giving: Free wills schemes also promote the option of leaving charitable gifts, encouraging philanthropy.
How to Access Free Wills Schemes
If you’re interested in using a free wills scheme in the UK, consider the following steps:
- • Research Local Charities: Many charities offer free wills services. Check their websites or contact them to learn more about the schemes they provide.
- • Check Legal Directories: Websites like the Law Society can help you find participating law firms in your area.
- • Utilise Online Tools: Various online platforms provide free will templates, allowing you to draft your will conveniently from home.
- • Attend Information Sessions: Many charities hold information sessions to educate the public about free wills schemes. Participating in these events can provide valuable insights.
Frequently Asked Questions
What is the purpose of National Wills Week?
National Wills Week raises awareness about the importance of having a valid will and encourages individuals to plan their legacies.
Who should think about creating a will?
Anyone aged 18 or older, especially those with assets, dependents, or specific wishes regarding their estate, should consider drafting a will.
What are the consequences of dying without a Will?
If you die without a Will, your estate will be distributed according to intestacy laws, which may not reflect your wishes and can lead to unintended beneficiaries.
How can I find free wills schemes?
To find free wills schemes, research local charities, consult legal directories, use online resources, and reach out to participating companies during events like Free Wills Month.
What should I include in my Will?
You should specify asset distribution, appoint guardians for minor children, and outline any funeral wishes or charitable donations.
Can I update my Will after it’s created?
Yes, you can and should update your Will as life circumstances change, such as marriage, divorce, or the birth of children.
Conclusion
National Wills Week serves as a vital reminder of the importance of estate planning and making a will. Participating in initiatives such as this or engaging with free wills schemes allows individuals to safeguard their legacies. Embrace the importance of a well crafted Will and take that crucial step today.
