What is a will?
Wills are legal documents that are used to decide what happens to your estate (properties, money, valuables and possessions) as well as your loved ones after you pass away.
A will for a single individual is referred to as a single will and is suitable for those who want their own personal wishes followed.
What can I use a single person’s will for?
With a single will, you are able to:
- Select individuals that you trust to care for children younger than 18, known as guardians.
- Choose individuals that you trust to carry out wishes that you outline in your will, referred to as executors.
- Declare the people and/or charities that will receive assets from your estate, known as beneficiaries.
- Gift possessions or financial assets to loved ones, known as legacies.
- Communicate your last wishes, concerning funeral and burial arrangements.
Without a will in place, you lose the right to decide how your children, or even pets, are cared for. As well as who receives what from your estate and how it is divided up.
How much does a single person’s will cost?
Preparing a single will with Zenco costs £199.
Can an executor also be a beneficiary?
Yes. Provided the executor is chosen as a beneficiary, they are just as able to receive gifts as anyone else written into the will.
It is important to make sure that the person you’re considering is a good choice, as they will be carrying out your wishes after your passing.
What if I don’t have anything worth leaving?
Even if you don’t have anything worth preserving in a will right now, this can change in the future. A will allocates all of your assets (bank accounts, valuables, and properties) upon your passing, not at the time the will is written. A will also nominates who will handle the affairs of your estate to ensure debts are paid, accounts are closed, and your funeral is paid for, so by naming your executors, you are saving your loved ones a lot of time and effort as they would not need to apply to become your representatives through probate.
What if I have young children?
Before preparing a will, you should think about who you want to care for your children when you pass away. If your children are currently under the age of 18, you can select a guardian to care for them in your will. This person will only become a guardian if there is no other parent to care for them when you die.
In addition, children can also be chosen as beneficiaries of your estate regardless of their age, however, they will only attain their inheritance once they turn 18 years old. If they are younger than 18, you can also specify the age that they can access their inheritance if you believe 18 years old is too young. Before the children reach the decided age, their inheritance is kept in a trust to be managed by people chosen in your will to be trustees, otherwise known as a ‘Children’s Trust’.
Can I make funeral wishes in my will?
Yes, you can include preferences and wishes for how your funeral is prepared. Unfortunately, however, these preferences are not legally binding and can be ignored by your executors.
Do I need a beneficiary to be a witness when making a will?
No, having a beneficiary or their significant other witness the signing can cause the beneficiaries to forfeit their inheritance or legacy. It is best to choose witnesses that are independent from your Will.
Can someone contest my will?
Yes, anybody can contest a will, although the success of attempting this is varied.
Unless you purposefully exclude a family member from your will that would expect to benefit from your estate, it is highly unlikely that it’s validity would be contested.
It is also possible to contest a will if there is reason to believe that you either lacked mental capacity when you signed your Will or had been coerced into signing by someone who will benefit.
An excellent way to avoid being successfully challenged on your will is to seek professional solicitors to guide you through the drafting process. A will that has been professionally drafted will be more secure to potential challenges in the future.
Alternatively, a letter referred to as a ‘letter of exclusion’ can be written to express your wishes to omit somebody from your Will along with an explanation of why you made this choice. You can sign and date it once the letter is completed.
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