Definition of a will

A will is a legal document that sets out what you want to happen to your money, property, possessions and other assets after you die. In England and Wales it is the main way to control who inherits from your estate, and it also lets you make other important arrangements that take effect on death.

What a will typically does:

1. Appoints executors. These are the people (or a professional such as a solicitor) you choose to carry out the instructions in your will, gather in your assets, pay any debts and taxes, and distribute what is left.

2. Names beneficiaries. These are the people or organisations, such as family members, friends or charities, who will receive your assets.

3. Sets out gifts. A will can leave specific items or sums of money (legacies) and then deal with everything remaining (the residue of the estate).

4. Appoints guardians. If you have children under 18, you can name who you would want to look after them.

5. Can set up trusts. For example, to hold money for children until they reach a certain age, or to provide for a vulnerable beneficiary.

6. Can record funeral wishes, although these are not legally binding.

Legal requirements for a valid will:

Under the Wills Act 1837, a will in England and Wales is generally only valid if all of the following are met:

1. It is in writing.

2. The person making it (the testator) is aged 18 or over and has mental capacity to understand what they are doing.

3. It is made voluntarily and without pressure from anyone else.

4. It is signed by the testator (or by someone else in their presence and at their direction).

5. The signature is made or acknowledged in the presence of two witnesses who are present at the same time.

6. Each witness then signs the will in the presence of the testator.

A key point is that a witness, or the spouse or civil partner of a witness, cannot benefit under the will. If they do, the gift to them normally fails, even though the will itself can still be valid.

Why having a will matters:

If you die without a valid will, you are said to die intestate. Your estate is then shared out according to the intestacy rules, which are fixed by law and may not reflect what you would have wanted. For example, unmarried partners and stepchildren do not automatically inherit under the intestacy rules, regardless of how long the relationship lasted.

Changing or revoking a will:

A will can be updated. Minor changes are usually made by a separate document called a codicil, but it is often cleaner to make a new will. A will is normally revoked by making a new will, by physically destroying it with the intention of revoking it, or automatically by marriage or civil partnership (unless the will was made in contemplation of that marriage). Divorce does not revoke a will but generally treats a former spouse as having died for the purposes of the will.

Practical next steps:

1. Make a list of your assets, debts and who you want to benefit.

2. Decide who your executors and, if relevant, guardians should be, and ask them first.

3. Consider whether your situation is straightforward or more complex. For a very basic Will you could use a free Will template. Complex situations include business assets, property abroad, blended families, potential inheritance tax, or a beneficiary who is vulnerable or receiving means-tested benefits. In these cases professional drafting is usually worthwhile.

4. Make sure the will is signed and witnessed correctly, as errors here are a common reason wills fail.

5. Store the original safely and tell your executors where it is. You can store a will at home, with a solicitor, or through the government will storage service.

6. Review your will after major life events such as marriage, divorce, having children, or a significant change in your finances.

If you would like, tell me a bit about your circumstances and I can explain what a will could cover in your particular situation.