Is it time to rethink wills?

This week the Law Commission called for an overhaul of the law on wills to bring them up-to-date with the modern world.

At present 40 per cent of us die without a will, leaving our estate to be split according to Victorian laws. So, what can be done, and why should we all be writing down our last wishes?

What is wrong with wills?

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When was the last time you put pen to paper? In a world of email the idea of writing your final wishes down on a piece of paper, not losing it, and remembering to update it seems pretty out-dated. But, that’s just the start of how archaic the laws surrounding your dying wishes are.

If you die without a will – and 40 pee cent of us do – then your belongings are divided and passed on according to the laws of Intestacy, which were created in Victorian times. If you are unmarried and childless this means your estate passes to your parents, siblings, grandparents or aunts and uncles, even if you have a long-term partner.

Die unmarried, but with children, and your belongings pass to your children not your partner.

This can all lead to some very complicated situations.

“Making a will and passing on your possessions after you’ve died should be straight-forward,” says Law Commissioner Professor Nick Hopkins. “But the law is unclear, outdated and could even be putting people off altogether.

“Even when it’s obvious what someone wanted, if they haven’t followed strict rules, courts can’t act on it.”

How can I make a will?

Making a will doesn’t have to be complicated. Scribble your wishes on the back of an envelope and, provided the signing of the document is witnessed it could class as a will. But, if anyone wants to dispute it they could quite easily rip it to shreds in court.

To make a legally watertight will the best option is to use a solicitor. It should cost from around £100 for a simple document.

Use an app to cut your costs

The hassle of making an appointment with a solicitor could be one reason so many of us haven’t bothered to get a will drawn up. But, now there is a new online service that aims to speed up, cheapen and simplify the process in order to make more of us get a will.

Farewill lets you sign up online, quickly follow a step-by-step process to outline your wishes, then your forms are shown to a qualified will writer who makes sure everything is correct. Once it’s done you print off the document and sign it in front of two witnesses and you have a will. It costs £50 for an individual will and £80 for a couple.

“The aim is to make everything simple and user-friendly,” says Dan Garrett, the co-founder of Farewill. “We essentially do the same thing as a lawyer, but we have invested in making the process really easy to understand.”

Don’t forget to update it

Once you have a will don’t forget about it. The majority of people who have had a will drawn up haven’t bothered to update it when their circumstances change. That could be the birth of another child, the death of a beneficiary, marriage or a divorce. Only around three per cent of us have an up-to-date will.

Failing to update your will could mean you die and leave your estate to a loathed ex-spouse or your children receive nothing with your estate going to your parents instead, who then face an inheritance tax nightmare if they want to give it to your children.

Many people also don’t realise that the process of getting married revokes any previous wills. So, if you had made specific provisions in your will for children from a previous marriage, for example, this would be null and void and if you died your new spouse would receive your estate.

If you get a solicitor to draw up your will they will keep a copy on file and you can visit them to update it when your circumstances change. Alternatively, Farewill allows you to make unlimited updates in your first year then unlimited updates for £5 a year.