Why do I need a will?

If you, or someone you care about has just been diagnosed with dementia, you need to consider whether they have a will. In order for a will to be viewed as being a lawful document the person creating the will has to be of sound mind. So the reality is that the person making the will needs to be able to understand the information that they are being given and be able to act in their best interests.

As anyone can contest a will in the future and due to the complicated nature of dementia, courts ask that if a patient is making a will, that they have medical evidence to support their will submission, which approves that they are capable of making important decisions. 

I’m fine, I already have a will

But is it valid? Without a valid will, you risk the validity of your wishes of passing on your estate to your loved ones. Having the correct legal documentation ensures that your wishes are accurately captured. If you live with a partner and operate joint accounts, then the bank can close access to the account whilst probate is decided. 

You may have already created a will, but it is worth checking whether it is up to date, so that assets are protected to ensure that your loved ones will have access to the money that they will need in for their own care after your passing.

It is your responsibility to change your will should you divorce, which will be important when you have children, if you want them to benefit from inheriting your assets, otherwise the estate will still be divided as you had identified in your will. Conversely if you had a will before you married or entered into a civil partnership, this may no longer be valid. Whatever your circumstances it is advisable to schedule some time with the solicitor. Often they have a will questionnaire that you can complete the describe your assets, pensions, property value and so on, as well as your partners. They will then work with you to draw up your official will. 

Why use a solicitor? 

Anyone can complete a will, but a solicitor is best. As if there is any dispute to the will in the future, it could prove time consuming and costly to resolve any issues. A solicitor can complete the process for you quite quickly and ensure that the process is completed as required. They can store the legal documentation for you and also act as executors of the will, should you require. 

A will can cost as little as £100 when drawn up by a solicitor, although there may be higher costs involved if you have more complicated assets and needs. The solicitor will provide a quote for you, before any work is undertaken to ensure that you have a clear understanding of costs. 

Things to consider

• Inheritance tax - thresholds

• Money as a gift - how much you can leave someone before it becomes taxable

• Executor of the will - who will carry out your instructions? 

• Power of attorney - we cover this in more detail here