Buying a home is a major milestone, and the perfect time to think about making or updating your will. It is a step that ensures your biggest asset is protected and passed on according to your wishes.
Why Making a Will Matters
A will is a legal document that ensures your home and other assets (known as your estate) go to the people you choose. Despite its importance, more than half of people have not shared their wishes for their estate. (Source: The National Will Register.)
“Making a will isn’t just about protecting your assets, it’s about giving yourself and your loved ones peace of mind. Taking this step ensures that your home and estate are handled exactly as you intend.” – Sharon Carpenter, Head of Finance
Key Things to Consider
- Who will inherit your estate? This could be your partner, children, relatives, or even close friends.
- Charitable gifts – Do you want to leave part of your estate to a charity or organisation?
- Guardianship for children – If you have children under 18, who will care for them, and how will they be financially supported?
- Choosing an executor – This is the person responsible for ensuring your wishes are followed. It could be a family member, friend, solicitor, or accountant.
Joint Tenants vs. Tenants in Common – What is the Difference?
If you are buying a property with someone else, it is important to understand the legal implications of joint ownership.
- Joint Tenants: Each owner has equal rights to the property. If one owner passes away, the property automatically transfers to the other owner(s). You cannot leave your share to someone else in a will.
- Tenants in Common: Each owner has a specific share of the property. If one owner passes away, their share does not automatically transfer to the other owner(s) and can be passed on through a will.
Your solicitor or conveyancer will guide you on which option best suits your situation and ensure it is correctly registered with the Land Registry.
How to Make a Will
To make or amend a will, seek advice from a solicitor or a professional will-writing service. Some charities offer free will-writing services in return for a donation. A legal expert will help ensure your will is valid and structured to protect your assets and beneficiaries.
Do You Have to Make a Will When Buying a Home?
No, it is not a legal requirement, but it is a smart move. Having a will in place can also help with inheritance tax planning, so professional advice is recommended.
What Happens if You Don’t Make a Will?
If you pass away without a will, your estate is distributed according to intestacy law. This could mean your assets do not go to the people you intended, and the process of settling your estate could take years.
In some cases, if no relatives can be found, your estate could even go to the Crown. Currently, there are 5,883 estates on the official Unclaimed Estates List. (Source: Government Legal Department figures.)
Final Thoughts
Buying a home is a great time to put your financial affairs in order. If you have not made a will yet, now is the time to do it. If you know someone who might find this information helpful, feel free to share it!
