There are certain milestones in life when it’s important to make a will or update an existing one — and buying a home is one of them.
Why you should make a will
A will ensures your home and other assets go to the people you want them to. In legal terms, it’s known as your last will and testament, and together your possessions, property, and finances make up your estate.
Your home is likely your biggest asset, and as property values rise, it could become worth even more in the years ahead. So it makes sense to have clear instructions in place about what happens to it when you’re gone.
Yet, according to The National Will Register, 53% of people haven’t told anyone what they want to happen to their estate.
What to consider when making a will
When drawing up your will, think about:
• Who you’d like to benefit from your estate — a spouse, partner, children, relatives or friends.
• Whether you’d like to leave gifts or donations to charities.
• Who would care for your children if they’re under 18, and how they’d be financially supported.
• Who will act as your executor — the person responsible for carrying out your wishes. This could be a relative, a friend, or a professional such as a solicitor or accountant.
Joint tenants vs tenants in common
If you’re buying a property with someone else, it’s important to understand how joint ownership works. Your solicitor or conveyancer can guide you on the differences between joint tenants and tenants in common.
Joint tenants
Also called beneficial joint tenants, this means you both own the property equally. If one of you dies, the other automatically inherits the whole property. You can’t leave your share to someone else in your will.
Tenants in common
With this arrangement, you each own a specific share of the property. Your share doesn’t automatically pass to the other owner — instead, you can choose to leave it to someone else in your will.
Your solicitor will explain which ownership structure suits your situation and register it with the Land Registry. (In Scotland, property law differs slightly, so it’s best to take local legal advice.)
If you’re the sole owner of your home, you won’t need to worry about ownership types, but it’s still sensible to make — or update — your will.
How to make a will
The best way to make or amend a will is to speak with a solicitor who specialises in wills or a professional will-writing service. They’ll talk through your personal and financial circumstances and help ensure your wishes are legally valid.
Some charities also offer free will-writing services, often in the hope that you’ll leave a small gift to support their work.
Do you have to make a will when buying a home?
No, it’s not a legal requirement — but it’s strongly recommended. Buying a property is the perfect time to think about your future and protect your loved ones. It can also have benefits for inheritance tax planning, though you should always seek expert advice.
What happens if you don’t make a will?
If you die without a will, your estate is divided according to intestacy law, which could mean your home and assets don’t go to the people you’d want them to.
It can also make things much harder for your family, as the process can take years to resolve. In some cases, unclaimed estates even pass to the Crown — there are currently 5,883 such estates on the official Unclaimed Estates List.
If you’ve recently bought a property in Thetford or Breckland, it’s a great time to get your will sorted. And if you know someone who might find this helpful, please share this article with them.
Article by Andrew Overman | Partner | Location Location East
