Starting Your Legacy Journey: Creating a Valid, Accurate and Complete Will

Introduction

Embarking on the journey of legacy planning is a pivotal step towards ensuring your life’s narrative is honoured precisely as you intend.

We’re dedicated to guiding you through crafting a will that is not only legally sound but also a true reflection of your wishes, embodying what we term a Valid, Accurate, and Complete (VAC) will.

“We all want to leave our mark on this world – to know that our life mattered. What does it mean to leave a legacy? It means putting a stamp on the future and making a contribution to future generations. People want to leave a legacy because they want to feel that their life mattered.”

The Role of a Will in Legacy Planning

More than 70% of people worldwide will not leave the legacy they intended.

This is estimated based on the fact that more than 50% of people worldwide do not have a will and the majority of those with wills have wills that are no longer valid, accurate or complete and the additional factors such as lack of appropriate legacy planning and inappropriate executor nominations.

1Legacy was founded to address this critical global issue and ensure our customers live more fulfilled lives with peace of mind regarding the safeguarding of their legacy.

Your legacy comprises a combination of steps and elements. We refer to these elements as “legacy building blocks”. Together, they ensure a successful, well-rounded and meaningful legacy.

One of the most important blocks, which covers your instructions and wishes, comprises a will, letter of wishes, POA and Guardianship arrangements.

Legacy planning is not a one-off event, and your plan should be reviewed whenever your circumstances change. For example, in the event of divorce; immigration; a change in marital regime; the addition of dependants; acquiring offshore assets; disability and/or retirement. It is recommended that you review your Will on an annual basis to ensure it is still valid, accurate and complete.

Comprehensive legacy planning will enable you to structure your affairs according to your wishes and objectives. It will also leave your loved ones with less to worry about after you’re gone, and could prevent unintended complications.

Since compiling a plan and carefully drafted wills can be complex, it’s crucial to obtain professional advice. And that’s where we come in, along with our partners UK Legal Wills; the country’s leading Will creation providers.

So, what exactly is a Will?

A will is more than a legal formality; it’s a personal legacy document, vital in ensuring your assets and wishes are honoured.

It’s a narrative of your life’s values, ensuring that what you cherish is passed on in the manner you desire.

Without a will, the fate of your estate falls to the rules of intestacy, which may not align with your personal wishes, potentially leading to family disputes and unforeseen legal complexities. These are additional stresses your loved ones simply don’t need.

What is a VAC (Valid, Accurate, Complete) Will?

A Will is the cornerstone of any legacy plan. It helps to ensure your wishes are clearly stated and makes provision for who will inherit your assets after you die.

A properly drafted Will ensures your possessions are protected and distributed appropriately while safeguarding your loved ones from the unnecessary complications that derive from invalid, inaccurate and incomplete Wills.

Valid: For a will to be valid, it must meet certain legal requirements. This includes being over the age of 18, being of sound mind, and ensuring the will is written, signed, and witnessed correctly, as per the Wills Act of 1837.

Accurate: It must reflect your current circumstances and wishes. It should be clear in its instructions, leaving no room for misinterpretation or dispute.

Complete: It should encompass all significant assets and liabilities, including digital assets, and provide clear instructions for their distribution.

VAC Check

It is advisable to review your will regularly, especially after major life events like marriage, divorce, or the birth of a child. Unfortunately, a large number of people in the UK do not have a Will that is Valid, Accurate and Complete often leading to legal challenges, family disputes, and legacy aspirations not being realised.

Wills also need to include guardianship arrangements for children. It also advisable to consider having a Living Will and a Power of Attorney.

Why Are Wills Important?

Beyond the legal imperative, Wills serve several crucial purposes. They provide clarity and direction on the management and distribution of your estate as well as preventing potential legal disputes among beneficiaries, reducing stress and conflict.

Wills also ensure the care and guardianship of minors and pets in line with your wishes and allow you to leave a charitable legacy, supporting causes close to your heart.

Here are 10 key reasons why having a will is essential:

1. Peace of Mind
   Having a will ensures that your wishes are known and respected after you pass away. It offers peace of mind, knowing that your affairs are in order.
2. Protects Your Loved Ones
   A Will safeguards the interests of your loved ones, ensuring they are provided for as per your wishes and reducing the potential for disputes.
3. Children’s Guardianship
   If you have children, a will allows you to appoint guardians for them, ensuring they are cared for by someone you trust.
4. Control Over Asset Distribution
   Without a will, your assets are distributed according to the law, which may not align with your personal wishes. A will gives you the control to decide who receives what and when (via instructions to form a trust).
5. Supports Charitable Causes
   A Will enables you to leave a legacy by bequeathing assets to charities or causes close to your heart.
6. Minimises Legal Challenges
   A clear and legally valid Will can help minimise legal disputes amongst heirs, reducing the likelihood of drawn-out legal battles and provides the executor with clear and enforceable instructions.
7. Clarifies Final Wishes
   Beyond assets, a will can specify your wishes for funeral arrangements and other personal preferences.
8. Facilitates Business Succession
   For business owners, a will is crucial for outlining succession plans, helping ensure the continued success of the enterprise.
9. Reduces Stress for Family Members
   In a time of grief, a clear will eases the burden on your family, providing clear instructions and avoiding added stress.
10. Flexibility and Adaptability
    Life changes, and so can your will. It’s adaptable to reflect your circumstances and wishes at any given time.

How to Create a Will with 1Legacy

Creating a legally sound Will is made straightforward and accessible with 1Legacy Wills, powered by UKLegalWills; the UK’s leading provider of will-making services.

Here’s a simple step-by-step guide to creating your will with 1Legacy:

Step 1: Start Your Will on 1Legacy

• Visit our Will Creation page and click on “Start Your Will”.
• You’ll be guided through a series of 9 sections, answering questions to tailor the will to your specific needs. Assistance is available at each step to help you make informed decisions.

Step 2: Create an Account for Future Updates

• Upon completing the questionnaire, create an account on LegalWills.co.uk.
• This account allows you to update your Last Will and Testament as your circumstances evolve, ensuring it always reflects your current wishes.

Step 3: Legal Validation of Your Will

• After drafting your will, it’s essential to validate it legally. Carefully review the document to ensure it accurately represents your intentions and covers all aspects you wish to address in your will.
• Print the document and arrange for it to be signed in the presence of two adult witnesses. Important: These witnesses should not be beneficiaries or spouses of beneficiaries in the will.
• In a single sitting, sign your will in front of the witnesses. Declare to them that you are signing your Last Will and Testament.
• The witnesses should then sign the document in your presence and in the presence of each other.
• It’s recommended that you and the witnesses initial each page of the document.

Remember, the witnesses must be adults, and it’s crucial they are not beneficiaries or married to any beneficiaries to avoid conflicts of interest and potentially rendering the Will invalid and not enforceable.

Contrary to common belief, there’s no need for a solicitor’s signature or registration for the document to be legal. Once signed and witnessed as outlined, it becomes a legally binding Last Will and Testament.

Creating a will with 1Legacy (powered by UKLegalWills) is not only a straightforward process but also ensures that your will is thorough, reflective of your wishes, and legally sound. By following these steps and utilising the user-friendly platform of 1Legacy (powered by UKLegalWills), you can confidently prepare a document that secures your legacy and provides peace of mind.

Integrating Your Will with 1Legacy

Integrating your Will with 1Legacy brings together the convenience of digital and the security of physical document storage, ensuring your legacy is preserved exactly as you envision.

Alongside digital storage in the 1Legacy LifeFile (powered by Legado), we also offer physical storage through 1Legacy Storage (powered by Cleardata), ensuring that every document, new or old, is securely preserved.

This integration not only simplifies the management of your documents but also provides peace of mind knowing that everything is in order and easily accessible when needed

Creating your will with UKLegalWills is a critical step. 1Legacy enhances this by offering a secure platform for storing your will in the LifeFile, powered by our partnership with Legado and ClearData, renowned for its robust data security standards.

This integration ensures that your will, along with other important life documents,  is accessible from one central, secure location that’s accessible for the people who need access when the time comes.

Conclusion

Drafting a VAC will be an essential aspect of our holistic approach to legacy planning, which we segment into four Legacy Building Blocks: Health and Wellbeing, Financial Assurance, Strategic Planning, and Community.

By preparing a VAC will and securely storing it in LifeFile, you’re not only safeguarding your assets but also ensuring that your legacy resonates with your life’s journey and values.

Begin your legacy journey today. Register with the 1Legacy mobile or desktop app to learn how we can assist you in creating a comprehensive and valid will in partnership with UKLegalWills. Your path to a secure and meaningful legacy starts here.