All Muslim who possesses some wealth should have a Will. You may want to write a new Will if:
Many people are putting off writing a will. One of the main reasons for this is that they are worried they will have to pay to make a new Will in the future if their financial situation changes. So rather than writing a Will that protects their family today, they end up putting it off for years. At Ethical Wills, we understand this and offer services and products which can help you maintain data about your assets and keep it up-to-date and accurate. Ongoing changes can easily be updated without the need to review your Will. Nonetheless, even if a new Will is required, for some reason, then this process shall be straightforward and less stressful.
It is recommended that you update your Will to reflect any major changes in your circumstances.
These include such things like:
You will have the opportunity to check a draft Will and discuss any changes. Once you are satisfied, you will execute the Will by signing it alongside two witnesses. This is an essential step to make your Will legally binding as the law (England & Wales) requires your Will to be a physical, signed document.
The key rules regarding witnesses are that they have to be over 18 and they cannot be beneficiaries of your Will (nor can they be the spouse of one of your beneficiaries). For many people, work colleagues, friends or neighbours are good, easy options.
One of the great benefits of using our Will writing service is that you do not have to see a solicitor.
After signing your Will, you need to keep it somewhere safe. It is important that you tell your executors and close family members where it is so they can easily find it after your death.
Most people choose to keep their will alongside other important documents, such as:
The most important thing is that your Will is well-marked and easy to find. So, if you do choose to keep it locked in a safe or filing cabinet, make sure it can be accessed by your executors. This is why you should never store your will in a safety deposit box at the bank. Your executors will need probate to access it, but they cannot get probate unless they have the will.
We offer Wills at three levels, all priced to reflect the requirements and preferences of our customers.
Most people only require a Simple Will, covering the devolution of liquid assets and a property, alongside a donation or gift (wasiyyah) if any.
Some complexity concerning the entitlement of heirs generally occurs where the wealth of your predecessor has not been distributed to the heirs and remains in your possession. This can have unnecessary inheritance tax (IHT) consequences. IHT advice and practical guidance on the devolution of the undistributed wealth, whether during one’s lifetime or upon death, is important here. In addition, a letter of wishes containing any farewell guidance to your heirs and executor(s) can be included. An estate consisting of a pension scheme also falls within this category.
Complex estates which may consist of business assets, shares, life insurance policies etc. require further consideration to ensure an accurate Islamic devolution of your estate. Should circumstances change, a future change to the Will, whether by way of a codicil or a new Will, is also possible free of charge.