We kicked off our August calendar of events with a public Futures Planning talk, hosted by Westbourne House on Poole Road. The topic on wills and final testament was very interesting and it highlighted the importance of having a will correctly drawn and stored. In this blog we will take a look at the history of the last will and testament - and why it is still so important to ensure your financial affairs are correctly written and kept.
We have all heard of the phrase 'the last will and testament'. However, do we know when these financial arrangements were first drawn and how they have changed over the years? In this blog, we will give you the history of the last will and testament, the different types of modern day wills and, finally, the importance of drawing up a will as part of estate planning.
It is believed the first time the last will and testament was used was, not surprisingly, by the Greeks. It appears the first types of wills were written during the economic reforms, in Athens, in around 600 BCE. Before then, it was expected that anything belonging to the estate was seized by the state. However, in Athens this was changed to allow any man over the age of 20 to distribute their wealth where they saw fit, after their death.
However, it was during Roman times that the last will and testament became more recognisable in Western European countries. This includes much of the language - Latin - that is still seen in will writing to this day. Many rules, such as probate and the choice of whom could witness the will signing were created in Roman times. However, women and slaves were certainly not allowed to participate!
There are many references to will making in England dating as far back as the Magna Carta in 1215 AD. Dating into the 16th century, much of wills were drawn up by land owners and the nobility and very little changed over two hundred years until the Wills Act in 1837 - just when Queen Victoria ascended the throne after the death of her uncle, William IV.
The Wills Act is the basis for much of what we understand today in legal form. This included that every will must be written down, signed and witnessed by two separate people at the same time. Plus any alterations to the will must be reconciled and updated properly rather than updated personally.
Moving forward nearly 150 years later, the Wills Act was updated in 1963 to bring the the UK in line with Europe making the formation and execution of the will simpler. The Act standardised wills across the country and, indeed, in Europe so it would be recognised in spite of where it was written
In 2022, it is recommended you have a will, which is up to date and correct to your circumstances. There are a number of different ways to write your will too. You can
- speak with a solicitor (check they are regulated by The Law Society or Solicitors' Regulation Authority)
- speak with a certified will writer (check they are regulated by The Institute of Professional Will Writers)
- certain banks (some banks offer estate planning with will writing as an additional service)
- write your own will (recommended to seek legal advice before writing and signing)
- charities (some charities offer free will writing services with a no obligation legacy to a charity https://freewillsmonth.org.uk/)
It is advised you check your will every 5 years or so, to make sure circumstances have not changed. If there needs to be a small amendment, you can add a codicil to your will. This is not writing over your original will, however! It will need to be legally drawn and signed and witnessed as before. If circumstances have radically changed, a new will can be written with the former will being cancelled. Once again, it is strongly advised that correct procedure is followed and to seek professional guidance where possible.
Upon completion, make sure you store your will safely and know where to find it!
Of course, it is up to each person to decide if they want to write a will. If a person dies without a will - or intestate - there are number of outcomes that could happen. For example, if you are married your spouse will receive up to £250,000 of your estate with the rest being taxed. If you are with your partner but not married, your 'next of kin' will be the recipients of your estate - which could be a sibling, cousin or other relation - rather than your partner or children. This also applies if you do not have a spouse or children.
A will, in its earliest form, has been in existence since around 600 BCE and was first drawn in Athens, Greece. The Romans took it a step further and much of the mainframe of laws today are based on their rulings. One of the first wills, in the UK, can be found in the Magna Carta. However, there is evidence of wills being written much earlier. Did you know - women could only be recipients of a will since the 19th century
There are many different forms of wills today to reflect every individuals' circumstances. There are also a choice of organisations where you can complete your will. Make sure you check your will every few years and update in accordance will writing guidelines.
And always seek legal advice where necessary!