Having a will in place lets you decide what happens to your property, money and belongings after you die. Your family will be at ease.

If you don’t have a will, the law decides who gets what. 

Here, we explain:

5 reasons why you should make a will

When to write a will

What happens if you die without a will?

What should you include in a will?

How to write a will

What are the requirements for a valid will?

Who can you get to witness your will?

How much does it cost to make a will?

5 reasons why you should make a will

Protecting those we care about is something we do naturally during our lifetime. Putting a will in place is a way to carry on protecting them after we’re gone.

Here are our top 5 reasons for making a will:

1. You get to decide exactly how and when your estate will be shared out – that is, who gets what share of your property, money, and possessions.

2. You may be able to use a will to help manage the amount of money and any possessions you leave behind.

3. You can save your family the additional stress of having to deal with uncertainty at what is already an emotional and difficult time.

4. If you have young children, you can choose someone to be their legal guardian to look after them until they’re 18 and ensure there are funds to help.

5. You can make clear whether you’d like to be buried or cremated, and any other wishes you may have for your funeral.

When to write a will

It’s tempting to keep putting off writing a will. But it makes sense to do it now while you’re thinking about it. That way, you can enjoy the feel-good factor of getting this task off your to-do list.

Some people choose to write a will after a major life event such as getting married or having children. That way you can rest easy, knowing your loved ones will be looked after in the way you want.

It’s important to update your will. 

What happens if you die without a will?

If you were to die without a valid will in place, your estate would be distributed under certain rules – known as ‘intestacy rules’. The law decides who should deal with your affairs and who gets to inherit what. This could be different from your own wishes.

These broad principles apply:

• If you live with a partner but are not married or in a civil partnership, they might not be legally entitled to anything

• If you’re married or in a civil partnership, your partner might get everything and your children nothing – or your partner might not get everything you think they will

• If you have children or grandchildren, how much they are legally entitled to will vary, depending on where you live 

• If you have children or grandchildren from a previous relationship, they may not receive anything

• If you have no spouse, civil partner or children, your estate would go to your parents – or your siblings if your parents have died

• If you have no close living relatives, it would go to the Treasury on behalf of the Crown

The only way to make sure your wishes are met after you die is to create a legally binding will. This is especially important if you have people who depend on you financially, or if you want to leave things to people outside your family.

What should you include in a will?

Your assets and possessions

This includes:

• Your home
• Bank accounts
• Savings
• Investments
• Life insurance policies and defined contribution pensions
• Cars
• Furniture
• Jewellery
• Antiques

Who you’d like to leave money or your possessions to

These people are known as your beneficiaries. It’s also worth considering what you’d like to happen if any of your beneficiaries were to die before you and whether you want to leave any money to charity. 

Who you’d like to look after your children

This applies if you have children under the age of 18 or those with specific needs.

Who you’d like to look after your pets

If you have animals, you may want to include who you would like to take care of them. 

Who you’d like to be in charge of organising your estate after you’ve gone

These people are known as the executors, and you can have up to 4. 

How to write a will

When it comes to writing your will, you can use the services offered by the Barbados Public Workers Credit Union, our parent company.

This is usually a cheaper option and could be suitable if your needs are fairly straightforward. 

What are the requirements for a valid will?

When writing your will, follow the rules carefully to make sure your will is legal.

Also, make sure family members or friends know where to find it. For a will to be valid, you need to:

• Be 18 years old or over
• Be of sound mind
• Make it in writing
• Make it voluntarily, without pressure from another person
• Sign it in the presence of 2 people – both must be over 18
• Have your 2 witnesses sign it in your presence

Who can you get to witness your will?

You may need 2 witnesses to sign your will, or 1 witness, depending on where you live. Witnesses must:

• Be over 18
• Be of sound mind
• Not related to you
• Not benefit from your will

For example, you could have a family friend or neighbour as your witness

How much does it cost to make a will?

The cost of making a will depends on the kind of will you’re writing and if you’re using a solicitor, a will writing service or writing it yourself. 

For example, a specialist will that includes a trust will cost more than a simple will. 

You can shop around to find the right solicitor and cost to suit your budget. You may want to get a few quotes before choosing one that offers you a good service at a good price.