Most people have heard about a last will and testimony, but not many know exactly what it’s all about. Around one half of the present UK adult population don’t possess a will and the one’s that do normally get one when they’re almost 65.
That’s a huge amount of uncovered persons! So, anyway, let’s see why getting a will made up is in your best interests.
Making a Will
- Gives you the chance to leave lucid instructions about how you would like to see your estate distributed. Minus a will, it will be subject to rules of intestacy and possibly not go to who you wanted it to.
- Heritage Wills let you choose your own executors. If you die without one, your closest relatives will have to apply for ‘letters of administration’.
- A will lets you pick a guardian(s) to take care of any children if they are under 18, until they come of age. You can also create monetary arrangements to their advantage.
- A will lets you make particular endowments to persons of your choice. These may differ from jewellery items to amounts of cash.
- If you are remarried, a will ensures that children from your former marriage can obtain a share of your estate.
Not Making a Will
- Unmarried common law partners, might not receive anything from your estate, unless you have made a will in their favour.
- If your estate is divided according to the intestacy rules, your spouse or civil partner may not receive as much as you wished for them to.
- Should you happen to die before making a will and are without a spouse or children, your parents or siblings can inherit your estate, even when you’d prefer they didn’t and it went elsewhere.
- Having no will can at times lead to serious family disputes.
- Minus any will, your family may face the possibility of a larger inheritance tax bill than necessary, due to a will helping out with the tax-planning procedure.
What Shall I Do?
Do some research and find out exactly what you need prior to making it.
- Which service is ideal for your needs?
- What to do if circumstances create any kind of change.
Ways of Getting a Will Drawn Up
Many people use a solicitor, but don’t always expect that you’ll always get a specialist.
- Make sure that you ask about their experience and also confirm that they belong to The Society of Trust and Estate Practitioners.
- Will Writer
If you prefer to use a professional will writer, check that they belong to the Institute of Professional Will Writers or the Society of Will Writers.
Will writes provide a free home visit option also, making everything that little bit more personal and professional.
If you choose to make use of a bank to make your will, check first if its’ will-writing service is regulated and who is it who actually provides the service.
Do yourself a favour and get a will made up!