Making a Will
Making a Will.
It’s widely thought that only 30% of people make a will, most think that it’s not that important as they don’t feel they have much to leave or never get around to it, failing to make a will can have a significant impact on your loved ones.
Rules are set out on how to deal with your estate if you do not have a will, this may or may not be the way you would have chosen, but without a will these are the rules.
If you have dependant children you should make a will so that arrangements are made for the children.
If you have a partner and are not married or in a civil partnership, you will not be able to inherit from each other unless you have a will.
Everyone has an inheritance tax allowance, making a will can ensure you maximise your taxation allowances, tax advice should be sort in this instance.
Families can be complicated and if you circumstances change having a will will ensure any assets are distributed in accordance to your wishes.
These are just a few reasons for making a will.
Most people will appoint a solicitor to draw up a will, it is possible for you to do it yourself, but whatever you do, we would recommend that professional advice is sort along the way and your will is checked.
It is advisable to contact a few firms of solicitors for a quote for drawing up your will, also check with your trade unions as some offer a fee will service. The charity will aid have in the past made arrangements for free wills in November, but a donation would be appropriate, you can visit the willaid.org.uk web site for a list of solicitors in the scheme.
We have produced a consideration list for you, doing this in advance will give you a clear picture of what you would like in your will and may reduce costs.
Draw up a list of assets – property, pensions, insurance policies money in savings, shares.
Make a list of the people you would like to benefit from the will.
If you have children under the age of 18, you will need to consider their care.
Finally who will look after the will, your executors don’t have to become executors at your time of death so its worth talking to them before your draw up your will to see if they are prepared to become executors as it can be quite a lot of work, its common to appoint two executors but anything between one and four is fine.
For the will to be legally valid. you must have been over the age of 18, made of your own free will and have been of sound mind and body, it has to be done in writing and signed and dated by the person making the will and by two other witnesses to that signature. A very important point about the signature, is that neither the witness, witnesses wife or partner will be able to inherit any part of your estate.
Finally now your will is complete, you must keep it safe, you can keep it at a bank or firm of solicitors, the government probate Department Tel 020 7947 6000 or even at home, but just make sure it is safe and the executors know where to find it.
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