Yes, we have all heard about a last will and testimony, but who knows what it’s all about? Half of the current adult population doesn’t have wills and those that do usually don’t get one till they’re approaching 65. That’s a large number of uncovered people out there and especially those who may die young. Let’s take a look at why getting a will made up is a good idea.
Creating a Will
- A will gives you the opportunity to leave clear instructions about how you would like to see your estate distributed. Without a will, it will be subject to the intestacy rules and possibly not go to the people you wanted it to.
- A will lets you select your own executors. If you pass away without one, your nearest relatives will have to apply for ‘letters of administration’.
- A will lets you appoint a guardian(s) to take care of your children ifthey are under 18, until they come of age. You can also createmonetary arrangements for their benefit.
- A will allows you to make specific endowments to individuals of your choice. These can differ in range, from jewellery items to amounts of cash.
- If you happen to have remarried, a will can ensure that any children from your first marriage can obtain a share of your estate.
Not Creating a Will
- Unmarried common law partners, may not receive anything at all from your estate, unless you have made a will in their favour.
- Should your estate be divided according to the intestacy rules, your spouse or civil partner may not receive as much as you would have expected them to.
- Should you happen to die without leaving a will and have no spouse or children, your parents or siblings may be able to inherit your estate, even if you’d prefer them not to and preferred it went somewhere else
- The lack of a will can in some cases lead to family disputes. You have all heard or read about them!
- Minus a will, your family could face the possibility of a larger inheritance tax bill than necessary, as a will can help with the tax-planning process.
What to Do?
Do the research and check out exactly what you need to know before creating your will, which service is appropriate for your needs, and what should you do if circumstances create the need to make any kind of changes. There are different ways to get a will made up, here are the most popular.
A Solicitor
Many people use a solicitor, but don’t expect that you’ll always get an expert, so simply ask about their experience and confirm they belong to The Society of Trust and Estate Practitioners.
AWill Writer
If you prefer to use a will writer, check whether they belong to the Institute of Professional Will Writers or the Society of Will Writers. Ask for evidence of indemnity insurance and for details about procedures should you or your beneficiaries have a problem with the will.If you’re seeking a will writer in Nottinghamshire,use a trusted, reliable and experienced service. They offer a free home visit option also, making everything that little bit more personal.
A Bank
If you decide on choosing your bank to make your will, check if its’ will-writing service is regulated and who actually provides the service.