WIlls 101: Want to create a will? Things you should know
Planning for the future by creating a will can be daunting proposition, but it doesn't have to be. With a little bit of thought and preparation, you can ensure that your assets are distributed according to your wishes after you're gone. There are a few things you should know about this.
Firstly, what is a will?
A will is a legal document that sets out how you want your assets to be distributed after your death. It allows you to choose who will receive your money, property, and possessions, and can help to reduce the burden on your loved ones during an already difficult time.
Secondly, what should be included in a will?
To save time and reduce costs when going to a solicitor, you should give some thought to the major points which you want included in your will. You should consider such things as:
• how much money and what property and possessions you have, for example, property, savings, occupational and personal pensions, insurance policies, bank and building society accounts, and shares.
• who you want to benefit from your will. You should make a list of all the people to whom you wish to leave money or possessions. These people are known as beneficiaries. You also need to consider whether you wish to leave any money to charity
• who should look after any children under 18
• who is going to sort out the estate and carry out your wishes as set out in the will. These people are known as the executors.
Whether you should use a solicitor?
There is no need for a will to be drawn up or witnessed by a solicitor. If you wish to make a will yourself, you can do so. However, you should only consider doing this if the will is going to be straightforward, this is not recommended.
It is generally advisable to use a solicitor or to have a solicitor check a will you have drawn up to make sure it will have the effect you want. This is because it is easy to make mistakes and, if there are errors in the will, this can cause problems after your death. Sorting out misunderstandings and disputes after your death may result in considerable legal costs, which will reduce the amount of money in the estate.
You should remember that a solicitor will charge for their services in drawing up or checking a will. They should give you the best possible information about the cost of their services. They should give you this at the beginning of their work with you.
Some common mistakes in making a will are:
· not being aware of the formal requirements needed to make a will legally valid
· failing to take account of all the money and property available
· failing to take account of the possibility that a beneficiary may die before the person making the will
· changing the will. If these alterations are not signed and witnessed, they are invalid
· being unaware of the effect of marriage, a registered civil partnership, divorce or dissolution of a civil partnership on a will
· being unaware of the rules which exist to enable dependants to claim from the estate if they believe they are not adequately provided for. These rules mean that the provisions in the will could be overturned.
Getting started
If you are planning to create a will, the first step is to make a list of all of your assets, including property, investments, bank accounts, and personal possessions. Next, decide how you want your assets to be distributed and who you want to benefit from your estate. You should also consider appointing an executor, who will be responsible for administering your estate.
Once you have a basic outline of your wishes, you can choose to create a will yourself or seek the help of a solicitor. If you decide to create a will yourself, it is important to ensure that it meets all of the legal requirements to be valid.
If you are unsure about any aspect of creating a will, or have any questions seek professional advice.
