What exactly is a Will?

Most people have heard about a last will and testimony, but who out there is fully aware of what it’s all about? Oddly enough, around half of the current UK adult population doesn’t have a will and most that do, don’t get one till they’re near on 65.

That’s a lot of uncovered folk out there! So, let’s have a look at why sorting out a will is a great idea.

The Creation of a Will

  • Having a will gives you the chance of leaving distinct instructions how you wish to see your estate distributed. Minus a will, it will be subject to intestacy rules and may even go to people you never wanted it to.
  • A will allows for you to choose your own executors. If you die without one, your closest relatives will have to apply for ‘letters of administration’.
  • Having a will allows for you to appoint a guardian(s) to look after your children if they are under 18, until they come of age. It’s also possible to create monetary arrangements for their benefit.
  • A will allows for you to make endowments to people of your choice. From items of jewellery to amounts of cash.
  • If you remarried, a will can ensure that children from your first marriage will get a share of your estate.

By Not Making a Will

  • Unmarried common law spouses, might not receive anything from your estate, unless you made a will in their favour.
  • If you happen to pass away without the making of wills in London without any spouse or children, your parents or siblings may possibly inherit your estate, even if you never wished for that to happen and preferred it went somewhere else
  • Without a will, your family may face the possibility of a larger inheritance tax bill than required, as wills help with the tax-planning process.

Which Road to Take?

Do some research and check out what you need to be aware of prior to making a will. Also, which service is appropriate for your requirements, and what to do you need to make any kind of changes.

There are various ways to get your will made up, and these are the most popular.

A Legal Professional

Most people make use of a solicitor, and you should confirm that they belong to The Society of Trust and Estate Practitioners.

A Will Writer

If you would like to use a will writer, find out whether they belong to either the Institute of Professional Will Writers or the Society of Will Writers.

  • Ask for proof of indemnity insurance and for details about procedures if you or your beneficiaries have any problems with the will.
  • Make sure to use a will writer, from a trusted, reliable and experienced service.

A Bank

If you decide to make use of a bank in order to make your will, you should check if its’ will-writing service is fully regulated and who is it that actually provides the service.

Always make sure that you deal with professionals in such matters!

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