There’s no feeling comparable to that of losing a loved one. It can change your life and the last thing you need at a time like that are financial disputes. If you’re worried about leaving your loved ones in this position, you’ll want to have your will in order. There’s more to think about than most people will assume when it comes to writing a will. It’s not a simple as just stating who you want to leave parts of your wealth to. There are rules that have to be observed in order to make sure the procedure it legitimate. This article aims to ensure that you’re as prepared as you need to be. Firstly, let’s have a look as some of the most interesting statistics involving writing wills.
- More than half of adults don’t have a will in the UK.
- Without a will, there’s no say on what happens to your money and assets when you pass away.
- How to divide your inheritance amongst your friends and family.
- 6 in 10 parents don’t have a will or have one that is out of date.
- 5.4 million adults say that they don’t know where to start.
So how do I start?
Wills must be made without pressure or coercion, by someone who is of sound mind and with two independent witnesses. You can leave a wide range of things in your will, including certain properties that are residential or even things like joint bank accounts. There may be other limits on what it is you can and cannot leave in your will, but you will be able to find these out without too much difficulty.
It’s not only through a lawyer that you can obtain a valid will. However, the highest level of standard protection is probably by using a lawyer. The market is not inherently protected but lawyer’s bring with them a level of protection you won’t get quite so completely elsewhere. You can even be responsible for writing your will yourself, but in this case you will have next to no protection legally speaking. On the whole, it’s better to work with a professional, for your security and to avoid making potentially costly mistakes.
What to think about when writing a will
You’ll need to get a figure of the value for your worth and your estate. This encompasses things like property and possessions, but also any debts you have are detracted from it.
You then need to think about how to divide your assets. What gifts do you wants to leave to certain people? And what contingency plans do you need to place in case you outlive recipients?
There will need to be executors for your will and you will need to pick them carefully. They ought to be people that you trust; better family if that’s an option. You also have an option to leave money to charity. All of these things come aside from the actual writing of the will and will need to be things that you address.