Making a Will
You decide what happens to your property and possessions after your death by making a will. It is the best way to make sure your estate is passed on to family and friends exactly as you wish, although you do not have to make one by law. Your assets may be distributed according to the law (called Intestacy)rather than your wishes if you die without a will
Why Making a Will is so important
There are a host of reasons why you should get around to making a will. You will say who is to benefit from your property and possessions (this is called your estate) after you have passed away.
* you can make sure you do not pay more Inheritance Tax than needed
* you can make sure your partner is provided for if you are an unmarried couple (whether or not it’s a same-sex relationship)
* the law says who gets what if you don’t have a will so making a will allows you to decide how your assets are split up
* you can decide whether to leave anything to your former partner if you are divorced
* You can make sure that your children’s financial and care arrangements are secure
What should be included when Making a Will
Consider what you want included in your will and note it down before you making a will or seeking advice. Things to bear in mind include:
* the people that you want to benefit from your will
* how much cash and what property and possessions you have
* who is going to be your executor. This is the person who will sort out your estate and carry out your wishes after your death
* who should take care of any children under 18 years of age
You choose who is going to be your executor by naming them when making a will.
Making a will – practicalities
It is perfectly possible to write a will by yourself but you may want to get some help to ensure that the legal formalities are followed. This will make sure that your will is legally valid. Making a will is relatively simple for most people but a simple error or mistake can lead to your Will being partially or completely invalid.
You might need legal advice for more complicated matters if you have a more complex situation. The expense of making a will can vary and will depend on who you use and how complicated your circumstances are.
Making a Will – Where to keep it secure and easy to find
It is crucial to keep your will in a safe and secure place once you have made it. You should also inform your executor, a reliable friend and a close relative where it is and tell them how to get hold of it when needed.
Making a Will – Keeping your will up to date
You should go and review your will whenever there has been change in your life such as marriage, separation, divorce, starting a family and so on. You can update matters by making a will again or adding a ‘codicil’ which is a note that amends and updates your existing will.
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