How Can I Make a Will?
A will is an official and legally binding document, and so it is wise to get professional help to write it. You can seek a local solicitor to help you, or seek an independent Will-writing service. There are plenty of companies who offer a full professional service on the internet. They offer advice, assistance and a straightforward user-friendly way to go about writing a Will. They generally charge a set fee for making and binding your Will ad well as storage of the Will at the National Probate Office. Depending on your situation, you might need to call on a solicitor to oversee the Will. Generally it is worth seeking independent advice to find a service which is good value and fully professional. Some banks (like Barclays) also offer a Will-writing service.
Why write a will?
Many people in the UK put avoid writing Wills because they do not want to face the future. When one thinks of a will, one thinks of the unhappy fact of death, yet the sooner you plan your future the better. Accidents can unfortunately happen and even though you probably don't plan to die for a long time it is best to get your will in place. Many people assume that if they die, their estate will fall into the hands of their loved ones (or next of kin). However, this is not necessarily the case, if you do not have will in place the responsibility of what may happen to the estate can fall to the government.
If you have not made a will but you have children your spouse or legal partner can only receive up to £250,000 from your personal possessions while the rest is divided into two – one half goes directly to your children while the rest gets put into a trust from which your spouse or legal partner can draw interest payments.
If you do not have children your spouse or legal partner can receive up to a maximum of £450,000 and the rest is again divided into two – one half given to your parents (if they are still alive) or to your siblings/their children.
A will provides organisation at the worst of times
By writing a Will, you can remove unnecessary distress to your spouse, partner or other loved ones. You can decide what happens to your money and estate, who gets what, and you will arrange for executors who can carry out administration. This means your loved ones don't have to deal with the hassle of grant letters and frozen bank accounts.
Who can be Executor?
You can choose someone you know well like a family member to be your executors. You must have at least one executor but you can also have up to four executors if necessary. Many people choose to have a professional executor, who can deal with the often complex nature of dealing with a person's estate after they die. Many Will-writing services offer a professional executor service, or you can nominate a local solicitor to do this for you. You will also need witnesses to sign the will to make it official.
What about debts I have after I die?
After your death, your debts must be settled. What is left of your estate after debts have been settled and the people you have named have been bestowed those items you designated, is known as the residue. The residue could be furniture or other property which hasn't been mentioned in the Will.
18 July 2011
Which Way to Pay
Although it can be slightly morbid to think about your own death, it is often a good idea to consider what will happen to your loved ones if anything should happen to you. Not only could you look after those that rely on you, but it also gives you peace of mind that if the worst should happen, your assets go where you wish them to.
23 May 2011
Which Way To Pay
None of like thinking about death but it can be very important to make a will. If you have loved ones who depend on you then your will could be integral to seeing them looked after.