It’s not something that people want to talk about, and is one of those things that just gets put off. However, it is easy to do once you decide to address the task of making your will.
A will means that your family or friends can sort everything out when you die, where-as if you don’t have one, the process can be lengthy and drawn out, and my mean that you family have to use their own finances in order to pay for any costs incurred in sorting things out.
Without a will, everything you own will be shared out between your family as determined by probate, and this might be against what you actually want to happen.
Having a will in-place may also help reduce the amount of Inheritance Tax that has to be paid on the value of any property, money or valuables that you leave behind.
A will is especially important if you have dependants such as children or other members of your family, and also if you want to leave something to fiends or other people outside of your immediate family.
Your will specifically define these very important things:
Who will be the Executor who you trust to be responsible for ensuring that your instructions are carried out.
Who will inherit your money, property and possessions?
Your will can also be used to tell specify your wishes regarding your burial/cremation and wake.
Your will is valid as long as:
It includes details of how your estate (property, vehicles, possessions, and money) are to be shared out when you die.
It was composed when you were able to make your own decisions.
You weren’t put under pressure about the details.It is signed and dated by you with two other adults in the room, (these can't be people who will benefit from the will), and they must then also sign it.
Making a will can be extremely straightforward if everything is to be left to your immediate family, but it can be more complicated if you have a second family or maybe you want to make provision for lots of people.
You can make a start by making a list of your belongings and savings, and thinking about what you want to leave to whom. It would be a good idea to speak with those adults in your family that you are the closest to.
This list can then form the basis of your formal will.
As a member of the Accountancy Plus Discount club, you are eligible for advice on this matter, at a significantly reduced rate. Call 0113 292 4784 for more information.
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