Everyone should make a Will. This doesn’t just apply to those reaching the end of their lives, but also to the mother of a newborn baby, a bachelor, or a young couple who have just bought a flat. Many people assume they don’t need to make a Will, believing their possessions and money will automatically go to their nearest and dearest. But this is not necessarily true.
Dying without a Will
If you die intestate (without making a Will), you run the risk that your assets may be distributed according to the law rather than the way you would want. And if both you and your partner die, only a Will can ensure that your children are properly provided for as it allows you to choose a guardian who will be legally entitled to look after them. Intestacy laws are quite complex, and differ according to whether you live in England and Wales, Scotland or Northern Ireland. For more information on these laws, visit https://www.gov.uk/inherits-someone-dies-without-will.
How to write a Will
It is possible to write a Will yourself, but it’s advisable to use a solicitor as there are various legal formalities you need to follow to make sure it is valid. If there are errors, it could cause problems after your death, and sorting these problems out can be costly and time consuming. If you decide to use a Will writing service, make sure they are regulated by the Law Society as there are few safeguards if anything goes wrong.
Making the most of your time with the solicitor
When it comes to solicitors, time is money. So make sure you are prepared before going to see them.
- Make a list of all your assets (sole and joint), including property, businesses, pensions, bank accounts, possessions, savings, investments and insurance policies.
- Decide on the people you want to benefit, including people to whom you wish to leave money or possessions. Also consider if you would like to leave anything to charity.
- Decide who you want as executors, and ask them beforehand. They will be responsible for carrying out your wishes, so they need to be trustworthy.
- Decide who should be guardians of your children.
- Think beyond the immediate family. What would happen if everyone was involved in an accident?
Looking after your loved ones
There are different ways to ensure your loved ones are looked after in the event of your death. If you’re worried that you may not leave enough money in your Will, you could consider Whole of Life Assurance. This is the only type of life cover that will guarantee to pay a lump sum on your death, and will remain in force for the rest of your life, as long as you pay the premiums. They’re more expensive than other life insurance policies as they guarantee a pay-out, so talk to one of our team if you think this policy could be right for you.
