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What is a Will and How Does it Work?

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What is a Will and How Does it Work?

Approximately half of the current UK adult population hasn’t made out a will and those that have normally don’t get one till they’re near on 65. That’s a huge number of uncovered people and affects those who sadly may happen to die young. So, let’s have a look at why getting a will made up is good common sense.

Making a Will

  • A will grants you the chance to leave clear instructions on how you wish to see your estate distributed. Without a will, it will then be subject to the intestacy rules and may not go to the people you wished it to.
  • A will allows you to choose your own executors. If you pass away without one, your closest relatives will have to ask for ‘letters of administration’.
  • A will allows you to appoint a guardian(s) to take guardianship of your children if they are under 18, until they come of age. Also monetary arrangements can be made for their benefit.
  • A will lets you make specific endowments to people of your own choice. These may differ in range, from items of jewellery to cash.
  • If you have remarried, a will can ensure that any children from your first marriage can get a share of your estate.
  • All of this can be easily achieved with the help of legal professionals in London, such as MT UK Solicitors, who will make sure that it’s all done perfectly and give you peace of mind.

Not Making a Will

  • Those unmarried common law partners, may not receive anything from your estate, unless there’s a will in their favour.
  • If your estate is divided according to the intestacy rules, your spouse or civil partner may never receive what would have expected them to.
  • If you die without a will and have no spouse or children, your parents or siblings might be able to inherit your estate, even if you’d prefer them not to and wanted it to go elsewhere.
  • Without a will, your family may face the possibility of a larger inheritance tax bill than necessary, as a will helps with the tax-planning process.

What Shall I Do?

Do some research and find out precisely what you need to know before making your will, which service is perfect for your needs, and what to do if circumstances make the need to for any changes. The most popular:

A Solicitor

Most people employ a solicitor, but don’t always expect an expert, so just check them out about their experience and reviews from other customers.

A Will Writer

If a will writer is preferred, see if they belong to the Institute of Professional Will Writers or the Society of Will Writers and ask for evidence of indemnity insurance for details about procedures should you or your beneficiaries have any problems with the will.

The Bank

If you choose your bank, ensure if its’ will-writing service is regulated and who provides the service.

Getting a will made up is always a good idea as more and more people have found out.