There comes a time in everyone’s life where reality kicks in, and you have to start thinking about drafting a will for the inevitable.
Some people decide to make a will at the age of 25, and some do not think it is necessary to go through the whole ordeal. If this is the case, by the time you reach your 50s it is highly advised to reconsider. Should your will be drafted in advance; you may be able to reduce the amount of inheritance tax applicable.
What will happen if you pass on and there is no will in place? Well, some rules govern how your money, possessions or property is distributed. However, this may not be how you would have wanted to have your money, property etc, allocated.
To prevent the above from happening,
Here Are a Few Guidelines For Drafting a Will.
Solicitors will verify your will to ensure that it is legal and efficient.
Let’s be honest, we are all human, and sometimes we make mistakes, and if any errors are made or there are any misunderstandings or disputes, it can cause high legal costs and problems once the will is activated. That is where a legal firm such as Ellisons Solicitors comes in, to prevent any mistakes in the drafting of your will. Therefore, save the beneficiaries of your will the hassle and hire qualified and registered Solicitors.
2. Be Prepared
Do yourself a favour; before meeting with your Solicitor, think about the main assets, possessions and money that you would like to include in your will. Listing these points will save you a lot of time and also money.
Consider the following:
- How much money you have, assets and possessions that you have. e.g. the amount of savings, any occupational and personal annuities, property, insurance policies, bank accounts, and shares.
- Make a list of all of the people that you would like to benefit from your will. Write down who you want to leave money to, how much, and who will benefit from your property. Also consider what you would like to happen should any of these individuals pre-decease you. Should you decide to leave money for a charity, be sure to include it in your list.
- Should your circumstances change, it is essential to make sure that your money and assets are distributed as per your wishes.
- Decide who will be left in charge to organize your estate to ensure that your wishes are carried out according to the will’s provisions. This person will be called an executor.
3. Selecting an Executor
Nominating and appointing an executor is vital. Therefore, you should be very careful as to who you elect. Being an executor involves tremendous work and carries an enormous responsibility. You may choose to appoint a friend or family member- but consider the impact the commitment will have on them.
The Solicitor that you chose to hire initially may be the best candidate , for example Ellisons Solicitors mentioned earlier are highly skilled and qualified professionals in this work field.
You must draft your will voluntarily without the pressure of other individuals. However, you must be in healthy conditions, and it is required that you have full knowledge of the nature of the document that has been created, the identity of the persons who will inherit must be listed, and the will must be signed and dated.
Once your will have been signed, witnessed and reviewed by your Solicitor, it will be complete.
Ensure that the relevant individuals are aware of the location of the will.
Should a person make a will, but it is legally invalid at the time of their passing, their estate will be distributed according to specific rules and not according to their wishes expressed in the will.