All you need to know about making a will

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Posted on: 08 August 2018 by leona zoey

The majority of us have people in life who depend open us and would struggle if we were no longer around, which is why everyone should have a will.

We spend our whole lives working in order to provide for ourselves and our loved ones - which can often see us accumulate some wealth and estate to pass on. So why is it that only 60% of adults have a will in the UK?

Most of us have something to our name - whether it’s property, savings, investments, business, personal possessions or a life insurance policy. These form what is called your ‘estate’.

The majority of us have people in life who depend open us and would struggle if we were no longer around, which is why everyone should have a will.

Why do you need a will?

Making a will have a number of purposes, these are:

  • It ensures your estate is distributed in accordance with your wishes.
  • It ensures those you care about are looked after.
  • It can set out your choice of guardians for your children.
  • It can set out your choices as to burial.
  • It allows you to specify who should manage your affairs when you die.
  • It can protect your assets for future generations when you've passed away.
  • It sends a message to your loved ones.

A will can help those who need to arrange your funeral as it allows you to set guidelines that they can work from.

Making a will yourself without the help of an experienced professional can have some disastrous consequences. Take a look at services that offer free will writing services and help with funeral planning - such as Beyond - so that you’ve got all the legal formalities correct and in order.

If you die without a will, you’ll become an interstate. This means your estate will be set based on the eyes of the law who will outline who inherits your belongings. This means you'll not have chosen an executor, therefore, a judge will appoint an administrator to serve on your behalf and this will more than likely be a stranger to you and your family.

So, whether or not you have a little bit of wealth or a huge fortune, you’ve worked hard to get what you have, so you’ll want a clear idea of who’s going to benefit from it. Sadly, the scenarios of disgruntled ex partners or family members you don’t speak to can often steal away a substantial share of your inheritance. However, carefully planning and putting together a will can protect your share of the family wealth and keep it within close family.

After you’ve made your will, make sure you keep it updated. Many people see them as one-off events, but as your life goes on, things change such as marriage, divorce or moving house so you need to update the document. Keep copies of your will and any other legal documents that may affect it.

You don’t have to be an expert on writing wills. There’s plenty of help out there to get you started and take some of the worry away.

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leona zoey

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