Whether you are just starting out in the working world or you are nearing retirement, one this is for certain, you will or you have spent your entire life providing for your family. This provision should not end the day you die. If you should die tomorrow, what will happen to your house, your money and your assets?
If you die without a will, these possessions including your savings will be known as your estate. After the death of a loved one, often ugly family fights break out over who gets what in your estate, but there is a simple solution to this. A making a will ensures that all the items in your estate are divided up between those you love. This division will be done according to your wishes. You can read more about this on www.bestlondonsolicitors.co.uk.
It is recommended that everyone has a Will. The importance of a Will increases should you have children, or you own a property. By putting a Will in place you can be sure that everything you left behind is handed over to the rightful person.
When a person dies without a Will, their estate is divided up according to the Rules of Intestacy. Through these rules, it means that items will go to pre-determined individuals who may not necessarily be those you intended to inherit your precious belongings. Very often this process is also not tax-friendly, which could leave your family with a large financial debt.
How to make a Will
A solicitor is able to advise you accordingly but usually, the first step in making a Will is to make a list of everything you own. This list should include a house, jewelry, cars and more. Next, you need to make a list of all those you would like to be your beneficiaries. Then, you need to allocate possessions to people.
One important aspect to keep in mind when making your Will is to take note of older beneficiaries who may die before you. Know who you would like to look after your children and on who should be the executor of your Will after you die. It is also important to jot down all your last wishes such as whether you prefer a cremation or a burial.
Without the help of a solicitor, making a mistake on your Will could be easy. A simple problem such as a lack of clarity could result in no one getting anything. A well –trained solicitor will be able to offer you the best advice on the matter. A solicitor will also ensure that finances in your Will are dealt with accordingly.
If you have already made a Will, it is vital that you update it regularly. Make sure that in the event of your divorce or a change in your circumstances you update your Will. Leaving out important live events could mean that your will is classified as invalid. When you update your Will it is also a great time to include other relatives who you previously forgot about or who were not born yet.