The importance of making a will, and where to get advice on how to write a will
Making a will is a responsible act that puts you in greater control of your estate and ensures that your money and assets will go where you wish them to after your death. If you die without making a will, your surviving family members may not automatically inherit your property, possessions and financial assets, instead potentially facing a long, drawn-out and expensive legal process to claim your estate. Also, if you have children it might be left up to the courts to decide their future and who looks after them.
You need to decide precisely where and to whom your assets will be left when putting your affairs in order, as a will needs to include clear executors. There can be more to this than meets the eye however, as if you're planning on leaving your money to your children, for example, you need to consider who will be looking after them once you're gone, and whether this guardian will need to be made an executor too.
As a British citizen, you have the right to leave your property to whomever you choose, although there may be certain situations in which relatives or dependents can claim to receive a reasonable provision. If a person you've named as executor is old or has medical conditions that may threaten your life, you also need to consider the possibility that they might due during the administration of your estate, so you need to choose your beneficiaries carefully.
It's common for people to seek legal advice when writing a will, as there are many practicalities that need to be addressed. There are many sources of advice for people unsure about what exactly needs to be written in their will and how they can go about doing so. Whilst you can technically write one yourself, it might be advisable to consult with a trusted solicitor, or an assistant at a Citizens Advice Bureau during the process. One of the main practicalities that needs to be addressed is the matter of tax. If your estate falls beneath the inheritance tax threshold of 325,000, you will usually be exempt from paying tax, however any assets above this sum are liable to be taxed at 40 per cent. There are certain situations in which this tax threshold can be increased however, such as the death of both spouses.
After you've passed away, the people you've named as executors in your will should find it relatively straightforward to divide up your estate. It's important that your will is easy to locate, so it can be taken to a solicitor or commissioner for oaths, after which they will be required to swear an oath to abide by the terms of the will and complete a form for the Inland Revenue stating the details of the estate to be divided.
You need to decide precisely where and to whom your assets will be left when putting your affairs in order, as a will needs to include clear executors. There can be more to this than meets the eye however, as if you're planning on leaving your money to your children, for example, you need to consider who will be looking after them once you're gone, and whether this guardian will need to be made an executor too.
As a British citizen, you have the right to leave your property to whomever you choose, although there may be certain situations in which relatives or dependents can claim to receive a reasonable provision. If a person you've named as executor is old or has medical conditions that may threaten your life, you also need to consider the possibility that they might due during the administration of your estate, so you need to choose your beneficiaries carefully.
It's common for people to seek legal advice when writing a will, as there are many practicalities that need to be addressed. There are many sources of advice for people unsure about what exactly needs to be written in their will and how they can go about doing so. Whilst you can technically write one yourself, it might be advisable to consult with a trusted solicitor, or an assistant at a Citizens Advice Bureau during the process. One of the main practicalities that needs to be addressed is the matter of tax. If your estate falls beneath the inheritance tax threshold of 325,000, you will usually be exempt from paying tax, however any assets above this sum are liable to be taxed at 40 per cent. There are certain situations in which this tax threshold can be increased however, such as the death of both spouses.
After you've passed away, the people you've named as executors in your will should find it relatively straightforward to divide up your estate. It's important that your will is easy to locate, so it can be taken to a solicitor or commissioner for oaths, after which they will be required to swear an oath to abide by the terms of the will and complete a form for the Inland Revenue stating the details of the estate to be divided.
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