Making a will is important in ensuring your assets and belongings are distributed according to your wishes after you die. Having a will in place can bring peace of mind to you and your loved ones. It helps avoid confusion, disputes and additional stress during a difficult time.
However, many people are put off creating a will because they believe it is a complicated or expensive process. Perhaps the biggest reason is that you ‘just haven’t got round to it’.
Without a will, your assets may be distributed according to laws of intestacy, which may not align with your final wishes. A will gives you the power to ensure that your property, investments, and personal belongings are passed on to the people you want.
It’s more important if you’re living together but not married.
As these solicitors in Ipswich explain: ‘It is also particularly important to make a Will if you are not married to your partner as the law does not automatically recognise partners as having the same rights as husbands and wives.’
What to Think About When Making a Will
When thinking about making your will consider a few points:
· Carefully consider who you want to receive your assets. This includes personal property, investments, and property. You should also specify the proportions in which you want your assets to be distributed.
· If you have children, it’s important to appoint a guardian for them in the event of your death. The guardian will be responsible for taking care of your children and ensuring their well-being. You should choose someone you trust, such as a relative or close friend, and consider their lifestyle, values, and ability to provide a stable and loving home for your children.
· The executor of your will is responsible for carrying out the terms of your will and ensuring that your final wishes are fulfilled. It’s important to choose someone you trust, such as a spouse, close friend, or relative. They’ll need to coordinate with your beneficiaries, lawyers and other parties.
· Probate is a legal process that gives a person the right to deal with a will and the distribution of a person’s assets after their death. By having a will, and naming executors, you can help avoid probate disputes.
· Life events such as marriage, divorce, the birth of a child, or a change in your financial situation can significantly impact your will and the distribution of your assets. It’s important to review and update your will regularly to ensure that it reflects your current wishes and circumstances. This can help avoid confusion and ensure that your assets are distributed according to your wishes.
· You can create a will without the help of a solicitor, but a reputable solicitor ensures that your will is properly drafted and meets all the legal requirements. They can advise you on the laws and regulations that apply to your situation and ensure that your will is properly executed and stored.
· Your will is a critical document that should be kept in a secure place. You should provide a copy to your executor and trusted family members and consider storing it with a solicitor. This can help ensure that your will is readily accessible in the event of your death and can be properly executed according to your final wishes.
You can also use a will to stipulate your wishes for your send off, for example if you have a wish to be cremated.
Should I Use a DIY Will Kit?
Will kits are readily available online and in some shops. The low cost of these options compared to using a solicitor is highly appealing. However, there are many potential pitfalls with this method:
· Writing a will without the help of a legal professional can mean unclear language, which may lead to misinterpretation or disputes.
· If a will is not properly written, it may be considered invalid by a court.
· A DIY will may not consider all relevant legal requirements, such as tax laws or guardianship provisions for minors.
· A professional legal document prepared by an attorney is less likely to have errors, and will provide a level of protection and oversight that a DIY will does not.
· A will that is prepared without the help of a legal professional may be more susceptible to challenge in court, and may not hold up to legal scrutiny.
Final Thoughts
Making a will is an important step in planning for the future and ensuring that your assets are distributed according to your wishes after you die. A will helps to eliminate uncertainty, prevent conflicts, and ensure that your beneficiaries receive your estate according to your wishes. It also provides peace of mind knowing that your final wishes are recorded.
